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Alger & Associates personal bankruptcy services are
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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

Hello, I have two credit cards with approximately $6000 in debt in total. I have just recently moved to Calgary, started work about a week ago. I am looking for a way to either lessen my interest or combine the debt onto one loan. Thank you, Gary


From:

 

Grant Thornton Limited

Date:

 

Nov 12, 2015

Answer:

 

Hi Gary, You have a few options if the total amount outstanding is approximately $6,000 for two credit cards. If you qualify, one option is a consolidation loan. This option would allow you to maintain a positive reporting on your credit score. You may also contact the two credit companies to arrange an informal payment plan and reduce the interest rate. Again, this may allow you to repay the debts without affecting your credit score. A more formal option is the Money Mentors in Alberta. They provide a payment arrangement with a program called Orderly Payment of Debts. They can consolidate and reduce the interest rate depending on what you can afford. If you owe more than $6,000 and can only afford to make monthly payments of $200 or less, perhaps you should contact our office for a consultation to discuss a bankruptcy or a consumer proposal. This option allows you to repay the minimum amount to your creditors based on what you can afford and your financial circumstance. Hope that gives you a few options to think about.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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