Debt Relief Experts
It can be hard to find the right debt relief solution that can help you get out of debt. The licensed insolvency trustees at Hoyes, Michalos & Associates are debt experts who can help you find the safest and best debt relief solution to deal with your debt problems and eliminate your debt.
Government Debt Relief Programs
Be Cautious With “Government Debt Relief” Advertising
We want to caution you about certain websites and agencies that advertise “Canada federal” or “government” debt relief programs. The only legitimate Canadian government-regulated debt relief program is a consumer proposal.
A consumer proposal is a formal, legal debt settlement program available under the Bankruptcy and Insolvency Act. It is a safe, reliable debt relief program that allows you to avoid bankruptcy. A proposal is not bankruptcy, but it does provide the same creditor protection as bankruptcy. A consumer proposal can only be filed through a licensed insolvency trustee.
Top 5 Debt Relief Options in Canada
Every person’s financial problems are unique, and as such, no one debt relief program is right for everyone. Thankfully there are number of different programs that are designed to help you get out of debt. Each program comes with it’s own pros and risks. We recommend talking with a Licensed Insolvency Trustee like Hoyes Michalos to explore which option is right for you.
- Debt Consolidation: A debt consolidation loan is one new loan issued to pay off multiple small loans. Combining smaller loans and bills into one easy to manage payment can help make debt repayment automatic and more affordable. Generally, debt consolidation loans offer a lower interest rate and payment can be spread out over a longer period of time. It can be a good credit card debt solution as long as it deals with all of your outstanding debts. The risk is that a debt consolidation option does not eliminate your debt, it just makes repayment more manageable. You will also need to apply and qualify in order to take advantage of this option.
- Credit Counselling: Credit counselling is when a non-profit credit counsellor summarizes your debts and prepares a multi-year repayment plan for you. A credit counsellor will offer a solution called a debt management plan or DMP which allows you to pay back your debts over a period of three to five years. Your credit counsellor presents this option to your creditors and, if accepted, you make one monthly payment to the credit counselling agency. A debt management program is not a form of debt cancellation or debt reduction. You will still have to pay off all of your debt, but sometimes the interest relief received is enough to allow you to solve your debt problems.
- Debt Settlement: A debt settlement solution is an informal arrangement made with your creditors to pay back a portion of your debt. However, this arrangement is not guaranteed and fees are required to complete the process. If you have a lump sum of money already available, you can try to negotiate a settlement with your creditors on your own however we do not recommend most debt settlement companies as a trusted debt solution. Many charge high fees to refer people to a licensed insolvency trustee to file a consumer proposal.
- Consumer Proposal: A consumer proposal is a legally binding settlement between you and your creditors to pay back a portion of your debts, over a period of up to five years. At the end of the proposal period your debts are forgiven (technically discharged) and you can begin to rebuild your credit score. A consumer proposal is often the safest and cheapest debt relief option when dealing with debt.
- Personal Bankruptcy: Bankruptcy is considered the last resort option when dealing with debt. In Canada, filing bankruptcy is a legal process regulated by the federal government. It offers the honest, but unfortunate debtor protection from creditors and a discharge of all debts at the end of the bankruptcy term.
Eliminate Your Debt
The best debt solution for you should solve all of your debt problems. Reducing interest through a debt consolidation loan is good, but not if it doesn’t ultimately eliminate your debt. Dealing with some credit card debt and outstanding bill payments is great, but not if you are left with large unpaid tax debts. And what if you have been unable to pay back your student loans even after years of trying?
We can help you eliminate:
- Credit card debt
- Tax debts including income tax debt, HST, and source deductions
- Student debt as long as you have been out of school for seven years
- Payday loans
- Car loan shortfalls
- Outstanding bill payments
You have a debt problem, or are going to have one, if:
- You spend more money than you have coming in;
- You use credit cards as a necessity, rather than a convenience;
- You borrow money to make it from one payday to the next;
- Creditors are threatening to garnish your wages, sue you or repossess your car, furniture or house;
- You pay only the interest or monthly minimums on your credit card debt or line of credit;
- You’re receiving phone calls from collection agents hired to collect payment of your debt;
- Utility companies cut off service because your bills have gone unpaid.
If you have experienced any of these situations, then it is time to seek debt help from our licensed and experienced professionals.
Better Debt Relief Services
Many Canadians turn to unlicensed debt consultants who charge high fees for minimal support—often just referring you to a Licensed Insolvency Trustee in the end. At Hoyes Michalos, we believe in providing direct, honest help from licensed professionals right from the start.
Why Choose Hoyes Michalos?
- ✅ 99% Proposal Acceptance Rate: A proven track record of success.
- ✅ Licensed & Trusted: Licensed by the federal government, so you know you’re in good hands.
- ✅ Individualized Plans: Customized debt solutions that fit your situation, not a one-size-fits-all approach.
- ✅ Free, No-Obligation Consultations: Talk to us about your debt relief options — with no pressure and no upfront fees.
Take the First Step
If you’re ready to break free from debt, contact us for a free, no-obligation consultation today. We’ll help you choose the right solution and guide you toward a fresh financial start.
Hoyes Michalos & Associates provides debt solutions and debt relief services in the following locations
Other service areas
We offer the convenience of phone and video-conferencing services in the following additional locations:
