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 Nanaimo, 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 Nanaimo 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 Nanaimo 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 Nanaimo, BC

Residents of Nanaimo, 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 Nanaimo, 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 Nanaimo, BC to determine if a DMP is the right option for you.

Debt Consolidation Options in Nanaimo, BC

As a citizen living in Nanaimo, 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 Nanaimo here.

Options for a Consumer Proposal in Nanaimo, BC

To file a consumer proposal, Nanaimo 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, 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 Nanaimo, BC today.

How Bankruptcy works in Nanaimo, BC

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

You are not alone

In 2020, 175 Nanaimo BC residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $14,288 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Nanaimo, 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:

Nanaimo Service Canada Centre
60 Front St Suite 201
Nanaimo, BC V9R 5H7
(800) 622-6232
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

Royal Canadian Legion Branch 10
129 Harewood Rd
Nanaimo, BC V9R 2Y9
(250) 753-4442

Abbotsford Community Services
2539 Montvue Ave
Abbotsford, BC V2S 3V2
(604) 870-4972

Nanaimo Association for Community Living
96 Cavan St #201
Nanaimo, BC V9R 2V1
(250) 741-0224

Nanaimo Citizen Advocacy
285 Prideaux St
Nanaimo, BC V9R 2N2
(250) 753-2321

Loaves & Fishes Community Food Bank Office and Warehouse
210 Fry St
Nanaimo, BC V9R 4Z1
(250) 754-8347

Salvation Army
19 Nicol St
Nanaimo, BC V9R 7A5
(250) 754-2621

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:

Insolvency Stats for Nanaimo

2020 Data
Population 180,518
Average Credit Score 687
Median Income $73,598
Average Home Price $594,379
Median Mortgage $-
Avg. Non-Mortgage Debt $26,629
Insolvency
Total Insolvencies: 1,719 (- 38%)
Av Assets / Insolvency $55,307 (+ $13,847
Av Liabilities / Insolvency $84,610 (+ $3,851)
Debt Ratio: 125% (- 21%)
Bankruptcy
Bankruptcies 552 *(- 70%)
Av Assets $33,901 (+ $7,792)
Av Liabilities $90,601 (+ $1,321)
Debt Ratio: 267% *(- 75%)
Consumer Proposals
Consumer Proposals 1,167 *(- 23%)
Av Assets $65,432 (+ $13,932)
Av Liabilities $81,775 (+ $6,591)
Debt Ratio: 125% (- 21%)

Source: www.ic.gc.ca/
*() change from 2019


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About Nanaimo

What is Unique about Nanaimo?

Nanaimo is a city and ferry port located on the east coast of Vancouver Island in British Columbia. People also call it "the Harbour City." Nanaimo currently has a population of 98,000 people. Its climate is mild and rainy, which is unusual compared to the rest of Canada.

Nanaimo's History

The first inhabitants of Nanaimo were the Snuneymuxw. The word Nanaimo is a corrupted version of a word meaning "gathering place." In 1849, Hudson's Bay Company established a post in Nanaimo. The discovery of coal at the time led to permanent settlement in 1852.
In 1854, several families from England moved to Colvile Town, which was the first name of Nanaimo. The area name came from Andrew Colvile, who was the governor of the Hudson's Bay Company. People stopped using the name after 1860.
In 1862, the Vancouver Coal Mining and Land Company purchased the Hudson's Bay Company mines. Shortly after, they expanded operations, causing growth in the region. In 1886, the Esquimalt to Nanaimo Railway project finished producing further development. The coal industry also contributed to the growth of the city.
In 1923, one million tons of mining materials came out of Nanaimo, but it was the last of the easily accessible coal. It became dangerous and costly to extract coal after that, and the city turned to forestry products instead. Pulp and paper product production began on the border of the city limits in 1950.

What is Nanaimo famous for?

Nanaimo is a popular tourist destination because of its natural scenery, mild climate, beaches, parks and camping sites. There is also a strong cultural life in Nanaimo. The most notable event in Nanaimo is "bathtub weekend" during the Marine Festival.
For those unaware, bathtub weekend features tub boat races over the course of the last weekend in July. Families can enjoy arts and crafts, food vendors, live music, and other activities.
Nanaimo is a great place to live because of its soothing climate and relaxed, yet energetic culture. Furthermore, Nanaimo is a relatively affordable place to live when compared to the exorbitant cost of living in Vancouver. However, Nanaimo is still quite expensive compared to other Canadian cities.
Finally, Nanaimo is ideal for individuals who enjoy mountain-based sports because of its proximity to the mountains. Nanaimo is also known for its superb healthcare and optimal education services.

What are the Large Economic Drivers?

Since the 1950s, Nanaimo has excelled in trading, servicing, distribution, fishing and lumbering. The city's success in these industries was a result of its advantageous location in the Nanaimo Harbour. Today, Nanaimo continues to operate in these industries in addition to retail, construction, manufacturing, government, technology and knowledge-based industries. Nanaimo is a growing city that is a result of economic drivers and migration to the area.

Sources

  • https://www12.statcan.gc.ca
  • https://thecanadianencyclopedia.ca
  • https://canadianimmigrant.ca
  • https://www.tretheweyhouse.ca