Name: Hoyes, Michalos & Associates Inc.
Address: 800 King Street West, Suite 2A, Kitchener, Ontario, N2G 1E8
Telephone: 1-866-747-0660
Rating: 4.9

If you are struggling with debt, taking the step to seek debt counselling is the best action you can do for yourself. Debt does not go away on its own. Debt just makes managing your money that much harder, especially in a city like Toronto where the cost of living is high. You need a debt management plan that can get you out of debt.

You are in the right place if you experience any of these debt warning signs:

Collection calls and demands to pay from creditors
High credit card debt balances
Making only minimum payments
Regularly missing or making late payments
Using payday loans to make ends meet
Your wages are being garnished
A creditor or the CRA has frozen your bank account

If you can’t pay your debts in full, Hoyes Michalos has both trained credit counsellors and licensed insolvency trustees on staff to help you find the right debt relief solution. We have 9 locations across the Greater Toronto Area credit counselling services to help you find a way out of debt.

Get Debt Help – Toronto Locations. Find an office near you:

Toronto Credit Counselling Services

Good credit counselling starts with exploring all your debt management options.

At Hoyes, Michalos we start with a free debt assessment and a full review of your personal financial situation and budget. Many residents of Toronto struggle with high rents and large mortgage payments. If you want to keep your home and balance your budget you need a debt plan that meets those challenges.

We explain the pros and cons of all your financial options including:

Budgeting
Debt consolidation loan
Debt management plan
Consumer proposal

And while we can offer bankruptcy as a debt solution, that is seldom necessary. Less than 10% of the people we help need to file bankruptcy. We’ll only suggest that option if there is no other alternative.

Our goal is to help you develop a plan that is tailored to your personal financial situation and is something you can afford so you can complete the program and become debt free.

Why talk to a trustee about credit counselling?

There are many advantages to working with a Toronto Licensed Insolvency Trustee for credit counselling advice. You have the assurance of working with someone who is federally regulated to provide advice and services for those experiencing severe debt problems. LIT’s are the most highly qualified debt professionals you can see. Our goal is to help you make an informed choice to deal with your debt.

Not-for-profit credit counselling agencies can help you build a budget and create a repayment plan. This plan, however, requires that you repay 100% of your debts. Only a licensed insolvency trustee like Hoyes, Michalos can provide actual debt relief programs and full protection from creditor actions.

We are experienced in dealing with large and complex debt problems. We have the tools to help you eliminate:

credit card debts
bank loans and installment loans
outstanding bill payments
payday loans
tax debts
student debts

Credit counselling vs consumer proposal

As Licensed Insolvency Trustees, Hoyes Michalos can offer a program called a consumer proposal.

A consumer proposal is the only debt consolidation program that allows you to both consolidate all your unsecured debts and repay less than you owe.

Credit counselling requires you to pay back all of your debts plus a fee, usually an extra 10%. For those who cannot afford to repay their debts, a consumer proposal is the best debt consolidation program available.

Features	Credit Counselling	Consumer Proposal
Service provider	Credit Counsellor	Licensed Insolvency Trustee
Program	Debt Management Plan	Consumer Proposal
Repayment Amount	Must pay back 100%	Up to 70% reduction
Interest charges	Sometimes waived or reduced	0%
Extra Fees/Costs	10% + sign-up fee ($50-$100)	None
Creditor Protection	Voluntary participation Credit actions may continue No legal protection	Binding on all creditors Legal Protection from creditor actions Stops wage garnishments
Credit Report	Earlier of: six years from start 1 year after completion	Earlier of: six years from start 1 year after completion

You may have read in the chart above that the credit score impact is the same for both a consumer proposal and credit counselling. That is entirely true. The reason is both are considered a debt consolidation program or debt repayment plan by TransUnion and Equifax. The key benefit of a proposal is that your monthly payments are significantly less, allowing you to save money and recover that much sooner.

Financial Recovery and Education

If you file with us, you will be enrolled in our Fresh Start Recovery Program and receive two, free credit counselling sessions with a certified credit counsellor. If you want a free third session, we are happy to provide that as well. These sessions are there to help you identify the reasons that caused your financial difficulties.

During these sessions, we provide tips and recommendations on:

how to create a budget
key money management and savings tips
financial goal setting
how to borrow and use credit wisely
how to identify and change poor money habits
how to take steps to rebuild your credit

Get Credit & Debt Counselling from a Licensed Professional

If you are experiencing debt problems and are looking for debt relief, contact Hoyes Michalos to explore your options. We provide a full range of credit counselling services to ensure you make an informed decision on how best to deal with your debt.

With 9 locations across Ontario, an A+ rating on the Better Business Bureau and an excellent rating from our clients, we will work tirelessly to provide you with the best debt solution for you and your family.

