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CREDIT SCORE IN CANADA: ARE CAR INSURANCE COMPANIES REQUIRED TO PULL A CREDIT REPORT ON NEW BRUNSWICK RESIDENTS?

We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic.

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

A credit score in Canada: Can car insurance companies use your credit score?

According to the CBC News show “Marketplace” in 2010, home insurance rates can be influenced by a person’s credit score in Canada. A number of people experienced doubled insurance premiums after their insurance company included credit scores in calculating risk.

Consumer credit scores are portrayed positively by those who make use of it. Insurers only check your credit score to determine the best premium for you, according to Desjardins. The Cooperators offer a different perspective. The credit score reflects a person’s financial responsibility and behaviour. The issue is undoubtedly contentious.

In Ontario, as elsewhere in the country, credit scoring has been controversial. In this Brandon Blog, I discuss the recent request by certain auto insurance companies in obtaining consent to check a New Brunswick resident’s credit score in Canada when determining auto insurance rates.

New Brunswick has Canada’s highest rates of personal insolvency and some of its lowest credit scores

There are two Canadian credit bureaus that perform credit scoring in Canada, Equifax and TransUnion. Credit reporting agencies track your credit history by tracking consumer borrowing and payment histories. Credit scores in Canada are derived from these activities.

In Canada, two major credit bureaus report credit scores between 300 and 900. It is through this report that lenders determine whether you have good credit. You are more likely to get credit and have low interest rates if your credit score is high. A credit score in Canada at a high level is therefore beneficial.

What is a good credit score in Canada? You can get a pretty good idea of what they are by looking at the following list:

  • 740 plus Excellent
  • The 700 to 740 range is a very good score
  • A score of 680 to 700 is considered good
  • 600 to 679 Fair
  • Below 600 Poor

Missing payments or maxing out your credit card can result in a bad credit score. As a fintech company, Borrowell Canada represents multiple lenders in Canada that issue credit cards and make loans to individuals based on their respective credit score in Canada. They became the first business in Canada to offer free credit scores and credit reports. Borrowell’s New Brunswick users have an average credit score of 634.

New Brunswick has the lowest average credit score in Canada. Adults in New Brunswick deal with financial problems at a higher rate than anywhere else in Canada. New Brunswick is currently the province with the highest bankruptcy rates for consumers.

credit score in canada
credit score in canada

Are bills up to date? New Brunswick auto insurance companies are interested in your credit score

According to insurance companies, studies show bad credit drivers are more likely to have an accident than those with similar driving records, and they want premiums in New Brunswick to reflect that. Several insurance companies in New Brunswick recently gained approval to ask for the introduction of credit scores when setting auto premiums for insurance.

The insurance companies claim studies show that motorists with bad credit are more likely to get into accidents than those with similar driving records, and they want New Brunswick premiums to reflect that.

In Canada, insurance companies believe your credit score in Canada is an accurate predictor of risk and therefore future claims. As a result, policyholders are said to be given rates based on the justest risk segmentation. The application they submitted for approval argued this.

A policyholder will be charged more if they are likely to generate the highest costs than a policyholder who is likely to generate lower costs, according to the New Brunswick Insurance Board. According to the board, it was satisfied there is a relationship between bad credit and bad driving and, as a result, granted the right to set rates using a person’s credit score in Canada.

As part of the risk assessment, a credit score raises a number of concerns:

  • What will the insurance companies do if New Brunswick residents refuse to have their credit score used?
  • For insureds with low credit scores and limited resources, insurance may be harder to obtain and more expensive.
  • Is an individual’s driving record more indicative of risk when it comes to car insurance than their credit score in Canada?
  • Suppose you are a young adult, new to Canada, unemployed, or barely getting by? A low credit score may make it harder for you to get to school, work, or a doctor’s appointment.

A credit score in Canada: Are insurance companies allowed to check credit scores?

Are the rules the same in all the Canadian Provinces? No, they are not. If you live in a certain province, your credit score may also affect your monthly premium. Those who live in Ontario or Newfoundland and Labrador can breathe easier. In these two provinces, auto insurance companies are not allowed to use your credit score in Canada as there is a ban on insurance companies doing so.

As of spring 2019, the Progressive Conservative Party announced plans to allow companies to ask you for your credit score in exchange for a better rate. It hasn’t happened yet. Premier Ford’s plans may have been thwarted by the COVID-19 pandemic!

It is already the case in Nova Scotia, though you cannot be denied coverage if you refuse. In March 2021, the province’s insurance regulator approved RSA Canada’s request to offer discounts to auto policy applicants based on their credit scores.

In Alberta, insurers are required to ask for your consent before looking at your credit score, and they can’t use it if you only want the most basic plan.

Business is regulated by the provincial government in Manitoba and British Columbia. Manitoba Public Insurance and Insurance Corporation of British Columbia do not list credit scores among their criteria.

As for Saskatchewan, it’s the same story with Saskatchewan Government Insurance (SGI). Despite the fact that drivers are required to get basic coverage through SGI, you might face a credit check if you choose private company coverage.

Quebec, New Brunswick, and Prince Edward Island don’t have any laws forbidding the practice, but it was not common in the two Maritime provinces until the recent change in New Brunswick.

In addition to your driving history, insurance companies also consider your location, driving experience, and the type of car you drive when assessing your accident risks.

We also have a consumer watchdog called the Insurance Bureau of Canada (IBC). The code has been published and 85% of Canada’s car and home insurance companies have signed on.

There are a number of friendly ground rules:

  • Asking for your permission prior to checking your credit score in Canada.
  • Do not cancel or deny your insurance if you do not consent.
  • In the absence of much credit history, calculating your premiums using other relevant information.

    credit score in canada
    credit score in canada

A credit score in Canada: Auto insurers’ interest in N.B. credit scores is bad news for many

I hope this credit score in Canada Brandon Blog was informative. The auto insurers’ interest in New Brunswick credit scores is bad news for many. But if you have a low credit score and too much debt, wherever you live in Canada, you are considered insolvent. There are several insolvency processes available to you. It may not be necessary for you to file for bankruptcy.

If you are concerned because you or your business are dealing with substantial debt challenges, you need debt help and you assume bankruptcy is your only option, call me.

It is not your fault that you remain in this way. You have actually been only shown the old ways to try to deal with financial issues. These old ways do not work anymore.

