A missed payment might have just slipped your mind once. Or do you have bigger bills and debts piling up along with a line of credit from the bank? Is your current financial situation hanging overhead day and night? As a result, does your bank account balance look lower than it should be – because the bank itself took the money out to pay for overdraft interest and minimum payments on your credit card? You might be asking yourself: how could this happen? Is this legal? That’s your money, after all!

 

Firstly, yes – it is. When opening an account with a bank, it being able to withdraw funds to pay towards any debts owed is part of the agreed upon terms and conditions. However, it can only use the money towards debts with the bank, such as a line of credit, or to debts owed to the Canada Revenue Agency. From every other company and agency, your money is still essentially safe, unless a court order is involved.

 

Secondly, what are your options when the institution you’ve trusted your money to is taking it for itself? Your first step should be to open an account at another bank and move your money there, so the bank cannot withdraw more of your funds. Then you should call a Licensed Insolvency Trustee to get the help you need to shed the debt you’re facing. When the bank can no longer access your money, it will move on to collection calls, and might even sell your file to a collections agency. The agency could then file a court order, and you will be right back where you started – with your money in jeopardy once more.

 

Goldhar & Associates Ltd., Licensed Insolvency Trustee is here to explain your options from free financial consultations with our team of talented professionals, to help with budgeting and potential Consumer Proposals or Bankruptcy assistance. Whether it’s a one-time mistake or a long-time burden, you don’t need to be weighed down by this financial albatross. You can still shed the debt for pennies on the dollar by calling Goldhar & Associates Ltd. We will be there every step of the way. Call today by calling 855-541-5114, or email pdrt@goldhar.ca, or visit our website: www.shedthedebt.ca.

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