Debt Relief Help in Kelowna, BC
Residents of Kelowna, British Columbia have reduced their payments by up to 50% by contacting Debt.ca for help.
Debt.ca will evaluate your situation and refer you to qualified and vetted professionals based on the solution that will work best for you.
Reduce Your Payments By Up To 50%
Lower Your Interest Rates
Make One Low Monthly Payment For All Your Debt
Debt Free in as little as 24 – 48 Months
Canadian Debt Relief
Debt Management Plans
Debt.ca is Canada’s trusted source for debt relief
At Debt.ca, we understand that people might find themselves surrounded with debt for many reasons including job loss, reduced income, medical expenses, or even the rising costs of raising a family. And when faced with a mountain of consumer debt, it is quite easy to become overwhelmed and to believe that you will never be able to pay off your creditors. The high-interest rates associated with consumer debts, late fees for those who are behind on their payments, and much more can seem to conspire against your attempts to become debt free. That is why we want to help all Canadians better understand their debt relief options and save the most money while they get out from under their unsecured loans.
Are you struggling with debt or trying to figure out which Canadian debt relief program will help you get out of debt in the quickest amount of time and for the least amount of money? If so, let us show you that you can live a life free of bills and you do have more options than you probably realize. Simply put, if your paying out more money every month than you have coming in, we can get you to a professional who can help. Fill out the form above to get started today!
CREDIT COUNSELLING HELP IN KELOWNA, BC
Economists who watch consumer debt levels across Canada have become increasingly alarmed by what they are seeing in British Columbia. While average consumer debt levels throughout the country have been steadily increasing in recent years, some of the biggest increases have been in BC. In fact, the province continues to have the highest average consumer debt level in the entire country.
If you live in Kelowna and cannot pay your bills on time or are seeing your overall debt levels increase month after month, then credit counselling may be the answer you are looking for. A quality Kelowna credit counselling program can help you get out from under your debt and shore up your financial future at the same time.
WOULD A DMP WORK FOR RESIDENTS OF KELOWNA, BC
Residents of Kelowna, BC often confuse debt management plans with credit consolidation, because they have some similarities. For instance, both programs entail converting several debts into one monthly payment for ease of tracking. However, you still owe the original creditors when you enroll in a debt management plan (DMP). Conversely, you only owe one entity when you participate in a debt consolidation loan. If you’re considering a DMP in Kelowna, BC you must have a steady source of income.
While DMPs serve those with more than $10,000 of debt, homeowners may have to cash out equity instead. Likewise, individuals who have funds in their RRSP may have to use those funds to pay off the debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Kelowna, BC to determine if a DMP is the right option for you.
DEBT CONSOLIDATION OPTIONS IN KELOWNA, BC
As a citizen living in Kelowna, it’s not uncommon to fall on hard times. If you’re experiencing difficulty keeping up with your financial obligations, debt consolidation may be your best option to get back on track. As such, consolidating your unsecured debts can make managing your payments easier. For example, multiple credit card debts and other liabilities combine into a single monthly payment. This makes it easier to prepare for and remember when just one due date is approaching every month. In addition, that single payment can be more manageable, with a lower interest rate than the existing rates on your different debts.
While there are different ways to consolidate your debt, the most common way is through procuring a loan. However, your ability to qualify for a consolidation loan depends on your current credit score. Learn more about the debt consolidation process in Kelowna here.
OPTIONS FOR A CONSUMER PROPOSAL IN KELOWNA, BC
To file a consumer proposal, Kelowna, BC residents must go through a Licensed Insolvency Trustee in the area. Consumer proposals allow their participants to pay back less than what they owe to their creditors. Despite how good that sounds, it comes with some drawbacks and should be a last resort, much like bankruptcy. To qualify for a consumer proposal in Nanaimo individuals must know to owe more than $250,000. Likewise, a married couple filing jointly cannot have more than $500,000 in debt.
Paying less than what you owe at a lower interest rate comes with some heavy consequences. For one, your credit score drops to the absolute lowest it can go. In addition, the consumer proposal will remain on your credit report up to three years after you complete the five-year program. This can make acquiring credit or buying a home or auto more difficult. Speak to a member of our team who understands the laws regarding consumer proposals in Kelowna today.
HOW BANKRUPTCY WORKS IN KELOWNA, BC
Many people living in Kelowna can find it difficult to keep up with the cost of living. If your debts have been piling up to an unmanageable amount, declaring bankruptcy might be the solution to your money troubles. However, one must never take bankruptcy lightly, as it is only a last resort. Speaking to a Licensed Insolvency Trustee can shed some light on your options and inform your next steps in finding a fitting solution.
Remember, declaring bankruptcy gets most of your debts forgiven, however you forfeit most of your valuable assets in return. In addition, you will no longer experience wage garnishments. Conversely, you may not be able to obtain credit for seven years, and there is a limit on how much you can earn during bankruptcy. If you’re thinking about filing for bankruptcy in Nanaimo call us to speak with a professional who can help.
YOU ARE NOT ALONE
In 2021, 239 Kelowna residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $15,643 but now have the help they need to get their finances, and their life, back on track.
Resources available in Kelowna, BC for people needing debt relief help
If you are struggling to make ends meet, apart from seeking professional credit help, there are several national, state, local government agencies, along with non-profit organizations, you can turn to:
Kelowna Service Canada Centre
Kelowna, BC V1Y 6S5
– Unemployment Assistance
– Child Benefits
– Senior Assistance
CRA – Canadian Revenue Agency
277 Winnipeg St
Penticton, BC V2A 1N6
Kelowna Veterans Affairs
6S5 Queensway #313
Kelowna, BC V1Y
Canadian Mental Health Association
504 Sutherland Ave
Kelowna, BC V1Y 5X1, Canada
Kelowna Chamber Of Commerce
544 Harvey Ave,
Kelowna, BC V1Y 6C9.
