WATCH NOW! Improve your "get out of debt" education!

Learn to avoid debt and earn from helping others get rid of their debt troubles.

Fayola Evans-Roberts, Deputy Supervisor of Insolvency

Office of the Supervisor of Insolvency shares with #DenniseWilliams and #NeilsonRose of #CaribbeanCreditRepairAssociation shares how you can get 12 months breathing room for your debt.

In this training, we offer 12 solutions to take on debt so that you can master your money and build the life you deserve.

Although there are 8 general steps for debt repayment, only bankruptcy is on the public record. If you seek to clear your credit report so that you can get that new car or necessary loan, then you need to know your options.  Right now, a client is going through the insolvency process to deal with a $8 million debt to several banks for a failed business. This can be a very stressful time. Generally, this process can take up 150 days to 270 days. Plus, you have to be willing to have all your financial transactions reviewed in the insolvency process. However, the key thing is that insolvency is PRIVATE. Insolvency is not the same as bankruptcy. Insolvency is a state of economic distress, whereas bankruptcy is a court order that decides how an insolvent debtor will deal with unpaid obligations. That usually involves selling assets to pay the creditors and erasing debts that can’t be paid. Bankruptcy can severely damage a debtor’s credit rating and ability to borrow for years. If you are financially overwhelmed and sure you can’t pay your debts, you should contact a non-profit debt counsellor or debt management company that can help you review your balance sheet. Even if you don’t have enough income to pay your debts, a debt manager can try to negotiate a settlement that will partially repay what you owe and avoid a bankruptcy filing.

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Re-negotiate your debt with the banks. Make your appointment today.