{"id":9771,"date":"2020-09-02T15:26:03","date_gmt":"2020-09-02T22:26:03","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=9771"},"modified":"2020-09-02T15:26:03","modified_gmt":"2020-09-02T22:26:03","slug":"debt-expert-dos-and-donts-for-managing-debt","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/debt-expert-dos-and-donts-for-managing-debt\/","title":{"rendered":"Debt Expert Do\u2019s and Don\u2019ts for Managing Your Debt"},"content":{"rendered":"<p>Whether due to a loss of income, unexpected expenses, illness, or a relationship ending, most people don\u2019t expect to find themselves in a situation where they are struggling financially and can\u2019t meet their debt payments. When seeking debt advice from a Licensed Insolvency Trustee, people dealing with too much debt are often overwhelmed trying to find a solution, unsure about the legal ins and outs, as well as unaware of their rights and remedies for debt help options \u2013 and the COVID-19 pandemic has further aggravated financial difficulties many BC consumers were already facing.<\/p>\n<p>Sands &amp; Associates Senior Vice-President and BC Licensed Insolvency Trustee Blair Mantin joined Breakfast Television Vancouver to share some basic Do\u2019s and Don\u2019ts to help consumers regain some control in managing debt and avoid some of the common pitfalls of borrowing.<\/p>\n<p>Watch the clip here and read more below:<\/p>\n<p><div class=\"responsive-iframe\"><iframe loading=\"lazy\" title=\"Do\u2019s and Don\u2019ts for Managing Your Debt\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Bqnx9F5U0Yw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div><\/p>\n<hr \/>\n<h2><strong>8 Debt Management Do\u2019s and Don\u2019ts<\/strong><\/h2>\n<ol>\n<li><strong>Do: Get Organized<\/strong><\/li>\n<\/ol>\n<p>Getting a handle on your debts and working on paying them off will be next to impossible without having a clear picture of who is owed how much and where your account balances are at.<\/p>\n<ul>\n<li>Take inventory of your debt accounts, account numbers, total balances and monthly payment requirements.\n<ul>\n<li>Be sure to include smaller bills such as overdue cellphone bills too \u2013 these can still create a nuisance for you if left unpaid.<\/li>\n<li>If any accounts have been passed to collection agencies, make a note of which agency is holding the account currently. Overdue accounts can change hands and become difficult to keep track of otherwise.<\/li>\n<\/ul>\n<\/li>\n<li>Check your credit history report to ensure what you think you owe matches what the credit bureaus have reported.\n<ul>\n<li>Skip the fees &#8211; you can request a hard copy of both your credit bureau history reports for free once a year.<\/li>\n<li>During the COVID-19 pandemic both Equifax and TransUnion are offering free online access to credit reports, making this even easier.<\/li>\n<\/ul>\n<\/li>\n<li>Ensure your tax returns are filed up to date.\n<ul>\n<li>This is especially important if you already have a debt with Canada Revenue Agency (\u201cCRA\u201d). CRA is a powerful creditor who can take extreme collection action against you, even if only to prompt your compliance in filing outstanding returns.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><strong>Don\u2019t: Keep Using Your Credit<\/strong><\/li>\n<\/ol>\n<p>If you want to focus on paying off your debts it\u2019s imperative to stop using your credit cards, overdrafts, payday loans etc.<\/p>\n<ul>\n<li>Often an event has triggered a temporary need to use credit; be sure that this cycle of borrowing has stopped and that your cash-flow has improved as much as possible so you don\u2019t need to continue relying on credit to make ends meet.<\/li>\n<li>If you still have a gap in income that you\u2019re using credit to fill it\u2019s likely that at some point your debts will outpace your ability to keep them serviced \u2013 seek help from a Licensed Insolvency Trustee as soon as possible to discuss your situation.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/what-to-do-if-you-think-you-have-a-debt-problem\/\"><em>What to Do if You Think You Have a Debt Problem \u2013 Learn More<\/em><\/a><em>\u00a0<\/em><\/p>\n<ol start=\"3\">\n<li><strong>Do: Keep your RRSPs Intact<\/strong><\/li>\n<\/ol>\n<p>It can be tempting to use RRSPs or other assets to make lump sum payments towards your debts but think very carefully before doing so! RRSPs are an important asset, so much so that they are actually federally protected in the event you need to <a href=\"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/personal-bankruptcy\/\">file for personal bankruptcy<\/a> or <a href=\"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/consumer-proposals\/\">make a Consumer Proposal<\/a>.<\/p>\n<ul>\n<li>Income tax is payable on RRSP redemptions which can result in far less coming into your bank account than you would anticipate, and the taxable rate of your redemption can also mean you end up owing more tax when you file your tax return for the year.<\/li>\n<li>Redeeming retirement funds may help you slightly now but can cause bigger issues down the road because there often isn\u2019t enough time to save up again before retirement.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li><strong>Don\u2019t: Borrow from Friends and Family (or Have Them Co-sign Debts)<\/strong><\/li>\n<\/ol>\n<p>Even though it can be tempting to take someone up on a generous offer of financial help, avoid letting friends and family lend you money, or co-sign debts with you.<\/p>\n<ul>\n<li>Family-driven funds are often a temporary fix and can cause friction and emotional distress if they\u2019re not repaid as intended.<\/li>\n<li>Getting a co-signer gives your creditors more pockets to reach into in the event you\u2019re unable to repay the debt in full. Co-signing a debt means that both parties are responsible for 100% of the unpaid debt \u2013 not 50\/50 each as is commonly believed.