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Debt Relief help in Sydney, NS

Residents of Sydney, Nova Scotia 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%

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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 HELP IN SYDNEY, NS

If you need credit counselling services in Sydney, Debt.ca helps locals get out of debt. Not only do we help with credit, but we also have a range of programs that can help reduce your debt. With so many Sydney locals in need of help, we encourage you to increase your financial literacy with us.

If you live in Sydney and cannot pay your bills, then credit counselling may be the answer you are looking for. A debt settlement program or credit counselling services in Sydney can help you get out from under your debt in a few years.

WOULD A DMP WORK FOR RESIDENTS OF SYDNEY, NS

Residents of Sydney 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 Sydney, 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 debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Sydney to determine if a DMP is the right option for you.

DEBT CONSOLIDATION OPTIONS IN SYDNEY, NS

As a citizen living in Sydney, 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 unsecure 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 Sydney here.

OPTIONS FOR A CONSUMER PROPOSAL IN SYDNEY, NS

To file a consumer proposal, Sydney 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 Sydney, individuals must know 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 Sydney today.

HOW BANKRUPTCY WORKS IN SYDNEY, NS

Many people living in Sydney 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 the bankruptcy. If you’re thinking about filing for bankruptcy in Sydney, call us to speak with a professional who can help.

YOU ARE NOT ALONE

In 2021, 90 Sydney residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $11,898 but now have the help they need to get their finances, and their life, back on track. See how we can help you get your debt back under control.

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Resources available in Sydney, NS 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:

Sydney Service Canada Centre

15 Dorchester St Tower, 1st Floor
Sydney, NS B1P 6J3
(800)-622-6232
Available Services:
– Unemployment Assistance
– Child Benefits
– Senior Assistance

CRA – Canadian Revenue Agency

47 Dorchester St
Sydney, NS B1P 7H5
(800) 959-8281

Sydney Veterans Affairs Canada

70 Crescent St
Sydney, NS B1S 2Z7

The Salvation Army

443 Prince St
Sydney, NS B1P 5L3

Cape Breton Community Housing Association Office

50 Dorchester St
Sydney, NS B1P 5Z1
(902) 539-0025

Debt Consolidation Loans

Loans Canada
Debt Relief Loans

Consumer Proposal

Consumer Proposal Loans

Credit Reports

Credit Verify

Additional City Resources in Nova Scotia

Insolvency stats for Sydney

Q2 ’22Q1 ’22Q4 ’21Q3 ’21
BANKRUPTCIES58484954
CONSUMER PROPOSALS107769558
CAPE BRETON IN TOTAL165124144112

ANNUAL CONSUMER INSOLVENCY RATES IN NOVA SCOTIA

(Per 1,000 Population Aged 18 Years and Older)

NOVA SCOTIA
  2017 2018 2019 2020 2021
INSOLVENCY 7.5 7.3 7.8 4.4 3.7
BANKRUPTCY 5.0 4.5 4.1 2.0 1.5
PROPOSAL 2.5 2.7 3.7 2.4 2.1
CAPE BRETON
INSOLVENCY 10.2 10.5 10.9 5.9 5.3
BANKRUPTCY 5.6 5.7 5.2 2.7 2.3
PROPOSAL 4.6 4.8 5.6 3.1 3.0

DATA FROM 2020 FOR SYDNEY, NOVA SCOTIA

2019 DATA
POPULATION29,904
AVERAGE CREDIT SCORE638
MEDIAN INCOME$71,044
AVERAGE HOME PRICE$232,500
MEDIAN MORTGAGE
INSOLVENCY
TOTAL INSOLVENCIES:588*- 85%
AV ASSETS / INSOLVENCY$70,4469– $12,837
AV LIABILITIES / INSOLVENCY$92,353– $14,495
DEBT RATIO:131%+ 3%
BANKRUPTCY
BANKRUPTCIES273– 92%
AV ASSETS$49,387– $2,755
AV LIABILITIES$87,817– $11,212
DEBT RATIO:178%– 12%
CONSUMER PROPOSALS
CONSUMER PROPOSALS315-79%
AV ASSETS$88,740– $23,524
AV LIABILITIES$96,284– $17,829
DEBT RATIO:102%+ 7%

* Compared to 2019

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About Sydney

Sydney was a former city, but it is a town today. Sydney is a community located within the Cape Breton Regional Municipality of Cape Breton Island, Nova Scotia. Sydney has a population of 30,000 people. Sydney is well known for its metropolitan waterfront center and homey hospitality. The heart of the town lies at the waterfront, similar to many Atlantic cities.

In 1785, Sydney became a town and became known as a haven for loyalists. Sydney got its name from Thomas Townshend, otherwise known as Baron Sydney. Thomas ruled the town until 1820 when the island united with Nova Scotia. During this time, the population increased as a result of immigration. Many immigrants were moving to Nova Scotia from the Highlands of Scotland. Sydney was the capital of Nova Scotia until 1820, when the colony merged with Nova Scotia. At this point, the capital became Halifax instead. Later in the 20th century, the population grew again after a large steel plant opened. In 1886, Sydney incorporated as a town and then a city in 1904.

What makes Sydney famous?

Sydney is on an excellent harbour, which is in the heart of the coal-mining region. The mining of coal is a great contributor to Sydney’s past success. The industry began in the 18th century but grew in the 19th century. The growth was a result of higher demand for coal from both the U.S. and Canada. In addition to mining, Sydney serviced and shipped coal to surrounding coal-fueled towns.
The regional municipality contains Sydney, North Sydney, Sydney Mines and Glace Bay. It’s is the second-largest industrial complex in Nova Scotia. The largest industrial complex is in Halifax. Aluminum, automobile assembly, woodworking plants, concrete, fishing and ship repairing dry dock are other historically prevalent industries in Sydney.

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