Debt Consolidation in Westfield, NB

If you are struggling with multiple debts, a debt consolidation prepared at Westfield may be the answer. No matter how deep your debt is, and no matter what the causes, Westfield NSC PLO are here for you. A trustee will put all his knowledge at your service to help you find the balance.

We have already helped thousands of Canadians get out of seemingly insurmountable debt through customized solutions, such as debt consolidation; we can help you too.

There is 1 office near you

 

Why make a debt consolidation?

Why make a debt consolidation?

Your best option may be debt consolidation if your financial equilibrium is compromised. It allows you to collect your many debts in one, which you will repay by a single monthly payment. Consolidated debt is often subject to a lower interest rate than that applied to your previous debts. 

You can take advantage of NSC PLO trustee expertise if:

  • you are currently spending more than you earn;
  • your creditors threaten you with lawsuits;
  • you often do not pay all your bills
  • your financial situation is a source of anxiety and stress.

If you live in New Brunswick, contact the nearest NSC PLO office immediately. Regardless of the amount of your debts, you can count on the professional and confidential assistance of NSC PLO.

Is debt consolidation tailored to your needs?

Is debt consolidation tailored to your needs?

With consultants in more than 35 offices serving Quebecers fighting against debt, NSC PLO is undoubtedly your best ally. Half a century during which NSC PLO helped people like you to overcome their debt.

The consumer proposal

The consumer proposal is a simple measure that allows for an arrangement with its creditors to negotiate the terms of repayment of its debts by spreading them, for example, in monthly payments spread over a maximum of five years (without interest).

Settlement of debt amicably

It may be possible, depending on the amount of your debts, to negotiate with your creditors a reduced interest rate and a realistic payment schedule that respects your ability to pay.

The voluntary deposit

Under this program, the court can carry out on behalf of the person a debt consolidation at a 5% interest rate and repay the creditors.

When debt becomes insurmountable, most people consider Ananse. There are, however, several other options to consider at Westfield, options that may be more appropriate to their financial situation.

Independent mortgage adviser

Since 2013, banks and mortgage advisors have had to pay the costs of mortgage advice directly to the consumer instead of incorporating it into the mortgage interest. This allows consumers to immediately see how much they have to pay for mortgage advice and moreover they can compare the costs of different advisors. If you compare these costs, you will soon notice that independent mortgage advice costs much more than advice from a bank. Is this independent advice a good choice?

Independent mortgage adviser

home loan

Whether independent mortgage advisers now work independently from their own small business or are affiliated with a large mortgage adviser, they never work in the interest of a particular mortgage lender. They look at your financial situation, the expectations for the future, your spending scope and your wishes for the mortgage. Based on this data, the adviser can calculate your maximum mortgage and advise the mortgage that suits you best.

You can follow this advice and arrange things through the mortgage adviser, such as an offer from the mortgage provider. If you decide to take out a certain mortgage, you pay the mortgage costs separately to the mortgage provider.

If you opt for advice from the mortgage provider, he or she will also review your financial situation and link up with the mortgage advice. But he only advises mortgages from the bank for which he works, so there is a good chance that you will not end up with the lowest mortgage interest rate.

If you ultimately take out a mortgage, you pay the closing costs separately

If you ultimately take out a mortgage, you pay the closing costs separately

Tip! With a mortgage it is best to also take out a term life insurance policy. Banks and independent advisers also charge closing or brokerage fees for this. So compare these costs also before you decide how to close them.

Independent mortgage advisor costs

Independent mortgage advisor costs

An independent mortgage adviser charges more costs than an adviser from the mortgage provider. These costs quickly differ by around 1,000 euros, depending on the consultant. But in the end you save on mortgage interest again and often this difference in mortgage interest easily compensates for the higher costs. That way, with the more expensive advice, you are even cheaper.

At most banks and at most independent mortgage advisors you can conduct an intake interview free of charge. This way you can already make an estimate of which option is the cheapest for you. You can also request quotes from the various advisors to compare costs.

Home insurance cover: the differences

Always wanted to know what the differences are between the coverage of a home insurance policy? When taking out a home insurance policy you can choose from two cover types: Basic and All-risk. Macheath has listed the differences for you. 

Basic coverage

Basic coverage

With the basic insurance you are covered for the following:

  • Fire
  • Lightning
  • Theft / burglary
  • Riots
  • Storm (from wind force 7)
  • Explosion
  • Vandalism
  • Oil, smoke and soot
  • Water damage (from water pipes, etc.) and precipitation
  • Freezing water pipes
  • Collision / collision
  • Fall trees, cranes and pile drivers

All-risk

The most comprehensive insurance offers coverage against any ‘external calamities’. Any sudden and unforeseen damage caused by, for example, a storm is thus covered in principle. But you are also insured for ‘accidents’. If you let a candle fall over and damage your carpet, you can reclaim money from the insurance for that. However, the policy has many exceptions. Damage caused by your pets to your own belongings is usually not reimbursed. What you can and cannot declare differs per household insurer. Some insurers do offer 3 or more different cover types. Read more about the most common coverage here.

What is the difference between basic and all-risk?

What is the difference between basic and all-risk?

In this overview we have summarized shortly before you what the differences are between the reimbursements from the basic household insurance and the all-risk coverage. 

 

From 2.50 euros extra per month you already have all-risk coverage.