<strong style=\"font-size: 1rem;\">\u00a0<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/when-is-bankruptcy-the-best-option\/\"><em>When is Filing Personal Bankruptcy the Best Option? Learn More<\/em><\/a><em>\u00a0<\/em><\/p>\n<ol start=\"5\">\n<li><strong>Do: B<\/strong><strong>e Careful Who You Take Advice From<\/strong><\/li>\n<\/ol>\n<p>Whether it\u2019s your bank, financial advisor, family or friends \u2013 there can be opinions from a variety of places when it comes down to how to solve a debt problem. Unfortunately, many people \u2013 even professionals \u2013 are well-meaning but misinformed, which can have unintended consequences for you.<\/p>\n<p>The laws and regulations that impact consumer debts are ever-changing and it\u2019s important for you to take your advice from the right professionals. Licensed Insolvency Trustees are the only debt help professionals endorsed and regulated by the federal government to help consumers with debt management solutions.<\/p>\n<p>Remember: It should never cost you money to find out what your financial options are!<\/p>\n<ul>\n<li>If you are asked for payment upfront be aware that you are likely not working with a Licensed Insolvency Trustee. Licensed Insolvency Trustees will connect with you for free to discuss your specific situation, assess your situation and evaluate your options together with you.\u00a0Being able to make fully-informed decisions about your future is priceless \u2013 but it shouldn\u2019t cost you anything!<\/li>\n<li>Don\u2019t be misled by \u201cnon-profit\u201d statuses &#8211; even not for profit credit counsellors charge a fee for services once you move past a consultation stage, and there are some types of debts they just don\u2019t have the legal authority to help you deal with.<\/li>\n<li>Always do your research before you sign financial agreements and be sure that you fully understand all your rights and responsibilities with contracts (debt management services or otherwise).<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/consumer-proposals\/consumer-proposals-vs-credit-counselling\/\"><em>Consumer Proposals VS Credit Counselling in BC \u2013 Learn More<\/em><\/a><em>\u00a0<\/em><strong>\u00a0<\/strong><\/p>\n<ol start=\"6\">\n<li><strong>Don\u2019t: Mistake Payments for Progress <\/strong><\/li>\n<\/ol>\n<p>Making your minimum payments each month will keep your accounts up-to-date and in good standing, but if you\u2019re not able to pay much more than the minimum monthly payments this is a common indicator of a debt problem looming.<\/p>\n<ul>\n<li>If you only make minimum payments most of your payment is going towards interest. Even a reasonably small balance can become unmanageable \u2013 and long-term \u2013 with interest accumulating.<\/li>\n<li>See for yourself \u2013 check your account statement to learn how long it would take you to pay off a credit card if only the minimum payments are made each month. The timeline might shock you!<em style=\"text-align: center; font-size: 1rem;\">\u00a0<\/em><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.sands-trustee.com\/blog\/breakfast-television-tips-to-avoid-minimum-payment-trap\/\"><em>Tips to Avoid the Minimum Payment Trap \u2013 Learn More<\/em><\/a><em>\u00a0<\/em><\/p>\n<ol start=\"7\">\n<li><strong>Do: Value Your Personal Well-Being More Than Your Credit Score<\/strong><\/li>\n<\/ol>\n<p>We often hear from people who have delayed seeking debt help because \u201cpreserving\u201d their credit score was a top priority for them. Nothing is worth more than your personal well-being and mental health! Debt stress is very real and the anxiety and worry of money problems can greatly impact your life.<\/p>\n<ul>\n<li>Credit ratings are a poor metric of \u201cfinancial health\u201d &#8211; aiming to be debt-free is generally the best goal to strive towards.<\/li>\n<li>A low credit score can change in just a few short years. Even bankruptcy does not impact your credit history permanently!<\/li>\n<\/ul>\n<ol start=\"8\">\n<li><strong>Don\u2019t: Delay Seeking Help Because You Are Embarrassed<\/strong><\/li>\n<\/ol>\n<p>Many people put off seeking debt help because they feel embarrassed, ashamed or are worried about feeling judged. We understand that it can be very difficult to take the first step of talking to someone who is still a stranger about your personal financial matters.<\/p>\n<ul>\n<li>Money management is a lifelong skill and many people need help to get back on track after a few missteps \u2013 we are not here to judge you, only to offer solutions.<\/li>\n<li>Money problems can happen to virtually anyone at any time and there are also many events and circumstances outside of our control that cause or aggravate these challenges \u2013 we are here to help you and support you towards becoming debt-free.<\/li>\n<\/ul>\n<p><strong>Get confidential advice about how to manage debt and learn about your options, connect with a local BC Licensed Insolvency Trustee today &#8211; <\/strong><a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\"><strong>book your free debt consultation<\/strong><\/a><strong> now. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether due to a loss of income, unexpected expenses, illness, or a relationship ending, most people don\u2019t expect to find themselves in a situation where they are struggling financially and can\u2019t meet their debt payments. When seeking debt advice from a Licensed Insolvency Trustee, people dealing with too much debt are often overwhelmed trying to [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":9773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[263,260],"tags":[38,39,74,197,37,274,53,117,120,101,242,43,238,70,204,35,82],"class_list":["post-9771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-debt-advice","category-in-the-media","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-bc-debt","tag-consumer-news","tag-consumer-proposals","tag-covid-19-debt-help","tag-credit-card-debt","tag-credit-counselling","tag-credit-counsellor","tag-credit-report","tag-debt-advice","tag-debt-consolidation","tag-debt-help","tag-financial-stress","tag-licensed-insolvency-trustee","tag-sands-associates","tag-tax-debt"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - 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