DEBT.CA IS CANADA'S TRUSTED SOURCE FOR DEBT RELIEF

At Debt.ca, we understand that people might find themselves surrounded by 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 you are 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 Services 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 to determine if a DMP is the right option for you.

Debt Consolidation Options in Kelowna, BC

As a citizen living in Kelowna, BC, 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, BC 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 Kelowna, BC, 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, BC today.

How Bankruptcy works in Kelowna, BC

Many people living in Kelowna, BC 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 Kelowna, BC call us to speak with a professional who can help.

You are not alone

In 2020, 279 Kelowna residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $17,960 but now have the help they need to get their finances, and their life, back on track.

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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 too:


Kelowna Service Canada Centre
471 Queensway
Kelowna, BC V1Y 6S5
(800) 622-6232
Available Services
- Unemployment Assistance
- Child Benefits
- Senior AssistanceCRA - Canadian Revenue Agency
277 Winnipeg St
Penticton, BC V2A 1N6
(800) 959-8281

Kelowna Veterans Affairs
6S5 Queensway #313
Kelowna, BC V1Y
(866) 522-2122

Canadian Mental Health Association
504 Sutherland Ave
Kelowna, BC V1Y 5X1, Canada
(250) 861-3644

Kelowna Chamber Of Commerce
544 Harvey Ave,
Kelowna, BC V1Y 6C9
(250)861-3627

Central Okanagan Community Food Bank
2310 Enterprise Way
Kelowna, BC V1X 4H7
(250)763-7161

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Home Equity Loan for Debt Consolidation
Morgix
HELOC Loans

Consumer Proposal
Consumer Proposal Loans

Credit Reports & Monitoring
Credit Verify

TransUnion Credit Report Disputes
Phone: 1-800-663-9980 (English) | 1-877-713-3393 (French)
TransUnion


Credit Counselling Resources in Additional British Columbia Cities:

 

Helping residents of Kelowna and the surrounding locations: Glenemma, Armstrong, Vernon, Lavington, Lumby, Lake Country, Woodsdale, Penticton, West Bank, Peachland, Summerland, Prairie Valley, Naramata

Insolvency Stats for Kelowna

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 28 32 54
Consumer Proposals 81 55 92
Kelowna in Total 109 87 146

 

2020 Data
Population 132,084
Average Credit Score 687
Median Income $68,627
Average Home Price $502,000
Median Mortgage $-
Insolvency
Total Insolvencies: 431 *(- 144)
Av Assets / Insolvency $72,440
Av Liabilities / Insolvency $109,768
Debt Ratio: 152% (- 75%)
Bankruptcy
Bankruptcies 141 *(- 66)
Av Assets $32,251
Av Liabilities $107,160
Debt Ratio: 332% (- 213%)
Consumer Proposals
Consumer Proposals 290 *(- 78)
Av Assets $91,980
Av Liabilities $111,035
Debt Ratio: 121% (- 30%)

Source: https://www.ic.gc.ca/
* % change from 2019

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About Kelowna

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.

Kelowna’s History

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.

 

Sources

  • https://www12.statcan.gc.ca/
  • https://www.britishcolumbia.ca/
  • https://www.vancouverisawesome.com/
  • https://www.tourismkelowna.com