Unsecured Debt

By |2017-12-19T10:29:18-04:00December 19th, 2017|Uncategorised|

As you have probably gathered, all other types of debt are unsecured. The Bankruptcy & Insolvency Act complicates unsecured debt as it has allocated certain priorities to certain unsecured debt - employees when a company goes bankrupt. The Act stipulates that certain unsecured debt gets paid from available funds ahead of other unsecured debt. The [...]

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Debt – Secured or Collateral #2

By |2017-12-06T10:23:08-04:00December 6th, 2017|Uncategorised|

Once the lender has repossessed the asset the loan was against, many borrowers think that is the end of their relationship. That is not the case. The lender will sell the asset they repossessed and apply the sale proceeds, after deducting all costs of sale, against the total debt including all interest and penalties. The [...]

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Debt – Secured or Collateral

By |2017-11-27T11:14:15-04:00November 27th, 2017|Uncategorised|

Secured or collateral debt is basically the same type of debt. A lender has the legal right to take back whatever you financed if you default on the lending terms and conditions. If you don't pay the monthly bill on time, the lender can repossess whatever they have security or collateral against. This type of [...]

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Debt #4

By |2017-10-31T10:01:31-04:00October 31st, 2017|Uncategorised|

Necessary debt should be dictated by cash-flow. Define wants against needs and make sure the item in question is something you can afford on a monthly basis. If the purchase fits within your budget most lenders qualify this as a "good" debt. This type of debt is also called a secured or collateral debt.

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Debt #3

By |2017-10-16T15:27:11-04:00October 16th, 2017|Uncategorised|

Everyone has heard of "good" debt and "bad" debt. Despite what lenders try to sell you, there is no good debt. Good debt is usually viewed as a mortgage on a house, a car loan or lease - a debt created to obtain something you otherwise couldn't afford. I hope you noticed the "otherwise couldn't [...]

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Debt #2

By |2017-10-11T10:17:43-04:00October 11th, 2017|Uncategorised|

It occurred to me that most people are not too familiar with the concept of debt. They know they have some debt, they know they have borrowed from somewhere and that the debt has to be repaid. When it comes to different types of debt, things become a bit cloudy. I'd like to attempt to [...]

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Debt

By |2017-10-04T10:17:17-04:00October 4th, 2017|Uncategorised|

I recently had a meeting where the fellow I was helping stated that he had "about $700.00" in his bank account. I was really curious as I was staring at an ATM slip indicating his account was in overdraft for almost $50.00. On further questioning it turned out that he had a $750.00 overdraft on [...]

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Budget Despair – Options

By |2017-09-13T07:44:51-04:00January 7th, 2016|J Webb Blog|

Further to the last blog, if your debts prove unmanageable even with a comprehensive budget, you may need additional assistance. We can help. A Consumer Proposal may be the right tool to assist you in controlling and managing your burdensome debt. Many people confuse a Consumer Proposal with bankruptcy. While both debt options are regulated [...]

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Budgetting for Debt

By |2017-09-13T07:44:51-04:00January 7th, 2016|J Webb Blog|

We have focussed primarily on household budgets and household expenses. I had mentioned to build debt repayment into your budget to effectively maintain your financial household. Can a complete budget help in the context of debt? YES, it does! Build debt repayment into your target column. Most are aware that a minimum payment is to [...]

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Budget for Lifestyle

By |2017-09-13T07:44:51-04:00January 7th, 2016|J Webb Blog|

Everyone spends money differently and everyone has different priorities when it comes to their spending patterns. Let your budget harness and regulate these patterns. This brings us back to accruals. If you enjoy taking a vacation start planning for it now. Forecast anticipated costs for this vacation and build a monthly amount into your budget [...]

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