2025-07-24
Five ways to spend your 2024 personal income tax refund 2025
Whether you're planning ahead or paying down debt, we have five tips to help you turn your refund into financial momentum.
An informal debt settlement is a voluntary arrangement negotiated between you and your creditors, without the comfort of ensuring you have a legally binding agreement and the step-by-step guidance provided by a Licensed Insolvency Trustee. Your creditors have no legal obligation to work with you on creating a debt agreement and they could cancel it with little or no notice if it is not properly documented in a binding legal document.
To develop an informal debt settlement, you will have to first call each of your creditors directly and attempt to negotiate a repayment plan that’s within your budget and satisfies each creditors’ repayment timelines. Each creditor will separately want to negotiate interest rates, amounts and payment schedules. You will then be responsible for the payment obligations according to the terms of the voluntary agreement. The more creditors you have, the more challenging it can be to agree upon and manage each of these agreements.
If you’re uncertain or uncomfortable about the risks involved with this type of debt agreement, talk to your local Licensed Insolvency Trustee to discuss whether it is a good choice for you. We will take the time to listen to your concerns, answer any questions and explain all of your options.
Life-Changing Debt Solutions is about finding the best choice that will work for you.
2025-07-24
Whether you're planning ahead or paying down debt, we have five tips to help you turn your refund into financial momentum.
2025-07-23
Lifestyle Debt Alternatives to Bankruptcy
We’re here to answer your questions about whether you will be able to keep your vehicle if you choose Bankruptcy or a Consumer Proposal to work towards achieving a debt-free future.
2025-07-14
MNP Consumer Debt Index
Nearly half of Albertans (47%, +2 pts) report they are $200 or less away from financial insolvency each month — more than those in any other province — according to the latest MNP Consumer Debt Index.