The Ira Smith Team utilizes new modern-day ways to get you out of your debt difficulties with debt relief options as an alternative to bankruptcy. We can get you the relief you need and so deserve. Our professional advice will create for you a personalized debt-free plan for you or your company during our no-cost initial consultation.

The tension put upon you is big. We know your discomfort factors. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. We will design a debt settlement strategy for you. We know that we can help you now.

We understand that people with credit cards maxed out and businesses facing financial issues need a realistic lifeline. There is no “one solution fits all” method with the Ira Smith Team. Not everyone has to file bankruptcy in Canada. The majority of our clients never do as we know the alternatives to bankruptcy. We help many people and companies stay clear of filing an assignment in bankruptcy.

That is why we can establish a new restructuring procedure for paying down debt that will be built just for you. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. If any one of these seems familiar to you and you are serious about getting the solution you need to become debt-free, contact the Ira Smith Trustee & Receiver Inc. group today.

Call us now for a no-cost consultation.

We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic.

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

credit score in canada
credit score in canada
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MORTGAGE WITH BAD CREDIT: MY BEST TIPS ON HOW TO GET THE MORTGAGE YOU NEED

mortgage with bad credit
mortgage with bad credit

We hope that you and your family are safe and healthy.

The Ira Smith Trustee Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

If you would prefer to listen to the audio version of this mortgage with bad credit Brandon’s Blog, please scroll to the very bottom and click play on the podcast.

A mortgage with bad credit introduction

Looking back on the 2020 year, the coronavirus pandemic has caused so much health and financial devastation to Canadians. Canadians’ either losing their jobs or at least their income has been the main cause of personal financial problems this past year.

To their credit, the Federal Government quickly came to the aid of people and businesses by rolling out Canada’s COVID-19 Economic Response Plan. The many programs to lend financial support implemented by the Federal Government have been largely successful, notwithstanding not all the programs worked well. Luckily, the major ones did work well in getting much needed financial support to Canadians and Canadian businesses.

In fact, the government support has worked so well that insolvency statistics in Canada as of October 31, 2020, show that consumer and business insolvency proceedings are down in 2020 by almost 25% compared to 2019. So at a time when there is so much financial hurt in Canada, formal insolvency proceedings are way down. I attribute Canada’s COVID-19 Economic Response Plan as the main reason why.

But that does not mean that financial problems in Canada are over. I suspect that as certain government support programs have now ended, and the remaining ones are right now scheduled to end in 2021, it is the coming year where the insolvency statistics may take a turn for the worse with the number of insolvency proceedings increasing.

One of the support programs that have ended is the mortgage deferral program. The purpose of this Brandon’s Blog is to look at what are the options for people who need to either get or renew their mortgage with bad credit.

Mortgages and the coronavirus

As I previously wrote about, there were two phenomenons in 2020 with mortgages in Canada. First, there were roughly $170 billion in home mortgage deferrals among Canada’s 6 major banks. The bulk of them was set to expire by September 30.

The second was that there was a significant rise in Canadian consumer debt primarily from an increase in both mortgage loans and vehicle financings. The major banks reported that increases in mortgage debt came from both the refinancing of existing home mortgage debt as well as new home mortgage applications.

We also know from media reporting, that at least in the Greater Toronto Ontario Area, the residential real estate market remained hot. COVID-19 could not slow it down. We also know that Canadians have taken advantage of the extremely low home mortgage interest rates to increase their mortgage debt in order to pay down or off much higher-rate consumer debt.

For those with a good credit rating, getting new or refinanced mortgage loans has not been a problem. But what about those needing a mortgage with bad credit?

How your credit score impacts your mortgage rate

To comprehend just how poor credit scores impact home mortgage rates, it helps to look at it as a mortgage lending institution. Giving a loan to someone with a poor credit history is high-risk, as they are more likely to not make their monthly payments on time or they might default completely. To make up for the additional danger, lenders approve this kind of home mortgage with bad credit using higher interest rates than the posted rates.

In Canada, credit scores range from a low of 300 to a high of 900. You are rated by Canada’s 2 significant credit bureaus; Equifax and TransUnion. This number is used to tell lenders just how you have dealt with available credit in the past. The greater your credit score the far better, due to the fact that it assists you to get approved for the lowest possible interest rates.

A person with a minimum credit score of 630, should not have a problem getting a standard mortgage approval from one of the major bank mortgage lenders. Obviously, the higher your credit score above 630, the better.

If your credit score is below 630, a lot of the financial institutions in Canada will not authorize you for a mortgage loan. Rather, you may need to utilize a “B lender institution” or even a private lender to get that mortgage with bad credit. Lenders such as these have bad credit mortgages available for people with a poor credit history.

mortgage with bad credit
mortgage with bad credit

What kind of bad credit mortgages are available?

A person applying for a bad credit mortgage may have to save for a larger down payment (frequently 20% or more), or more equity in your house than a person with a good credit score if you are applying for a mortgage refinancing. If you are lucky enough to have a co-signer, that is also a good thing.

Sometimes, if the debt problems are small, the best or close to the best mortgage rate could still be readily available to you. You would be well advised to hire a knowledgeable mortgage broker. A mortgage broker’s fee is paid for by the lender, not the buyer or homeowner. They will certainly attempt to get you the best rate based on your current economic situation. Using an experienced broker is essential if you are looking for a mortgage with bad credit.

A mortgage professional has access to many different types of lenders. Most insurance companies have a portfolio of residential mortgages as part of their overall financial investments. Mortgage brokers also know of private lenders. Even if a lender at one of the major banks turns you down, a mortgage broker may very well be able to find you a lender who will say yes. The mortgage rate might be higher than those posted in the newspaper or shown online, but at least you will get the mortgage with bad credit loan that you need.

What are the advantages of bad credit mortgage loans?

Commonly bad credit borrowers with credit report problems, a bad credit score range and overall credit issues are rightfully reluctant to handle more debt. However, a mortgage with bad credit is very different than taking on more debt just for consumer overspending. When you need a mortgage, it is because you want to buy an asset that is worth more than the amount of money you will owe on it.

So, a mortgage with bad credit can be a powerful device to enhance credit score ratings. A few of the methods bad credit borrowers who can qualify for a home mortgage accomplish this are:

  • Consolidate multiple high rate consumer debts, such as credit card debt or unsecured line of credit debt, into a solitary lower interest mortgage loan. Eliminating high rate debt that is in default through debt consolidation with a lower rate mortgage AND making your monthly payments on time, will improve your credit score.
  • Amortize financial debt over a longer period to lower your monthly payments. This will certainly help your cash flow.

