||Questions and Answers
Q. Why should I pay you to act on my behalf rather than take a free service?
A. Like any service organization, the capacity, experience and capability of the “free” sector can be extremely varied. However, one fact that makes us uneasy with the PURPORTED impartiality of the majority of these so-called non-profit companies and organizations is that much of their funding comes via “sponsorship” from banks, loan granters and other financial institutions. Our staff is totally committed to acting solely in your interest and have no obligations to the banks or other financial institutions.
Q. Why shouldn’t I go directly to a Bankruptcy Trustee?
A. BEWARE: In Canada, it is against the law for a Bankruptcy Trustee to give you any advice with respect to the protection of your assets. The law clearly sets out that the trustee's obligations are to represent your creditors’ interests only. Most trustees struggle with this issue trying to set a fair and equitable payment that the debtor can afford while still trying to recover the most money for the benefit of the creditors. When you choose YourDebtSolutions.ca, our job is to represent you exclusively. We ensure your assets are protected, to the extent possible, and that your repayment arrangements are fair and equitable and based on your ability to repay.
Q. I have been advised to try and get a loan and consolidate all of my debts into one affordable payment. Is this a good idea?
A. In some cases this may be a viable solution, although, we would generally caution against turning unsecured debt (eg. Credit Cards, Lines of Credit) into a secured debt such as a home equity loan. This places your home at risk if you fail to meet your payments. It is advisable to first get professional advice on all alternatives that are available to you.
If you have a question that is not answered above, please do not hesitate to contact us.