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Debt Relief Solutions in Sudbury, ON

Residents of Sudbury, Ontario 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 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 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 SUDBURY, ON

Ontario may be the largest Canadian province in terms of population, but its residents are fortunate that they do not carry the largest average amount of consumer debt per capita. As of the end of Q1 2019, residents of Ontario had an average debt level of just under $24,032, up 4.5% from the same period in 2018 but down from the peaks earlier in the decade. These debt levels are comparable with other major provinces around the country however well under the highest debt-laden province which is Alberta.

Unfortunately, the picture is not all roses for the residents of Sudbury as they currently have the highest unemployment rate (8.8%) in all of Canada. If you live in Sudbury 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 Sudbury 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 SUDBURY, ON?

Residents of Sudbury 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 Sudbury, Ontario 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 Sudbury, Ontario to determine if a DMP is the right option for you.

DEBT CONSOLIDATION OPTIONS IN SUDBURY, ON

As a citizen living in Sudbury, Ontario 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 Sudbury, Ontario here.

OPTIONS FOR A CONSUMER PROPOSAL IN SUDBURY, ON

To file a consumer proposal, Sudbury 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 Sudbury, Ontario individuals must not 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 Sudbury today.

HOW BANKRUPTCY WORKS IN SUDBURY

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

YOU ARE NOT ALONE

In 2021, 137 Sudbury residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $14,345 but now have the help they need to get their finances, and their life, back on track.

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Resources available in Sudbury, ON 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:

Greater Sudbury Service Canada Centre

19 Lisgar St,
Greater Sudbury, ON P3E 6L1
(800) 206-7218
Available Services:
– Unemployment Assistance
– Child Benefits
– Senior Assistance or Assistance

Veterans Affairs Canada

107 Shirreff Ave, Unit 201,
North Bay, ON P1B 7K9

CRA – Canadian Revenue Agency

1050 Notre Dame Avenue
Sudbury ON P3A 5C1

Sudbury Food Bank

1105 Webbwood Dr,
Greater Sudbury, ON P3C 3B6
(705) 671-9663

Sudbury Mental Health and Addictions Centre – Cedar Street

127 Cedar St,
Greater Sudbury, ON P3E 1A9
(705) 523-4988

The Salvation Army

634 Notre Dame Ave,
Greater Sudbury, ON P3C 5L5
(705) 673-5893


Employment Ontario

https://www.ontario.ca/page/employment-ontario
(416) 326-5656

Debt Consolidation Loans

Loans Canada – Debt Relief Loans

Home Equity Loan for Debt Consolidation

Morgix – HELOC Loans

Consumer Proposal

Marble Financial – 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 Ontario Cities:

Helping residents of Sudbury and the surrounding locations: West Nipissing, North Bay, Wanup, Rutter, Noelville, Monteville, Creighton, Whitefish, Nairn Centre, Dowling, Onaping, Levack, Chelmsford, Azilda, Val Caron, Garson & Coniston.

INSOLVENCY STATS FOR GREATER SUDBURY

Q2 ’22Q1 ’22Q4 ’21Q3 ’21
BANKRUPTCIES50344226
CONSUMER PROPOSALS12610486112
SUDBURY IN TOTAL176138128138

DATA FROM 2020 IN GREATER SUDBURY, ON

2020 DATA
POPULATION164,926
AVERAGE CREDIT SCORE
MEDIAN INCOME$64,481
AVERAGE HOME PRICE$254,900
MEDIAN MORTGAGE
UNEMPLOYMENT RATE6.2%
INSOLVENCY
TOTAL INSOLVENCIES:687 *(- 40%)
AV ASSETS / INSOLVENCY$81,139 (- $11,957)
AV LIABILITIES / INSOLVENCY$94,450 (- $4,394)
DEBT RATIO:116% (+ 10%)
BANKRUPTCY
BANKRUPTCIES215 *(- 55%)
AV ASSETS$36,655 (- $6,498)
AV LIABILITIES$79,318 (- $6,848)
DEBT RATIO:216% (+ 16%)
CONSUMER PROPOSALS
CONSUMER PROPOSALS472 *(- 34%)
AV ASSETS$101,402 (- $18,052)
AV LIABILITIES$101,342 (- $4,191)
DEBT RATIO:100% (+ 12%)

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

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ABOUT SUDBURY

A BRIEF HISTORY

The French were the first European settlers in Sudbury. This was in the late 1800s after the land became British property. In 1888, a railway station was built there. This construction led to the discovery of nickel and ore, which encouraged European settlers to come to Sudbury and mine the resources.
Sudbury got its name from Sudbury in England and became a town in 1893. It later became a city in 1930. The city of Sudbury became Greater Sudbury in 2001, after merging with its surrounding communities.

WHAT IS UNIQUE ABOUT SUDBURY?

Sudbury is a city in the Northeastern region of Ontario. Sudbury is the largest city in Ontario by land size. It is the fifth-largest city in Ontario by population, with 166,000 Canadians inhabiting it. It is now known as Greater Sudbury. One of its nicknames is a city of lakes because there are 330 lakes.
Thomas Edison once visited Sudbury in 1901. He may have been the person to discover ore in the city.
Sudbury recovered from the Great Depression faster than most cities in North America due to nickel demand during that time. Sudbury was the fastest-growing city in Canada back then.

WHAT’S SUDBURY FAMOUS FOR?

Sudbury is known for being a mining town. It is also known for its lakes. There are hundreds of them. Many people who like the outdoors enjoy visiting Sudbury.

WHAT ARE THE LARGE ECONOMIC DRIVERS?

The lumber industry was a big part of the economy in Sudbury long ago. Then, mining replaced it as the primary industry. This was mainly because of the nickel and ore mines discovered after the coming of the railway. Sudbury was the most critical mining centre in Canada and most of the people who lived in Sudbury worked in mining.
The area’s transportation network improved, which allowed more workers to live and work in different communities. The mining industry was the central part of Sudbury’s economy in the 20th century.
However, most of the people in Sudbury worked in the service industry by 2006, making the service industry the most important economic driver. The manufacturing sector also provides lots of jobs and contributes to the economy, with mining supply and service companies still offering employment to residents.
Laurentian University and Cambrian College are also in Sudbury, both of which employ many people in the city. These schools are essential to Sudbury’s economy.

RECENT CHANGES THAT MAY HAVE CHANGED THE ECONOMIC OUTLOOK

Science and technology are growing industries in Sudbury. A few companies in this industry are in Sudbury, which also brings jobs to the people.

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