Central Okanagan Community Food Bank
2310 Enterprise Way
Kelowna, BC V1X 4H7
Debt Consolidation Loans
Debt Relief Loans
TransUnion Credit Report Disputes
Phone: 1-800-663-9980 (English) | 1-877-713-3393 (French)
Additional City Resources in British Columbia
Insolvency stats for Kelowna
KELOWNA, BRITISH COLUMBIA QUARTERLY DATA FROM 2022 & 2021
|Q3 ’22||Q2 ’22||Q1 ’22||Q4 ’21|
|KELOWNA IN TOTAL||112||104||100||96|
DATA FROM 2020 IN KELOWNA, BRITISH COLUMBIA
|AVERAGE CREDIT SCORE||687|
|AVERAGE HOME PRICE||$502,000|
|TOTAL INSOLVENCIES:||431 *(- 144)|
|AV ASSETS / INSOLVENCY||$72,440|
|AV LIABILITIES / INSOLVENCY||$109,768|
|DEBT RATIO:||152% (- 75%)|
|BANKRUPTCIES||141 *(- 66)|
|DEBT RATIO:||332% (- 213%)|
|CONSUMER PROPOSALS||290 *(- 78)|
|DEBT RATIO:||121% (- 30%)|
* % change from 2019
What is Unique about Kelowna?
Kelowna is a city located on Okanagan Lake. It’s in the Okanagan Valley in an area of British Columbia known as the southern interior. It’s home to the head office of the Regional District of the Central Okanagan.
Kelowna is a sizable city by British Columbia standards. Kelowna’s population in 2016 was 151,957. Its metro area is even bigger, with a population of almost 200,000. It has the third-largest metro area in the province, only behind Vancouver and Victoria. In terms of Canada, it’s the 22nd largest city and the largest city inland in British Columbia.
Communities close by Kelowna include Peachland, Summerland, and Penticton.
The Okanagan Valley settled 6,000 years ago. Back then, the Okanagan people thrived on fishing, gathering, hunting, and trading. The first European settlers arrived in 1859. Three Oblate missionaries – Father Pandosy, Father Richard and Brother Surel – set up a mission there.
The mission served the native people, traders and new settlers. The original buildings are still standing to this day. You can visit them on your next trip to Kelowna at the Father Pandosy Mission Provincial Heritage Site.
Kelowna officially became a city in 1905. At that time, its population was around 600. The city’s name comes from an early settler. When August Gillard crawled from an underground shelter, the natives yelled “Kim-ach-touch,” which means Brown Bear. In the years that followed, the city became known as Kelowna since it was easier to say.
WHAT’S KELOWNA FAMOUS FOR?
British Columbia is a place known for its excellent wine and Kelowna is no exception. Almost a century ago, Calona Wines started making wine there. Calona Wines is British Columbia’s first and oldest commercial winery. The original flavours include apple wines, berry wines, and sacramental wine. It eventually shifted to more European flavour wines in the 1970s.
Besides fine wine, Kelowna was famous for its tobacco crops. The Okanagan climate and soil made it an ideal place to grow tobacco. During its best years, it produced close to 800,000 cigars. However, in recent years Ontario has provided fierce competition, leading to the industry’s downturn.
WHAT ARE THE LARGE ECONOMIC DRIVERS?
The service sector provides the most jobs in Kelowna. Kelowna is a popular tourist destination all year round. In the summertime, it’s a popular place to boat, cycle, golf, and hike. During the winter, it’s a great place to ski and snowboard. In 2016, tourism became a billion-dollar industry in Kelowna.
The wine industry provides plenty of jobs in the region as well, with vineyards in the south of the city. Kelowna is also home to Sun-Rype, which manufactures fruit bars and juices.
RECENT CHANGES THAT MAY HAVE CHANGED THE ECONOMIC OUTLOOK
Due to its proximity to the United States and the lower Canadian dollar, Kelowna has become a popular place for film production. Well-known movies filmed in Kelowna include Fido, Shred, Shred 2 and Flicka: Country Pride. Eagle Creek productions started construction of a soundstage and film studio to help meet the booming demand.
The population of Kelowna continues to grow at a fast pace. They project that Kelowna will reach a population of 250,000 by 2032. As such, jobs in the trades and home construction are in high demand.
British Columbia 2022 Tax Brackets
Residents of British Columbia are required to pay both Federal and Provincial Income Tax each year on your total taxable income.
Each Province sets their own bracket thresholds.
5.06% on the portion of your taxable income that is $43,070 or less
+ 7.7% on the portion of your taxable income between $43,070 and $86,141
+ 10.5% on the portion of your taxable income between $86,141 and $98,901
+ 12.29% on the portion of your taxable income between $98,901 and $120,094
+ 14.7% on the portion of your taxable income between $120,094 and $162,832,
+ 16.8% on the portion of your taxable income between $162,832 and $227,091
+ 20.5% on the portion of your taxable income that is more than $227,091
If your total taxable income came out to be exactly $150,000, your provincial tax amount owed would be $13,836.
5.06% * $43,070 = $2,179.34 plus
7.7% * $43,070 ($86141 – $43,071) = $3,316.39
10.5% * $12,759 ($98,901 – $86,142) = $1,339.70
12.29% * $21,192 ($120,094-$98,902) = $2,604.50
14.7% * $29,905 ($150,000-120,095) = $4,396.03
Provincial tax owed = $2,179.34 + $3,316.39 + $1,339.70 + $2,604.5 + $4,396.03= $13,836