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
At Hoyes Michalos we have both accredited credit counsellors and licensed insolvency trustees who can present you with a full range of debt relief solutions.
Contact UsCredit 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.
You folk out there who may be deep in DEBT and are looking for a company that can help you out out of it, look no further then Hoyes .Michalos. I spend over a year looking for Licensed Insolvency Trustees & Credit Counsellors who could offer me Consumer Proposal • Debt Consolidation • Bankruptcy Etc., and actually tried some of them briefly to see what they had to offer and what my options were, but no one stood out who believe I have other options other then Bankruptcy, which actually is your last resort. I especially want to personally thank Benny Mendlowitz Licensed Insolvency Trustee in North York office and his whole team who were very professional and confident in taking my case and finding me the right solution to solve my debt issue, where I 100% believed Bankruptcy was my only option considering the amount of debt I was carrying. Hoyes .Michalos have team of professionals who know have all the necessary tools to negotiate with not only your creditors but other like Canada revenue to protect your Asset and find you a fair deal. I cannot thank them for all they have done and build back my confidence to start fresh, and provide me with Financial consulting and necessary tools to manage my monthly expenses.
Thank you,
Randhawa
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I would highly recommend this company. Sandra Sykora, Document Processing Team and Proposal Department did very good professional job. Thanks guys and wish you all the best!
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I waited 2 years before finally reaching out to declare bankruptcy. Was far from the way I envisioned it would be. My Trustee Benny was polite, professional, and understanding. My guilt and shame at having to file bankruptcy was discussed calmly and anticipation of what I thought would happen was completely wrong.
The information I needed was given without prompting, and any questions I had were answered fully.
I chose Hoyes, Michalos as their website offered amazing info on the process, in particular for me as a self-employed small business owner.
I heartily recommend Hoyes,Michalos to anyone with debt issues, a surprising list of solutions are offered and info on pros and cons was readily and thoroughly discussed.
Thank you Benny Mendlowitz! You've given me my life back and look forward to working with you over coming months to resolve this process.
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Janette Martin from the North York office. She is one of a million. I did talk to lots of companies around the GTA only Janette keep in touch with me and she answered all my questions. She is very professional at her job and she fights for you 110%.
She keeps her words and she is very knowledgeable. Great company to work with but Janette is the superhero!!
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I was terrified to deal with my debt on my own, I had no idea where to begin. Sandra was there for me every step of the way, with immediate responses to my questions and helped clarify every detail! Knowing that I could contact her at any time with any question helped my anxiety and gave me faith in the process. Today I am proud to say I am fully debt free and it feels surreal. I found the counseling sessions to be extremely informative and will carry this knowledge with me forever. Thanks to everyone on the team !
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After years of having credit card debts and seeing no way out to get out of this nightmare, I took it upon myself to fix that issue once and for all by doing some online research about "debt reduction, debt consolidation, debt relief, etc" and the 2 key words that captured my attention was "Consumer Proposal".
After doing my due dilligence and looking at the best option for my situation, I decided to contact Hoyes, Michalos & Associates Inc and needless to say it was one of the best decisions of my life! I looked at the best firm to work with in the GTA and their name came up over and over again. Words can't describe the level of professionalism from the onboarding with the 1st phone consultation with Lorna to my 1st Zoom video meeting with the best Licensed Insolvency Trustee I can ask for in Jennifer Kwon (she's awesome!). Right from the 1st minute we talked, I knew I was in very good hands. She answered perfectly without any delays my long list of questions and I was reassured and given complete peace of mind. She gave me a clear short and long term plan and gave me incredible advice on many things. It felt like talking to a long term friend. That's how smooth and comfortable the service was.
I will be forever grateful to Jennifer Kwon and the entire team of Hoyes, Michalos & Associates Inc. They have literally changed my life as I sleep and feel better and the future looks bright. That firm is as good as advertised. If you need to contact the best trustee, do it now! Take my word for it, you won't regret it.
Thank You again to the entire team of Hoyes, Michalos & Associates Inc and Jennifer Kwon as you are changing and saving lives.
Best Regards,
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I would like to thank you MR. Benny for all the help you have provided me. You and your team did everything you said you would do and more, and because of you I am getting my life back on track. I could not have done this without you, and for that I and truly grateful.
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I can’t praise this team enough. What I thought would be a long stressful process was made unimaginably easier. A big thank you to Brett and everyone else who helped me transition smoothly out of debt!
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This place seriously gave me my life back. A massive weight has been lifted off of my shoulders since going through with my consumer proposal. Scott is really professional, helpful and easy to talk to!
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Credit Card Debt Solutions
Licensed Insolvency Trustees at HOYES, MICHALOS & ASSOCIATES INC. can help you explore and understand fully well your available debt-relief options to become debt free.
Hoyes, Michalos and Associates Inc. provides a free, no-obligation assessment to answer all questions to put you in a position to decide what relief option is best for your situation.
With all options exhausted, filing for bankruptcy should be considered with the assistance of a bankruptcy trustee. Hoyes, Michalos and Associates Inc. has highly trained debt professionals who are licensed by the Government of Canada to administer bankruptcy.
My journey from the heavily stressful period of heavy indebtedness to the fresh start period, after automatic discharge from bankruptcy.
During the fall of 2018, I contacted and made an appointment with HOYES, MICHALOS & ASSOCIATES INC. to discuss my credit card concerns.
Mr. Benny Mendlowitz, CPA, CA, CIRP, LIT, licensed insolvency trustee, met with me, and who is to become my bankruptcy administrator.
At the outset, his deeds, actions, and decorum gave me the first impression that he carries the reputation for providing the best service and client experience in their communities.
After I provided all the facts and documentation, Mr. Mendlowitz helped me in every step of the way. He administered and directed my monthly reporting and compliance requirements.
My client service experience includes Mr. Mendlowitz demonstration of his patience, attentiveness, outstanding knowledge of insolvency and bankruptcy matters, and the effective communication of this expertise that is understandable in all levels.
HOYES, MICHALOS & ASSOCIATES INC.’s optimistic warmth approach to client servicing, demonstration of integrity and professional work ethics, (observable in all support staff – receptionist, statements group, tax and other technical assistants) made me confident that I have truly found the professionals who had guided me and helped me found my credit card solutions.
After 21 months, I received my Certificate of Discharge from bankruptcy. I am now debt-free and starting fresh.
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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.
Stop worrying about your debt and harrassing creditor calls. Talk to our Toronto debt experts about the right solution for your situation today.
Find a SolutionTo reach us, call us at 1-866-747-0660 or contact any of the trustees in any one of our Greater Toronto Area locations.
Debt Relief Experts
