Money problems often sneak up on consumers, and few people are prepared to face unexpected financial hardships that leave them unable to repay their debts as planned. If you\u2019re worried about being unable to pay your credit cards or other debts, read on to learn about what can happen if you find yourself dealing with a debt problem, unable to pay your bills \u2013 and where you can get debt help.<\/p>\n\n\n\n
A one-time missed payment for a credit card bill or similar debt isn\u2019t a catastrophe, but it is a financial mistake that will usually come with some cost. If you realize you\u2019ve missed your bill payment, get it paid off as soon as possible \u2013 or at least make the minimum payment due.<\/p>\n\n\n\n
For a late payment you could anticipate possible consequences such as:<\/p>\n\n\n\n
Learn More About Credit Reports and Scores in Canada<\/a><\/p>\n\n\n\n\n The consequences for making a single credit card payment late generally won\u2019t be too severe but understand that not all lending agreements and contracts are the same. For example:<\/p>\n\n\n\n For specific credit or service accounts, it\u2019s a good idea to be proactive and check the terms to prepare yourself on what penalties there are if you\u2019re unable to meet your payment or other obligations.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n\n\n If you stop making payments on your credit cards or other general consumer debts, your creditors will usually charge you a fee for defaulting on payments and start reporting those missing payments on your credit history. Remaining unpaid, your creditors may also do some, or all, of the following:<\/p>\n\n\n\n Having legal action taken against you is understandably among the greatest fears for many people who are facing a debt problem. One piece of good news though, is that in general, arriving to an outcome like a judgment, wage garnishment, etc. usually takes some amount of time to complete and you will receive notice of the impending action. By reaching out to a Licensed Insolvency Trustee, most court actions for debt payments can be stopped or prevented from starting.<\/p>\n\n\n\n Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n\n\n Finding out that your creditor has started a court action can be very stressful and scary \u2013 don\u2019t postpone getting debt advice from a Licensed Insolvency Trustee. We can often stop the court process from happening and block an ongoing garnishment.<\/strong><\/p>\n\n\n\n If you have outstanding amounts owing to Canada Revenue Agency<\/a> (personal income taxes, business GST, CERB overpayments, etc.) or have been postponing filing tax returns because you believe you will owe, take a proactive approach instead of waiting.<\/p>\n\n\n\n Filing a Consumer Proposal<\/a> or claiming personal bankruptcy<\/a> are generally the only two methods to put a halt to government collection actions against you. Contact a local Licensed Insolvency Trustee<\/a> for help with government debts as soon as possible so that you can avoid the stress and impact of an unexpected government collection action against you.<\/p>\n\n\n\n Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n\n\n Once you begin to default on credit cards and other debt payments, usually the problem isn\u2019t going to clear up on its own. If you\u2019re no longer able to pay your debts or you think you soon won\u2019t be able to, consider the following tips which may help you mitigate and manage your situation:<\/p>\n\n\n\n Read More Do\u2019s and Don\u2019ts for Credit Cards<\/a><\/p>\n\n\n\n Whether you have concerns about one missed payment, or you\u2019re \u2018getting by\u2019 making your minimum monthly payments \u2013 we encourage you to understand your options early on. You don\u2019t have to wait for the problem to escalate to seek help, and from our experience, most people wish they hadn\u2019t struggled for so long before getting professional assistance.<\/p>\n\n\n\n A debt problem can happen to anyone at any time \u2013 and everyone deserves the opportunity to get help and a financial fresh start<\/a>. If you\u2019re worried about paying your debts, the best course of action is to connect with a Licensed Insolvency Trustee.<\/p>\n\n\n\n Advice, solutions, and non-judgmental support is available 7 days a week – <\/strong>book your free, confidential debt consultation<\/strong><\/a> with a debt expert who cares.<\/strong><\/p>\n\n\n\n Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\n\n\n\n
What Can Happen if You Stop Paying Your Debt to Creditors?<\/h2>\n\n\n\n
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\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
What You Should Know if You\u2019re at Risk of Legal Action for Unpaid Debt<\/strong><\/h2>\n\n\n\n
Government Debts and Collections<\/strong><\/h3>\n\n\n\n
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\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
What Should You Do if You Can\u2019t Pay Your Debt?<\/strong><\/h2>\n\n\n\n
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\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
About Sands & Associates \u2013 BC Licensed Insolvency Trustees<\/strong><\/h2>\n\n\n\n