How much debt do you really

have?A step-by-step guide

www.hoyes.com

Table of ContentsWhy Debt Assessment Matters

Step 1: Make a list

Step 2: Collect information

Step 3: Make Contact

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Understanding the amount of debt you have is the first step towards improving your financial situation.

It may be a bit frightening to think about adding it all up. However, you will be providing yourself with a necessary, measureable starting point towards getting out of debt.

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Why Debt Assessment Matters

Make a list of all your creditors (everyone you made a payment to in the last year). Then go online, call, or mail your creditors to learn how much you currently owe them.

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Step 1: Make a List

To find out who you owe money to, start by pulling copies of your old statements from at least the last year. This includes loan statements, utility bills and bank statements.

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Step 2: Collect Information

Step 2: Collect Information

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If you are missing statements, the best way to get a clear picture of what you owe is to contact Canada’s major credit-reporting agencies to request a copy of your credit report.

Missing statements?

Step 2: Collect Information

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There are two ways to obtain a credit report from Equifax Canada and TransUnion Canada:

Missing statements?

You can apply for a copy by mail for free.

You can apply for a copy online for a fee.

or

Step 2: Collect Information

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Due to the fact that lending institutions may report at different times with different agencies, it’s best to request a report from both. You should also contact your lenders to confirm your current balance payable.

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Step 3: Make Contact

Once you’ve gathered all of your information and have a complete list of who you owe, you then have two options for next steps:

Contact your creditors to make payments.

Take this information and book a consultation with a debt advisor.

or

Option 1: Contact your creditors to make payments

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Step 3: Make Contact

It’s a good idea to keep a detailed spreadsheet that lists the following:

1. Who you are paying2. How much you are paying them each

month3. When you will pay them each month

Option 2: Arrange a consultation with a debt advisor

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Step 3: Make Contact

If at the end of this exercise, you find that your debt seems unsurmountable, you can schedule a consultation with a debt advisor – such as a trustee in bankruptcy.

Option 2: Arrange a consultation with a debt advisor

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Step 3: Make Contact

When you attend the initial consultation with your debt advisor, be sure to take your list of debts. Then, together you and your advisor can work out the best plan to help you get out of debt.

There is hope. You can be debt

free. Schedule Your FREE Debt Consultation

Or give us a call at 310-PLAN