Even a mortgage with bad credit will certainly have lower rates than credit cards and unsecured lines of credit. This conserves money because the lower interest rate loan will have a lower monthly payment than the total of the monthly payments of the higher rate loans.

In short, a mortgage product for bad credit scores helps you improve your credit score over time, especially if you use the new or refinanced mortgage with bad credit loans to retire your credit card balances.

Here is another tip. Once you retire your old unsecured credit card balances, cancel them. Then, get a secured credit card. Just like the mortgage with bad credit product, every time you pay off your secured credit card on time, the card issuer reports that to the credit bureaus. This too will help repair your damaged credit and improve it over time.

What if I can’t get approved for a mortgage with bad credit loan at an A or B lender?

If you have worked to build your credit and are still incapable to obtain approval on a conventional mortgage, be sure to ask your broker what else you should do differently. More than likely, the broker will recommend canvassing their private mortgage lender contacts. Private lenders are willing to do mortgages for people.

Borrowing from a private lender for a mortgage with bad credit will carry additional fees and a very high-interest rate. Most private mortgages also carry a very heavy penalty for defaulting or even just late payments. However, if your budget tells you that you can afford the monthly mortgage payment, a private lender has much more flexibility.

A private lender is much more willing to look at your stable employment record and your proof of income, rather than just your credit report. Of course, an appraisal supporting the value of the home and the loan requested is crucial.

Keep in mind that a private lender may very well be more lenient if you had previously filed a consumer proposal or for bankruptcy. Whereas an A lender and many other lenders will be scared off by this, a private lender may very well not be. If you have successfully completed your consumer proposal or have received your bankruptcy discharge then you have shed the debt that weighed you down. So it is very possible that you have a relatively small debt load.

Alternatively, if you are refinancing for debt consolidation purposes, the private lender will want proof that the debts have been paid off with the portion required from their mortgage with bad credit advance. As long as the alternate lender is happy with your income and employment history along with the appraisal, the lender won’t be bothered by the debts that will no longer be outstanding.

So although the private mortgage route is expensive, at least the money you need is available. Let’s face it, if you had a good credit score, you would deal with one of the chartered banks, even for insured mortgages. You would not need someone who can provide you with a mortgage with bad credit product.

Mortgage with bad credit summary

I hope you have enjoyed this mortgage with bad credit Brandon’s Blog. Do you or your company have too much debt? Are you or your company in need of financial restructuring? The financial restructuring process is complex. The Ira Smith Team understands how to do a complex restructuring. However, more importantly, we understand the needs of the entrepreneur or the person who has too much personal debt.

You are worried because you are facing significant financial challenges and you think the only thing you can do is file bankruptcy in Canada. It is not your fault that you are in this situation. You have been only shown the old ways that do not work anymore. The Ira Smith Team uses new modern ways to get you out of your debt troubles while avoiding bankruptcy. We can get you debt relief freedom.

The stress placed upon you is huge. We understand your pain points. We look at your entire situation and devise a strategy that is as unique as you and your problems; financial and emotional. The way we take the load off of your shoulders and devise a debt settlement plan, we know that we can help you.

We know that people facing financial problems need realistic lifeline. There is no “one solution fits all” approach with the Ira Smith Team. Not everyone has to file bankruptcy in Canada. We help many people and companies avoid bankruptcy.

That is why we can develop a restructuring process as unique as the financial problems and pain you are facing. If any of this sounds familiar to you and you are serious about finding a solution, contact the Ira Smith Trustee & Receiver Inc. team today.

Call us now for a free consultation.

We will get you or your company back on the road to healthy stress-free operations and recover from the pain points in your life, Starting Over, Starting Now.

We hope that you and your family are safe and healthy.

The Ira Smith Trustee Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

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MORTGAGES FOR SENIORS CANADA: APPARENTLY NOT A PROBLEM

mortgages for seniors canada

Mortgages for seniors Canada: Introduction

TransUnion Canada’s most recent TRANSUNION Q2 2018 INDUSTRY INSIGHTS REPORT found that borrowing for mortgages was reduced in Canada in 2018. A troubling statistic exists for mortgages for seniors Canada. In this Brandon’s Blog, I discuss this and certain other issues arising from the TransUnion Canada report.

Secured home loans for older folks Canada: Home mortgage borrowing decreases throughout Canada

Home mortgage lending has reduced throughout Canada in the first half of 2018. Generally, there was a 3.4% decline in the variety of brand-new home loans in Q1 2018 as compared to Q1 2017; this comes after an 8.8% year-over-year decrease in Q4 2017. This pattern seems to prove that the brand-new home loan guidelines might be affecting customers that are either not qualifying or are not able to obtain the level of home mortgage they want. It is unclear if this decrease in home mortgage demand means that there are fewer people looking for a home mortgage, or if there are more people sitting on the sidelines trying to figure out a way to qualify.

HELOCs for retirees Canada: Seniors bucking the trend

The exception to the decrease in home mortgage originations in Canada in 2018 is older generation Canadians. Canadians in the 73-93-year-old age group saw a substantial year-over-year boost (63%) in the number of home mortgages taken out. Baby Boomers in Canada, those in the 54-72-year-old age group saw an 18% increase. These statistics beg the question, why are Baby Boomers, and those in the Boomers’ parents’ age range, refinancing their mortgages or taking out new mortgages? Although not disclosed in the TransUnion Canada report, presumably a lot of the retirees are taking out reverse mortgages, as they too can’t qualify for a traditional mortgage on their retirement income.

Mortgages for seniors Canada: Seniors use of funds

The TransUnion report does not delve into the uses seniors are putting the new mortgage funds to. However, if I was to speculate, I would think that the funds were being used for:

Baby Boomers –

  1. Seniors debt consolidation
  2. Helping children pay for education.
  3. Giving or loaning their children sufficient funds for the house down payment so they could now qualify for a traditional home mortgage under the new stress test rules.

The 73-93-year-old age group –

  1. Helping children with paying off debts – Baby Boomer’s debt consolidation loans.
  2. .Their own debt consolidation.
  3. Gifts or loans to grandchildren – sufficient funds for the house down payment so they could now qualify for a traditional home mortgage under the new stress test rules.

