HawthorneVillager.com

Does anyone do financial planning, I have a friend who is drowning in debt, no fault of his, he lost his job, but now that he is working again, he cannot seem to get ahead, but is considering bankruptcy ,b ut does not want to lose house and vehicle ,Is there anyone I can put him in touch with, I guess thats a fact of life those days

Conrad Soucie.

905 876 5581 is his cell phone. We are working together and he will be able to help your friend and we might be able reduce his debt by using house equity (if there is any).
In case if he does need to go into bankruptcy I also work with person who will guide him through this process. But let’s use this avenue if there is nothing else can be done.

For any other questions feel free to contact me as well.

_________________
Dmitri Ivanov
Mortgage Broker
Lic # M09000265
Office: 905 876 4751
Cell: 905 691 6706
Fax: 905 693 1858
email: dmitri.ivanov@migroup.ca
www.home-mortgage-advice.com

He can try to consolidate his debt or maybe come up with what they call a consumer proposal to manage his debt with the people he owes money to.

Check out this site: www.moneyproblems.ca

One insult to injury when it comes to declaring bankruptcy is that you have to pay something like $1500 to file it!

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What is the difference between ignorance and apathy? I don't know and I don't care.

There are different ways, but it’s all depends on his situation. He has to go from the cheapest possible way to more expensive.

Consolidating debt with home equity would be an ideal solution. It only works if there is enough equity in his house. Even if he will be offered a mortgage at higher interest rate (8% let’s say) compared to today’s rate, he is still better off, because he will be consolidating all his high interest (20%) debt. It takes 1 - 2 years to re-establish credit score, so if a person gets himself a mortgage at high interest rate with 2 years term, we can remortgage him with conventional lender again in 2 years, and he is back to normal lifestyle.

Consolidation Loan - taking all high interest cards and consolidate the total amount in lower interest loan amortized over a period of several years. This is done through the bank.

These two won't affect your credit rating a lot,

Consumer proposal is almost as bad as bankruptcy and lenders consider it be the same. So if you are going to do it, make sure you refinance and lock yourself in for a good mortgage term, because you won't be able to get good financing afterwards.

Bankruptcy - speaks for itself, this must be your LAST resort to solve debt problem, but also the easiest one. Basically you will wipe all your debts, but for next 2 - 3 years you are going to feel like a first year college student, no credit cards, no mortgage, no car loan. Bankruptcy will allow you to keep a car valued up to 7000 dollars though.

Don't go bankrupt unless you owe well over 100k. 10k not worth it trusts me it does happen. Just work it through.
And start proper budgeting and planning. The best thing to do is to establish automatic withdrawal into RRSP or any other saving/investment account. That’s why finding a right financial advisor is a right thing to do.
Now I said ADVISOR and not mutual fund sales man. If someone is trying to sell you something before even doing a proper plan, walk away.

_________________
Dmitri Ivanov
Mortgage Broker
Lic # M09000265
Office: 905 876 4751
Cell: 905 691 6706
Fax: 905 693 1858
email: dmitri.ivanov@migroup.ca
www.home-mortgage-advice.com