V K.

1/20/2023

Empathy, understanding and guiding hand - Scott Terrio from Hoyes, Michalos & Associates provided all three when I was looking for solutions when faced with financial problems. Scott explained how the process worked, recommended options and answered all questions with great patience. Thank you Scott for all your help, responsiveness and patience! Highly recommend Scott!!
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Anie

8/08/2023

Scott and his colleagues operate so smooth..they get it done and easy for me.. always available, very helpful and very patient. They do care for their clients and I’m so grateful that I found them..
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Deserie P.

4/04/2023

Never in a million years had I thought I would have to declare bankruptcy.
Well I did, I was forced to, my husband became ill he ended up in the hospital, the whole time I kept believing he was going to make a recovery and we would walk out of that place, well he didn't. He passed away and left me in a horrible financial position. Most of it was due to my own fault.
I had to make the decision on how to fix it the best way I could.
I talked to a lot of people and we all came up to the same conclusion, I had to declare bankruptcy.
There was no way I could pay for all the bills with one income, we barely made them with 2 incomes. I searched and searched and decided to contact Hoyes, Michalos & Associates.
That was the best phone call I could have made, the employees there are so compassionate, understanding and have a wealth of knowledge (Brian, Courtney).
Even after signing and making the declaration of proceeding to follow through with Bankruptcy I received threatening calls from creditors. I called Hoyes, Michalos & Associates, told them what was happening and they took care of it, the calls stopped, the harassment stopped.
Would I recommend these people, you better believe it.
From the first day I walked in until the day I received my discharge it was the best decision I could have made.
Everybody has there own set of circumstances as to why it becomes necessary to go down that lane but if you have to then I definitely recommend Hoyes, Michalos & Associates, they helped me and gave me the peace of mind I needed in a time when I was dealing with the loss of my husband and took the burden of bankruptcy off of my shoulders.
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Luke C.

3/01/2021

I was in a devastating financial crisis I felt I was never going to get out of... I shopped around for other similar practices that offered consumer proposals, but then had a friend tip me off about Hoyes Michalos... not only did the save me more money than the other places-they delivered as promised and completely saved me! Thank you Scott, I am so grateful!!!! And yes- I’m a real person and I did 100% use this service- best decision ever!!!
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Lindsey C.

10/15/2020

I contacted Hoyes, Michalos & Associates with my tail between my legs. I was feeling very embarrassed about the financial situation I found myself in. I was put in touch with Sandra Sykora, who throughout the entire experience treated me with total respect and support, but also with a firm understanding of what I needed to do (and was firm with me, which I needed!) She helped me come to a decision about how to proceed, and I am very satisfied with the outcome. Sandra helped me understand the process very clearly, and educated me in the areas I needed more help. I would highly recommend her if you find yourself in a financially difficult position. Thank you so much!
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A G.

7/15/2020

Going to Hoyes, Michalos & Associates Inc. is the best choice that I have ever made. They were very courteous and helpful to my situation. They answered and addressed all my questions and concerns I had about my situation. I was recommended to have Hoyes, Michalos & Associates Inc. help me out and I am really glad I made the choice.
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Anthony K.

2/03/2024

Helpful, patient and informative. Jason has been a huge help through this tough time, i had no idea whats involved or the steps in which to take. Jason again was very patient and helful in explaining things to me that i didnt understand and made me feel comfortable to be open and honest. I truly feel like he has my back and is genuinely looking out for my best interest. Thank you for all your help and support, anyone out there looking for debt relief Hoyes is the place to go.
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Ross R.

7/11/2020

Jason and the team were great! Patient and helped me though the whole process. Should have done this much sooner. Thanks guys!!
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Dena F.

5/24/2022

Scott Terrio and all the staff at Hoyes, Michalos have been extremely knowledgeable and helpful during the financial process I've gone through. Scott has answered every question I've had and advised me what the best process and steps would be for my situation. Highly recommend.
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DezMoy D.

8/02/2020

I dealt with Jason and he was AWESOME! He answered all of my questions and was very clear on everything. He made me see that there IS a light at the end of the financial tunnel and IT IS possible to get out of debt! For the first time in a long time, I feel hopeful about my financial future. What a big weight off of my shoulders! Thanks Jason for all your help and guidance!
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When working with Hoyes Michalos you are guaranteed respect, confidentiality, and expert financial advice. At Hoyes Michalos we believe you should always talk with a professional. For over 20 years we’ve focused solely on helping individuals find debt relief.

To reach us, call us at 1-866-747-0660 or contact any of the trustees in any one of our Greater Toronto Area locations.

Credit Counselling Toronto: Get Debt Help & Debt Relief