Real estate loans for baby boomers Canada: Why I believe parents and grandparents are helping children buy their home

The TransUnion Canada report says that the greatest decreases in home mortgage applications were amongst the more youthful generations. There was a year-over-year decrease of greater than 22% amongst Gen Z as well as 19% amongst Millennials.

No doubt some of the decreases is a result of the younger generations’ changing lifestyle habits where homeownership may not be as important as it was to the generations before them. However, I would expect that Millennials as a group would by this point want home ownership, where Gen Z may not see it right now as being important.

Main mortgage changes by location

The biggest downturn in mortgage originations remained in Toronto, with a decrease of 17.6% in Q1 2018 from the previous year. Vancouver stayed reasonably level with an increase of only 0.8% over the previous year. The biggest increase in the home mortgage business was in Ottawa, with a boost of 8.4% over the previous year. Montreal had a 5.2% boost over the previous year.

Mortgages for seniors Canada: Risk distribution

Mortgage originations in the super prime risk tier increased 4.4% year over year in Q1 2018. All other risk tiers combined registered an 8% decrease in originations. TransUnion Canada reported that the decrease has been most significant in the below-prime risk buckets.

It is interesting that the higher risk subprime market mortgages have increased. No doubt private lenders, including the shadow lenders, dominate this market as the borrowers could not qualify for a home mortgage loan from a traditional bank or mortgage lender.

The decrease of new mortgages in the lower risk categories tells me that the new stress test qualifying rules combined with successive increases in mortgage rates have contributed negatively to those who perhaps as recently as last year could have qualified for a traditional mortgage. However, now they can’t be based on affordability.

Do you, your children or your grandchildren have too much debt?

Are your children or grandchildren coming to you for financial help for debt consolidation? Is going into debt the best option for you? Can you afford to carry your new debt in retirement? Is giving away your home equity through a reverse mortgage the right move? Will you need the money you are about to give away for your healthcare?

If debt consolidation is the reason why your children or grandchildren need your financial help, look at other options first. They need the help of a professional trustee. Call the Ira Smith Team. We will listen to your issues and provide you with our thoughts and recommendations for free. That’s right; a free initial consultation. So why not?

We will advise them whether or not we think they are a candidate for either a debt consolidation consumer proposal or bankruptcy. If we feel they can solve their financial problems without an insolvency process, we will tell them straight. Make sure that the money you give for debt consolidation will fix all of their problems. It is possible that with our help, you’ll need to provide just a fraction of what they are asking for.

The Ira Smith Team understands the stress they and you are under and the pain it is causing you and your loved ones. We can eliminate their pain. I guarantee that they and you will start feeling better right away after our free initial consultation. Taking action after that will put you on the right path, Starting Over Starting Now.what does a court appointed receiver do18

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CONSUMER PROPOSAL OR BANKRUPTCY: LIST OF MY CREDITORS FOR CONSUMER PROPOSAL

Consumer proposal or bankruptcy: Introduction

We always perform an initial free consultation with people thinking about filing either a consumer proposal or bankruptcy. People ask me, what if I can’t create a list of all my creditors?

Consumer proposal or bankruptcy: A refresher

If you are a regular reader of my Brandon’s Blog, then you know the difference between a consumer proposal vs bankruptcy. For those of you who need a brief refresher, both the consumer proposal and bankruptcy are different processes under the Bankruptcy and Insolvency Act (Canada) (BIA). To file either one, the person must be insolvent. That means that they cannot meet their liabilities as they become due and if they liquidated all their assets, it would not produce enough cash to pay of all the debts.

Consumer proposal – This is a restructuring process to avoid bankruptcy for any person who owes $250,000 or less, not including any mortgage or line of credit debts secured by a mortgage registered against their home. The purpose of a consumer proposal is to AVOID bankruptcy.

Division I proposal – This is a restructuring process for people who owe too much money to fit under the consumer proposal rules. A company can also reorganize under this section of the BIA.

Bankruptcy – If a person cannot successfully carry out a restructuring proposal but requires relief from their crushing debts, then they would file for bankruptcy. In this process, subject to certain provincial exemptions, you would hand over your assets to the licensed insolvency trustee (Trustee). The Trustee would then sell the assets for cash, call for your creditors to file a proof of claim with the Trustee and then distribute the money according to the rules of the BIA.

Consumer proposal or bankruptcy: A common question

Regardless of whether the person is thinking about a consumer proposal, Division I proposal or bankruptcy, a common question is: (i) what if I don’t know who all my creditors are; or (ii) what if I leave off some creditors from my sworn statement of affairs; or (iii) do I have to list all of my creditors?

Some of our clients come to us, tell us that they don’t even know who their creditors are. Sometimes it’s been such a long time that they don’t even receive the bills or notices anymore and their memories aren’t good enough. So here is an easy hack so that you can put together a list of most, if not all, of your creditors.

Consumer proposal or bankruptcy: The easy hack

We will add CRA to your statement of affairs. If you don’t know how much you owe them, we will put them in showing either “$1” or “Unknown” as a placeholder

Every person must file an income tax return. Most people know whether they are current or not in their tax filings. So Canada Revenue Agency (CRA) should always be listed.

CRA cannot file an accurate proof of claim if you have not been current in your income tax filings. So we tell everyone to file all outstanding tax returns and provide us with a copy before filing either a consumer proposal or bankruptcy.

Pull your credit report

You may obtain your credit report from either Equifax or TransUnion. Your credit report will list all those who you owe money to and who wanted to update their files with your new credit score. We will add those creditors to your statement of affairs also.

Check your mail and save the bills

No doubt your creditors will keep mailing your statements. Even if all it says is balance forward unpaid, or is from a collection agency or lawyer, it will list their address, their name and the amount they say you owe. We will put that information on your statement of affairs.

Your lawyer can easily do an execution search. This search will show who holds a judgement against you and some basic details. We will add those details to your statement of affairs.

Consumer proposal or bankruptcy: The test is due diligence, not perfection

The test is, did you use your best efforts to identify all of your creditors on your sworn statement of affairs. It is very rare that any of our clients know exactly how much they owe. It is normal for the amounts according to the sworn statement of affairs to be different from the proofs of claim filed. That is OK.