Difference in home contents insurance coverage: an example

Difference in home contents insurance coverage: an example

Imagine you drop a bucket of soapy water on your parquet. With a basic cover this is not reimbursed, because the water does not come from a water pipe. If you have all-risk coverage, you can claim the damage. Even if your child makes a nice drawing on the couch, this is not covered by the basic cover. With all-risk coverage you can declare the costs for cleaning your bank.

Big difference most expensive and cheapest

Big difference most expensive and cheapest

The difference between the cheapest and the most expensive household insurance is large. It can amount to more than 100 euros per year. How much do you pay for your household insurance? Perhaps you can insure your household effects at a lower premium. Curious? Discover what you can save. Compare household insurance 5.00 avg. rating ( 96 % score) – 1 vote

Collection Agencies: Do you feel harassed? | Debts

 

 

If you are in debt or in a precarious financial situation, it is highly likely that creditors and collection agencies will make attempts to contact you, causing you even more anxiety. In order to protect you against aggressive methods of communication from collection agencies, Mr. Frick is dedicated to providing you with all the necessary information on this subject.

Collection agencies act in favor of a creditor, such as a person or firm, in order to claim any amount owing to the creditor.That being said, collection agencies have certain steps and procedures to follow.

Requirements

cash

The individual who represents the collection agency is obliged to contact you in writing before contacting you by telephone. Only after five days does he have the right to call you. If he calls you, he is obliged to provide you with the following information:

  • His identity
  • The collection agency’s license number
  • The name of the creditor, as well as
  • The amount you owe to the creditor

However, if he can not reach you and leaves you a message, he is only entitled to divulge the name and phone number of the person you will need to call back. This is very important because any other information concerning your financial statement is confidential.

Limit of collection agency fees

Limit of collection agency feesHarassment

If you feel harassed, it is important for you to know what the agent is in his rights to communicate with you, as long as he is respectful and complies with the collection rules.

The agent may call you at work, or call someone around you, but only once if they do not know your personal details. However, it is within his rights to call you at work more than once only if you have given him permission to do so.

It is possible that he joins the person who has bonded you once, since that person has taken charge of paying the creditors if you are unable to do it yourself.

Your rights

money

In case of doubt, it is your right to verify the validity of communications with an agent by requesting that he present you his legal license to validate it with the Office of Consumer Protection (the OPC). If the agent does not follow the necessary steps, or if he does not have the legal license, file your complaint with the OPC to stop contact with him.

In addition, you can compel him to send you the supporting documents related to the sum of the repayment to the creditors, such as invoices or statements of account, as well as obliging him to communicate to you only in writing so that he can not the more you phone as before. In this event, the agent will have 30 days to join you at no additional cost.

Take note that your request for written communication expires after three months. If the exchange has a duration of three months or more, you are entitled to make a second request. In addition, you can also ask the agent to contact only your legal advisor.

Harassmentmoney

If the debt collector threatens you with lawsuits or arrest warrants, it is understood that you are being harassed. Rest assured that your financial situation does not put you in any position of arrest. The collector has certain procedures and requirements to follow, and if he does not follow his instructions, he can be appealed against. No form of intimidation is tolerated.

Mr. Frick is at your disposal to guide you in your steps.
We are able to offer you solutions to solve your financial problems and put an end to recovery calls. If you want to stop the harassment, contact us now.

Find the down payment of your first home using a loan

Recently, at the Good Finance Summit, the biggest obstacle to the homeownership of young Quebecers aged 18 to 34 was highlighted. It is very difficult for Generation Y youth to raise the capital needed to fund the down payment for the purchase of their first home.

Value of the desired house

cash

Usually, you have to find 20% of the value of the desired house. In the worst case scenario, you have to have your loan secured by ABC and for a pretty good premium, you get it with 5% down payment. As the median value of condos and houses continues to swell, even the 5% becomes inaccessible.

Entrance fee

cash

For a $ 240,000 condo, you need $ 48,000 (20%) of capital. Through ABC, the entrance fee will only be $ 12,000 (5%), but this loan insurance will cost you $ 8,208. This amount will be integrated into your mortgage and amortized according to the chosen term. You will understand that it will significantly increase monthly payments.

Stubborn real estate myths

To realize your real estate dream, you must stop deluding yourself.

“By paying a rent, I throw my money out the window! “

“You can own for an identical payment. “

“A condo is an investment. “

Housing is above all an expense

Housing is above all an expense

Assertions of this kind are full of lies or exaggerations. Here’s the reality: housing is above all an expense! Unless you sublet, your purchase will yield very little capital in the long run. Finally, in Quebec, according to the Federation of Real Estate Boards (FCIQ) including the down payment, it costs on average 60% more to own a home than to rent it. This EXCLUDES property and school taxes, renovations and extras of all kinds.

So, we understand that to afford a residence you must have solid loins.

Your plan to save $ 22,000

To save $ 22,000 in three years, you will need to be disciplined. Follow the steps below and you will succeed.

-Pay all your credit card debts

– Establish a tight budget and stick to it

-Make a plan for two. With 2 salaries, it’s going faster

-Determine your target price and systematically save each week $ 50 each

-Prevent a sum for unforeseen (5% additional)

-Start an automatic debit plan in a moderate quality portfolio. Identify first quartile and / or 4 and 5 star Morningstar funds.

-So RRSP and HBP

-Take your RRSP tax return (after deduction) and put it back in a TFSA

– Target developers and municipalities that offer home ownership promotions and incentives. This can take the form of a tax rebate, a return of capital, or a small down payment.