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 Victoria, 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 Victoria 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 Victoria 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 Victoria, BC

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

Debt Consolidation Options in Victoria, BC

As a citizen living in Victoria, 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 Victoria, BC here.

Options for a Consumer Proposal in Victoria, BC

To file a consumer proposal, Victoria, 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 Victoria, 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 Victoria today.

How Bankruptcy works in Victoria, BC

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

You are not alone

In 2020, 369 Victoria residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $19,187 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Victoria, 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:

RainCoast Dog Rescue Society
(250) 507-6685
(250) 642-3721
Available services:
-Veterinary Care and Food for Low-Income Individuals and Families
-Free Spay and Neuter Programs

Victoria West Shore Service Canada Centre
3179 Jacklin Road
Victoria, British Columbia
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
1415 Vancouver St,
Victoria, BC V8V 3W4
(800) 959-8281

Victoria Veterans Affairs
1321 Blanshard Street, Suite 320
Victoria, British Columbia
(866) 522-2122

Greater Victoria Coalition to End Homlessness
611 Discovery St Unit 211,
Victoria, BC V8T 5G4
(250) 370-1512

Victoria Mental Health Centre
2328 Trent St,
Victoria, BC V8R 4Z3
(250) 370-8175

Better Business Bureau serving Mainland BC
788 Beatty St #404,
Vancouver, BC V6B 2M1
(604) 682-2711

Salvation Army
25 Johnson St
Victoria, BC V8W 1M2
(250) 384-3755

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 Victoria

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 37 34 76
Consumer Proposals 132 118 186
Victoria in Total 169 152 262

 

2020 Data
Population 85,792
Average Credit Score 679
Median Income $95,250
Average Home Price $763,517
Median Mortgage $-
Avg. Non-Mortgage Debt $-
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 Victoria

A Brief History of Victoria

What’s the capital city of the province of British Columbia? Many people assume it’s Vancouver, but it’s Victoria. South of Vancouver Island in the Pacific Ocean, the city has a population of over 85,000.
It is named after Queen Victoria, who was once the queen of the United Kingdom. Victoria is one of the oldest cities in the Pacific Northwest. It has the second oldest Chinatown in North America (after San Francisco) and is home to many historic buildings, including the parliament buildings built in 1897.

Victoria’s History

The Coast Salish peoples occupied Victoria before European explorers arrived. The Spanish and British were the first Europeans to explore Victoria, arriving in the late 1700s.
They set up a trading post in 1841. Fort Victoria was then founded in 1846 in anticipation of the Canadian/U.S. border extending across the 49th parallel.
Victoria would go on to become one of the largest importers of opium in the second half of the 19th century, serving Hong Kong and the rest of North America.

What’s Victoria Famous for?

Victoria has a relatively mild climate compared to most Canadian cities. It benefits from being on the Pacific Coast, which provides it with warmer temperatures during the wintertime, despite its higher latitude. While snow is common in most Canadian cities during winter, Victoria is snow-free for the most part with average daytime highs of 7C, although it does rain a lot.
Speaking of Victoria’s climate, its warmer weather has earned it the nickname the “City of Gardens” because it has an ideal environment for growing flowers. In 2018 alone, there were over 3.4 billion total blooms in Victoria.
Victoria has won numerous awards for the quality of life over the years. For many people, it’s a place you don’t want to leave once you settle in.

What are the Large Economic Drivers?

The most significant economic drivers in Victoria are technology, food, education, tourism and government services. Major employers in the area include the Canadian Forces, University of Victoria and Camosun College. Other industries that contribute to the economy include banking, light aircraft manufacturing and book publishing.
Downtown Victoria serves as a major tourist destination and is the city’s central business district.

Recent Changes that May have Changed the Economic Outlook

Like a lot of Canadian cities, Victoria has a diverse economy, driven mainly by small and medium-sized businesses. Advanced technology is the most substantial economic generator in recent years, with annual revenues of approximately $3.15 billion.
Victoria’s downtown continues to be a popular destination for tourists, generating about $2 billion each year.
Being the capital city of the province, Victoria provides a lot of jobs in the public sector. The Department of National Defence is a big employer there, employing approximately 6,000 residents.