Sophisticated large creditors pay the Superintendent of Bankruptcy to get a download of insolvency filings on a regular basis. They match the names of those who have filed against their client database. If a client shows up that they did not have listed as having filed, they contact the Trustee. Once they contact us, we send them a creditor’s package. They will then be able to further check their records and if owed money, can file a proof of claim.

We had a client who said they mistakenly left off a few creditors in their proposal filing. Those creditors found out. All those creditors had judgements against the person who filed the restructuring proposal. These creditors were very mad at being left off the list, although they did not suffer any damages.

It made it much tougher for the person and us to get a deal struck with all the creditors. At the end of the day, a deal was struck and the person is currently performing and is currently making their payments under the restructuring proposal. The anger of these creditors rubbed off on creditors who would have otherwise been happy with a lesser proposal. So in the end, leaving these creditors off the initial sworn statement of affairs just cost them more money!

Consumer proposal or bankruptcy: Corporate filings

In terms of a corporation filing either a restructuring proposal or bankruptcy, we normally don’t incur the same issues. A company will have an accounting department and/or an accounting system. They will be able to produce a list of creditors. The amounts shown may not be current, but the list of names and addresses will be reasonably accurate.

However, the easy hack I described above also works for a company.

Consumer proposal or bankruptcy: More free stuff

I hope that you have found my free easy hack useful to answer the question of how to create a list of all my creditors. You can use it if you wish to do proper budgeting, which everyone should do. You don’t have to wait until you are insolvent!! With proper budgeting, you can avoid insolvency and therefore bankruptcy.

If you have too much debt and need someone to talk to about consumer proposal vs bankruptcy, call the Ira Smith Team. We will listen to your issues and provide you with our thoughts and recommendations for free. That’s right; a free initial consultation. So why not? All you have to lose is your stress. We will advise you whether or not we think you are a candidate for either a consumer proposal or bankruptcy. If we feel you can solve your financial problems without an insolvency process, we will tell you straight.

The Ira Smith Team understands the stress you are under and the pain it is causing you and your loved ones. We can eliminate your pain. I guarantee that you will start feeling better right away after our free initial consultation. Taking action after that will put you on the right path, Starting Over Starting Now.

consumer proposal or bankruptcy

 

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TORONTO CONDO MARKET REPORT: SUBPRIME LENDERS DODGING CANADA’S MORTGAGE RULES?

toronto condo marketToronto condo market report: Introduction

The subprime lending industry is alive and well in Canada; that is the subject of this Toronto condo market report. In fact, subprime lenders hold almost 8% of Canadian mortgages, which is a hefty 37.8% increase compared to the same quarter last year. And, this is the sixth consecutive quarter we saw the subprime lending industry grow. It’s now at its highest level in 10 years. Although many pundits blame the spike in prime lending to the new mortgage stress tests, it’s clear that this trend began years before stress testing was introduced.

Toronto condo market report: What are subprime loans and how do you get one?

  • Any loans that are for borrowers that do not have a good credit score
  • They’re done through private lenders, typically accessed through a mortgage broker
  • Private lenders are not federally regulated like the banking industry
  • Private lenders charge steep prices

Toronto condo market report: Why do people take subprime loans?

You may be asking why anyone would take a subprime loan and pay considerably more money than they would at a bank.

  • Transunion estimates that 11.9% of the 28.4 million Canadian consumers with credit profiles are subprime which means that they wouldn’t qualify for a mortgage from the bank
  • A borrower with excellent credit might resort to a subprime loan because the bank won’t lend them as much money as they need
  • Even a person with bad credit or no credit, there is a private lender willing to give a subprime loan

Toronto condo market report: How is subprime lending affecting Toronto’s condo market?

For some reason known only to the government, they don’t track subprime lending. CIBC Economics show that over:

  • 1 in 10 Toronto condos registered in 2017 was attached to astronomically high mortgage rates
  • 17.4% of owner-occupied condos registered in 2017 had a mortgage rate above 9%
  • 16.2% of condo investors with units that registered last year were paying more than 9%

Toronto condo market report: What’s going to happen if the market starts to soften?

The problem with paying astronomically high-interest rates is what’s going to happen if the market starts to soften? How will these condo owners with subprime loans get their money out, let alone make a profit?

The mortgage stress tests are in place for a very good reason. To ensure that Canadians don’t buy houses or condos that they can’t afford. Trying to avoid the system by going to private lenders and paying high-interest rates can put you in a financial danger zone.

Toronto condo market report: Are you in a financial bind?

If you’re in a financial bind because you’re living in a property that you can’t afford, or for any reason, you need professional help now. With a cumulative 50+ years of experience, the Ira Smith Team has helped people just like you who are facing a financial crisis. Give us a call today. We can help you overcome your financial difficulties Starting Over, Starting Now.

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BANKRUPTCY FILINGS FREE PUBLIC RECORDS: WILL FREE SEARCHES TURN YOU INTO A PERSONAL BANKRUPTCY RECORDS SLEUTH FOR THE TRUTH

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After writing and recording this blog, the Office of the Superintendent of Bankruptcy issued a position paper on measures to limit public disclosure of personal information while meeting legislative requirements to establish a public record. So watch next week for our video and blog titled “ONLINE BANKRUPTCY SEARCH: THIS CANADIAN INSOLVENCY RECORDS SEARCH RENEWAL (IRS) WON’T CHASE YOU FOR MONEY!” where we will describe what they have advised to date.

Bankruptcy filings free public records: Introduction

Ottawa’s planning to drop the $8 online search cost for personal bankruptcy records. The change to bankruptcy filings free public records may make it harder for some people. Especially those with earlier economic problems to get a job or a home.

Bankruptcy filings free public records: No cost personal bankruptcy records search

The Office of the Superintendent of Bankruptcy Canada is updating its online bankruptcy document search that allows users to get access to public documents on bankruptcy estates. Their database allows users to search online for bankruptcies as well as receiverships. The have not explained yet why they are considering dropping the search cost so that the information becomes bankruptcy filings free public records.

Bankruptcy filings free public records: Why does a licensed insolvency trustee need to search for bankruptcy filings

A licensed insolvency trustee (LIT) maintains an account with the Superintendent of Bankruptcy. A LIT is allowed to do a bankruptcy search through its account for free. The bankruptcy system requires a LIT, prior to accepting either a personal bankruptcy or consumer proposal file, to do such a search.

The reason is that a LIT is required to find if the person considering filing has ever used the Canadian insolvency system before. If they have, what were the circumstances and what was the outcome?

This is important because one aim of the Canadian insolvency system is rehabilitating the honest but unfortunate debtor. For the person who is currently in financial trouble, the LIT must understand past problems, if any. The LIT must also find if the current problems are a result of the same behaviour and reasons as in the past or something different.

The LIT then has a duty to take all these factors into consideration when advising the person what their options are and the recommendations the LIT will make.


Bankruptcy filings free public records: Who else normally searches bankruptcy filings public records?

Right now, for $8 per search, employers, property owners, marketers or just meddlesome neighbors can conveniently access minimal information about an applicant’s, occupant’s or neighbour’s bankruptcy data. This will allow them to make assumptions about that person’s financial problems, credit worthiness or even trustworthiness.

The problem in doing so is that it is without proper context. If the federal government eliminates the $8 search fee, personal bankruptcy records can be searched for free.

Bankruptcy filings free public records: Reasons for personal bankruptcy

There can be many reasons why a person filed either a consumer proposal or for bankruptcy; divorce, illness, accident or plain overspending are just a few of the possibilities.

Bankruptcy filings free public records: What will personal bankruptcy case records search show us?

A search only tells the:

  • date when the specific person filed for bankruptcy or the consumer proposal;
  • overall worth of their assets and obligations;
  • name of the LIT;
  • whether they successfully completed their consumer proposal or obtained their absolute discharge from bankruptcy; and
  • discharge date of the LIT.
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Bankruptcy filings free public records: Will this change to find personal bankruptcy records mean anything really?

The $8 cost likely limits random searches. A potential employer or landlord will not be deterred by this cost, but a nosy neighbour will be. This charge therefore provides some small security to personal information.

I believe the federal government earns about $4 million a year in bankruptcy search fees. That $4 million annually is a rounding error in terms of the size of the federal government’s budget.

However, in times where our Prime Minister Trudeau and our Finance Minister Morneau are looking to increase revenue, why give away $4 million? The government could use some of that money to give financial education to Canadians.

For the reasons I stated above, I doubt dropping the $8 search fee will increase the number of searches. You still have to know how to do the search. Nosy neighbours probably won’t spend the time to learn.

Equifax and TransUnion pay the Superintendent of Bankruptcy to get access to the bankruptcy search records. Therefore, the bankruptcy or consumer proposal information is available, if granted authorization, by obtaining a person’s credit report.

The Superintendent of Bankruptcy stated it will certainly protect the documents from trolling marketers. Exactly how they will do this has not been described. They also have not yet made public the date the searches will start to be free.

If you have actually been declined for a loan through a normal lender, then that is a signal that you have debt concerns that have to be handled.
Contact Ira Smith Trustee & Receiver Inc. today. We are professional trustees. As such, the Canadian government licenses and supervises us. First, we will assess your situation and help you to come to the very best possible solution for your troubles.

When you come to us for your free consultation, we first check and figure out with you if one of the bankruptcy alternative choices is best for you. These include credit counselling, debt consolidation or a consumer proposal. If none of those options are available to you, only then will we discuss the bankruptcy route. Starting Over, Starting Now we can help recover you to financial health.

After writing and recording this blog, the Office of the Superintendent of Bankruptcy issued a position paper on measures to limit public disclosure of personal information while meeting legislative requirements to establish a public record. So watch next week for our video and blog titled “ONLINE BANKRUPTCY SEARCH: THIS CANADIAN INSOLVENCY RECORDS SEARCH RENEWAL (IRS) WON’T CHASE YOU FOR MONEY!” where we will describe what they have advised to date.

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#VIDEO – AVERAGE CANADIAN DEBT: THE EASIEST WAY TO REDUCE YOURS AND MAKE YOU ONE OF THE SMARTEST CANADIANS#

Average Canadian Debt: Introduction

The average Canadian debt will never be repaid if you only make the minimum monthly payments. Making simply the minimal payment on your charge cards and car loans is leading a lot more borrowers right into trouble, says a brand-new study.

Average Canadian Debt: February 2017 released TransUnion study

Chicago-based TransUnion checked 1,010 customers in Canada. They discovered 88 percent of bank card owners in Canada commonly make a higher payment compared to their minimum due on their rotating financial debts every month. Regardless, 39 percent of those charge card owners doubt of the advantages of repaying greater than the minimal payment noted on their credit card statement!

“Making more than the minimum payment makes them a more attractive customer to their financial institution,” stated Todd Skinner, president of TransUnion Canada.

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Average Canadian Debt: The new Total Payment Ratio (TPR) statistic

TransUnion is currently utilizing exactly what it calls a trended information report over 24 months, as opposed to a month-to-month picture. They find this offers a clearer representation of the state of a person’s financial resources. It remedies a stat that could be manipulated if, for instance, your credit report was pulled in January after your financial debts increased through the holiday period.

The credit rating company has actually likewise developed exactly what it calls a TPR statistic. It decides the connection between the repayment measure as well as the defaults throughout the many debts. The TPR calculation separates a customer’s complete month-to-month credit repayments by the complete minimum due on every one of the customer’s credit items. The greater the TPR the much less likely a customer falls back on repayments.

Average Canadian Debt: How to calculate a TPR

A person making $400 in repayments on 3 cards when the accumulated minimum due was $200 would have a TPR of 2.0. A person with $1,200 in repayments with an accumulated minimum due of $200 would have a TPR of 6.0.

In its research, TransUnion discovered among Canadians with a TPR of less than 5 on their charge card there was a 1.77 high threat of vehicle finance default. This is specified as not paying back for 90 days or even more. When the TPR rose to greater than 15.0, the high threat of default went down to 1.4 percent.

Average Canadian Debt: What a TPR score tells us about you

“This may sound intuitive — consumers who are able to pay more usually have more liquidity and are less likely to miss payments. But it is assigning a number to this intuition that is important,” stated Ezra Becker, vice-president as well as head of TransUnion’s worldwide research. The research study validated that as TPR boosted, delinquencies decreased for charge card and vehicle funding.

Average Canadian Debt: You will never get out of debt only making the minimum monthly payment

Making the minimal repayment on a credit card leaves you little possibility of in fact ever getting out of financial debt. I understand that many times, people have actually been making minimal repayments on credit cards, by obtaining money from one card to pay a different one.

