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Debt Relief Help in St. John’s, NL

Residents of St. John’s,  Newfoundland and Labrador 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.

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Canadian Debt Relief


Credit Counselling


Debt Management Plans?


Debt Consolidation


Consumer Proposal


Bankruptcy


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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 SERVICES IN ST. JOHN’S, NL

If you live in St. John’s and feel like your finances are out of control, then credit counselling may be the answer you are looking for. Locals can get credit counselling services in St. John’s, or learn about the other options Debt.ca has to offer. If you’re serious about getting out of debt, we can help.

WOULD A DMP WORK FOR RESIDENTS OF ST. JOHN’S?

Residents of St. John’s 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 St John’s 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 St. John’s to determine if a DMP is the right option for you.

DEBT CONSOLIDATION OPTIONS IN ST. JOHN’S

As a citizen living in St. John’s, 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 St. John’s here.

OPTIONS FOR A CONSUMER PROPOSAL IN ST. JOHN’S

To file a consumer proposal, St. John’s 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 St. John’s, 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 St. John’s today.

HOW BANKRUPTCY WORKS IN ST. JOHN’S

Many people living in St. John’s 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 St. John’s call us to speak with a professional who can help.

YOU ARE NOT ALONE

In 2021, 285 St. John’s residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $22,517 but now have the help they need to get their finances, and their life, back on track.

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Resources available in St. John’s, NL 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:

St. John’s Service Canada Centre

100 Hebron Way
St. John’s, Newfoundland and Labrador
Available Services:
– Unemployment Assistance
– Child Benefits
– Senior Assistance

CRA – Canadian Revenue Agency

165 Duckworth St,
St. John’s, NL A1C 1G4
(709) 759-8281

Veterans Affairs Canada

The John Cabot Building
10 Barter’s Hill, 2nd Floor
St. John’s, Newfoundland
(866) 522-2122

Community Food Sharing Association

21 Mews Pl,
St. John’s, NL A1B 4N2
(709) 722-0130

Canadian Mental Health Association

603 Topsail Rd,
St. John’s, NL A1E 2E1
(709) 753-8550

Salvation Army

51 Kenmount Rd,
St. John’s, NL A1B 3P8
(709) 753-5841

City of St John’s Non-Profit Housing

10 New Gower St,
St. John’s, NL A1C 1J3
(709) 576-8196

Debt Consolidation Loans

Loans Canada
Debt Relief Loans

Helping residents of St. John’s and the surrounding locations: Mt Pearl, Torbay, Paradise, Conception Bay, Fort William, Georgetown, Bally Haly and Penetanguishene.

Insolvency stats for St. John’s

Q2 ’22Q1 ’22Q4 ’21Q3 ’21
BANKRUPTCIES52595459
CONSUMER PROPOSALS118869677
ST. JOHN’S IN TOTAL170145150136

DATA FROM 2020 IN ST. JOHN’S, NL

2020 DATA
POPULATION108,860
AVERAGE CREDIT SCORE664
MEDIAN INCOME$80,760
MEDIAN HOME PRICE$306,279
UNEMPLOYMENT RATE12.4%
AVERAGE NON-MORTGAGE DEBT$25,266
INSOLVENCY
TOTAL INSOLVENCIES:721 *(- 76%)
AV ASSETS / INSOLVENCY$158,511 (+ $15,215)
AV LIABILITIES / INSOLVENCY$182,613 (+ $15,190)
DEBT RATIO:115% (- 1%)
BANKRUPTCY
BANKRUPTCIES288 *(- 94%)
AV ASSETS$120,302 (+ $22,554)
AV LIABILITIES$174,564 (+ $26,466)
DEBT RATIO:145% (- 7%)
CONSUMER PROPOSALS
CONSUMER PROPOSALS433 *(- 64%)
AV ASSETS$183,925 (+ $4,782)
AV LIABILITIES$187,966 (+ $5,334)
DEBT RATIO:102% ( -)

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

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About St. Johns

WHAT IS UNIQUE ABOUT ST. JOHN’S

St. John’s (not to be confused with Saint John in New Brunswick), is the capital city of Canada’s easternmost province Newfoundland and Labrador. It’s located in the Avalon Peninsula on Newfoundland Island, Canada’s largest island.
St. John’s claims to be the oldest European settlement in North America, but there is some controversy surrounding this claim. Nevertheless, St. John’s has an important role in history. In 1901, Italian inventor Guglielmo Marconi in St. John’s received the first transatlantic wireless signal. St. John’s was also the start of the first non-stop transatlantic flight in June 1919 to Ireland.

ST. JOHN’S HISTORY

Being on the east coast of Canada, it’s only natural that Europeans would discover St. John’s first. Fishermen have been setting up seasonal camps in St. John’s as early as the 16th century. St. John’s gained its name when Italian navigator John Cabot arrived on June 24, 1494, the feast day of Saint John the Baptist.
St. John’s took an important step towards becoming a town when a permanent settlement was established in 1630. The population continued to grow throughout the 17th century.
St. John’s has had several devastating fires over the years. The most devastating of all is the Great Fire of 1892, where a big part of the city was destroyed. Despite the setbacks, St. John’s rebuilt each time to become the great city it is today.

WHAT’S ST. JOHN’S FAMOUS FOR?

Looking for a pint or a bite to eat? Be sure to stop by the Duke of Duckworth for authentic Newfoundlander hospitality and cuisine. Visit on a Friday night to see what his English-style pub has to offer.
No trip to St. John’s would be complete without a visit to Signal Hill. Signal Hill is the most famous landmark in St. John’s for a good reason. It’s the location of the final battle of the Seven Years’ War that took place in 1762. Signal Hill offers breathtaking views of the city. The small castle on the hill is called Cabot Tower. It was built in 1898 in honour of the queen’s jubilee and the arrival of John Cabot.

WHAT ARE THE LARGE ECONOMIC DRIVERS?

The fishing industry has always been a large economic driver in St. John’s. However, that all changed in the 1990s when the fishing industry collapsed. St. John’s has now shifted its focus to resources, mainly the oil and gas industry. In fact, it’s the oil and gas capital of eastern Canada. Important companies like ExxonMobil, Chevron, Husky Energy and Suncor Energy all have operations there. Offshore oil developers located in St. John’s include Hibernia, Terra Nova and White Rose.

RECENT CHANGES THAT MAY HAVE CHANGED THE ECONOMIC OUTLOOK

St. John’s economy along with the economies in other cities in Atlantic Canada has struggled in recent years due to weakness in oil and gas. The good news is that the worst appears to be over. St. John’s was among the economic growth leaders in 2018 for Atlantic Canada cities and is expected to keep up the pace. An increase in offshore oil production has helped reverse the fortunes of St. John’s.


Sources:

  • https://www.lonelyplanet.com
  • http://www.stjohns.ca
  • https://www.newswire.ca

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