Posted by Bill
As an Insolvency Counsellor I have counselled literally thousands of individuals and business operators over the years on the principals of good money management. The problem is that I usually don’t see these people until after they have become insolvent or have reached a point where they need to file a Consumer Proposal (Orderly Repayment of Debt) or perhaps they are being forced into bankruptcy.
So, I thought it might help our site visitors if I wrote about restoring credit; what works, and what never works.
Unpaid Credit Cards:
Perhaps you have defaulted on credit card payments. A Collection Agent has been assigned to your account and is demanding payments. Let’s say you have not paid for 6 months or more and they are threatening to garnish your wages, or sue you. At this stage you have an “R9” rating at the Credit Bureaus which is the equivalent of being bankrupt. That’s right, it is the same as if you had filed bankruptcy, but it gets worse. WAIT! There is more to read… read on »