Credit card statements in Canada currently consist of a line that shows for how long it will take to repay your bank card expense in months. It assumes that you are making just the minimal repayment each month as well as not increasing the amount owing. There are no regulations as to exactly how they place it on the statement. It’s typically in the small print that many people overlook.

Average Canadian Debt: What should you do if you have too much debt

Get in touch with a licensed insolvency trustee. We’re government licensed and supervised. Our costs are government controlled and we’re subject to a stringent code of principles. We must also take necessary professional development courses yearly.

A qualified licensed insolvency trustee (bankruptcy trustee) MUST initially check every one of your alternatives with you in order for you to prevent bankruptcy. The trustee must as well find the very best bankruptcy choice option for you. Lots of times the trustee could effectively carry out a financial debt restructuring for you as an option to avoid bankruptcy.

Get in touch with Ira Smith Trustee & Receiver Inc. Allow us aid your recovery to financial health and wellness. Let us give you back tranquility of mind, body and soul, Starting Over, Starting Now. Call us today.

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# VIDEO – CREDIT KARMA CANADA REVIEW: IS IT REALLY FREE AND LEGITIMATE? #

Credit Karma Canada review: Introduction

Credit Karma Canada has arrived recently from the United States. Its website is creditkarma.ca. Right now they run in most provinces but not yet in Quebec, Nunavut, the Yukon or the Northwest Territories; but they are working on it. The purpose of this blog is to provide our Credit Karma Canada review, tell you what it is and to let you decide if it will be helpful or not for you or someone you know.

Since 2007, Credit Karma USA (CKUSA) has attempted to simplify credit and finance for more than 60 million CKUSA members. They advertise very heavily on US television to attract new members. Becoming a member is free, and it allows any member to get access to their free credit score and credit report, with the option to update every single week. CKUSA also provides financial education to put credit into context.

It’s mission statement is:

“Everyone deserves to feel confident about their finances. Our job is to give you the tools, the education and the opportunities you need to make real, meaningful progress.”

Credit Karma Canada review: Is it really free? Is it legitimate?

So far so good. Like a lot of things advertised as being free, you may wonder to yourself is it really free? Is it legitimate?

The answer is yes; accessing your credit score, your credit report and the financial and educational aspects are free. However, it is a money-making operation. They make money in at least two ways:

  1. They have ads to make money. So if you don’t like ads, just ignore them; and
  1. They do promote various credit card, mortgage and loan programs which they hope members will purchase when needed. When someone takes an offer through CKUSA, it makes money from one of its partners (like the bank that issues a credit card or the lender who funds a loan). Presumably, Credit Karma Canada (CKC) will be following that model by establishing such partnerships.

Credit Karma Canada review: So how does it work?

So this is how it works. When you first open your account and set up your unique password, it’s going to ask you different questions to confirm your identity, including your date of birth and social insurance number. They are trying to become the best-known credit bureau of Canada.

It might include things like where did you get your last car, what kind of car do you have, what addresses have you lived at in the last five years, what address do you currently live at. All of the questions offer you multiple choices to choose from. Once you finish that process your account is open. This allows you to log in either from the app or from their website.

In order to ask you the setup questions, and to then be able to give you your free credit score and report, CKC obtains information from one of our two credit reporting agencies, TransUnion. In the United States, Credit Karma uses both Equifax and TransUnion.

CKC also searches certain public record databases to look for other information such as:

  1. Bankruptcy: A legal filing by people or businesses seeking certain types of relief from all or some their debt.
  2. Civil Judgment: A non-criminal ruling in a court of law, often requiring the person or business to pay damages.
  3. Registered Items: Other items included in public records, like a lien against your car or a mortgage or loan registered against your house.

Credit Karma Canada review: Does using it lower my credit score?

You can watch your score through CKC anytime you want. Unlike a potential or real lender performing a check on you, the more times you go into the CKC database it does not affect your score. The TransUnion and Equifax credit score algorithm reduces your score every time someone does a check on you.

The theory is that each credit check is either related to your having applied for new loan(s), or an existing lender feels the need to check up on you. The algorithm interprets this as your need for more borrowing. If the checks are too often or too close together, their algorithm assumes you are experiencing some financial problems requiring more loans. The CKC algorithm prevents this from happening, which is a good thing.

However, remember that the CKC algorithm is different from the one used by TransUnion and Equifax; this is an important distinction which I will explain shortly.

Credit Karma Canada review: Things I like about it

A feature that I do like is that the CKC report will help you understand what factors are impacting your score, thereby telling you what you need to work on to improve your score. This is especially for young people who are just learning about borrowing and personal finance for the very first time. CKC gives advice for how to help improve your score and things not to do.

So it is handy to find out about:

  1. payment history;
  2. credit use;
  3. derogatory remarks on your financial history;
  4. total account and inquiries;
  5. your full report; and
  6. credit advice.

CKC gives you an easy way to see how you’re doing financially, how much money you have tied up between charge cards and auto and other loans. It also gives you tips on how to improve your score, all for free.

It is an easy and efficient way of checking up on yourself that TransUnion, Equifax or any of our Canadian financial institutions have never done. So, in my view, CKC is providing a real service and benefit.

Credit Karma Canada review: Things I do not like about it

So are there any downsides? Since CKC is not yet advertising who its financial product partners are, I have to look at the US operation. So, my comments come from a review of only CKUSA.

I’m not convinced that I would personally recommend any of the financial partners. Here are the reasons why:

  1. The financial partners have to pay a fee to CKUSA, and that fee has to be reflected in the cost of the financial product itself, making it higher.
  2. It is safe to assume that CKUSA members are working on improving their scores. The financial partners may be pricing their products for those people who have not achieved enough of a score to go and negotiate the rate they will be paying with any Bank. Again, this means the cost of any specific financial product through CKUSA could be higher than otherwise available to people with a better score.
  3. So if you do have a good score, you can probably get a better deal by going to the Bank you normally deal with.
  4. Once CKC establishes its Canadian financial partners, we will have to see if it follows this higher priced US model.
  5. The most common complaint in the US is that the score through CKUSA is different from the score calculated by either Equifax or TransUnion.

Recall that I gave an example of how the CKUSA algorithm was different from the one used by the credit reporting agencies? Well, it is further differences in the algorithms that causes this disparity. I am not talking about a small disparity either. Complaints show that the difference could be as much as 100 points!

CKC states that it shows the same credit rating and report that TransUnion shows. Again, time will tell if the Canadian experience is the same or different from in the United States.

My final point is not a criticism, but merely a fact. CKC describes their system as being safe, they respect your privacy and do not share your information with any third-party.

However, when you give personal information on a website, and especially financial information including your social insurance number, this always provides an opportunity for hackers and phisher scam artists to attempt to either hack the system or use phishing emails and websites to attempt to steal your identity.

Credit Karma Canada review: Only you are in control of your credit and debts

I hope that you realize from this blog that understanding your credit score and credit report and obtaining more financial education are all positive things and are necessary to be able to have a good financial life. However, sometimes life gets in the way and good people experience debt problems.

Only you can be the one to deal with your debt to get on top of it and gain back your life. If you don’t know how to go about reducing your debt, start by contacting Ira Smith Trustee & Receiver Inc. There are many ways to deal with debt. As experts we can help you make the best choice and set you on a path to debt free living Starting Over, Starting Now. Make an appointment for a free, no obligation today.

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How Much Interest Am I Paying Every Month? Read The Bizarre Truth Here!

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How Much Interest Am I Paying Every Month?: Introduction

From my experience, how much interest am I paying every month is a question that nobody asks themselves. We’ve become a society based on credit. We have multiple credit cards, lines of credit, mortgages, car loans, student loans…

If I asked you how much interest you were paying each month I’d be willing to bet that not a single person could give me a correct answer. A monthly statement arrives either in the mail or electronically or an automatic payment comes out of your bank account or billed to your credit card. If you’re like most people the two things you see on a statement are the amount owing and the due date.

How Much Interest Am I Paying Every Month?: Start With Credit Cards

I think you’d be totally shocked at the amount of interest you’re paying each month, especially on high interest debt like credit cards. According to Capital Direct if you carry a balance of $8,000 on your credit card:

  • Your statement will show a minimum payment of $240. That may not seem like a big deal but did you know that if you pay the monthly minimum each month at an interest rate of 18.9%, it will take you 4 years to pay off the debt?
  • During this period you will pay $3,461 in interest charges.
  • The $8,000 debt will end up costing you $11,461.

How Much Interest Am I Paying Every Month?: How You Can Find Out

If you look at your credit card statement there will be a section that looks like this:

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This is the area of your credit card statement that everyone ignores. By focusing on this area, it will allow you to calculate the amount and answer the question “how much interest do I pay every month”

How Much Interest Am I Paying Every Month?: The Bizarre Truth

According to TransUnion:

  • Credit card delinquency rates jumped 14% year-over-year from 1.81% in the first quarter of 2015 to 2.06% in the first quarter of 2016.
  • Subprime borrowing is up. Subprime borrowers pay a higher interest rate because they have a poor credit history.
  • The average monthly balance for subprime credit card borrowers rose 5.7% to $6,601 in the first quarter.

How Much Interest Am I Paying Every Month?: What to do if you have too much high interest debt

Don’t get trapped in the cycle of high interest debt. The Ira Smith Team is here to help. With immediate action and a solid financial plan you can get escape the high interest debt cycle Starting Over, Starting Now. Give us a call today. You’ll be happy you did.

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DIFFERENCE BETWEEN CREDIT REPORT AND CREDIT SCORE: KNOW YOUR CREDIT REPORT SCORE CARD?

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Difference between credit report and credit score: Introduction

Many people we see don’t realize the difference between credit report and credit score and they often confuse a credit report with a credit score. So, let’s get back to basics. We’ll clarify credit reports for you and explain why you should check your credit report and how often.

Difference between credit report and credit score: What is a credit report?

A credit report is a detailed record of your credit history – when you opened your account(s), how much you owe, if you make your payments on time, miss payments, go over your credit limit, etc. In Canada there are two major credit reporting agencies – Equifax Canada and TransUnion Canada. They collect information about how you use credit (lenders send them the information) and they create credit reports based on that information. Personal information that’s available in public records, such as a bankruptcy, is also included in your credit report.

Difference between credit report and credit score: What is a credit score?

A credit score is not the same as a credit report. A credit score is a three-digit number produced by a mathematical formula using the information in your credit report. You get points for using credit responsibly. You lose points if you’re having problems managing credit. In Canada, credit scores range from 300 to 900 points (900 is the best score).

Difference between credit report and credit score:: Why is your credit report so important?

As a society we are increasingly dependent on credit. Every time you apply for a credit card, a utility, mortgage, an apartment rental and often even a job, your credit history is checked. These lenders use your credit report and score to decide how risky it would be for them to lend you money or extend you credit. Your credit report and score may also be used to set your interest rate and credit limit. If you have a poor credit history it’s unlikely that you will be approved for credit cards, mortgages and other loans. And if you do get approved you will more than likely have to pay a higher interest rate than someone with a good credit history.

Difference between credit report and credit score: How often should you check your credit report?

According to the Financial Consumer Agency of Canada, you should check your credit report at least once a year. They also recommend that you order your credit report from both credit reporting agencies – Equifax Canada and TransUnion Canada and that you consider requesting your report from one agency and then waiting six months before you order from the other agency to detect any problems sooner. Mistakes on credit reports do happen so review them carefully and pay special attention to any signs of identity theft – accounts that you didn’t open, credit cards that you didn’t apply for, etc. Be aware that the credit reporting agencies charge a fee to order your credit score.

Difference between credit report and credit score:: How can I order my credit report or score for free?

You can get a free credit report. Equifax Canada offers what they call a “credit disclosure file” and TransUnion offers a “consumer disclosure”. However, these credit reports do NOT include your credit score. To get these free credit reports you must order them by mail, fax or phone and receive them by mail, fax or phone. If you prefer to get access to them online, you will have to pay a fee.

You may have seen commercials offering free credit scores. Beware! There’s no such thing. These companies are either fraudsters out to get your personal financial information or you’ll have to sign up for a paid service to get the free credit score.

Difference between credit report and credit score: Are you having trouble managing credit?

If so, contact Ira Smith Trustee & Receiver Inc. as quickly as possible. With immediate action and a solid financial plan for moving forward we can help you deal with debt and learn to manage it well in the future, Starting Over, Starting Now. We’re just a phone call away.

Call a Trustee Now!