MNP Debt

With interest rates still high, some households might be considering declaring Bankruptcy for the first, second, or even a third time. It isn’t anything to be ashamed of. Filing for Bankruptcy or entering a Consumer Proposal might be the solution you need to relieve financial stress and get a fresh start.

How Often Can You File For Bankruptcy (MNP 3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

A Consumer Proposal can be a good alternative to Bankruptcy for people struggling with debt. Consumer Proposals require some repayment but won’t impact your credit rating as much and will also allow you to keep more assets. But if your income decreases or increases — how will that affect your Consumer Proposal moving forward?

What happens if your income changes after filing for a Consumer Proposal? A Consumer Proposal can be a good alternative to Bankruptcy for people struggling with debt.

It’s easier than ever to spend more than we can afford. We pay for most purchases with a debit or credit card — or, increasingly, with the wave of a smartphone or swipe of a finger. At the same time, we’re also seeing a steep rise in the cost of goods, availability of things to buy, and pressure to keep up appearances in our social media dominant world. So, what does it mean to live within your means?

Are you living within your means? It’s easier than ever to spend more than we can afford. We pay for most purchases with a debit or credit card — or, increasingly, with the wave of a smartphone or swipe of a finger.

The cost of daily goods has been rising over the past few years, increasing the price of food, gas, clothing, and other essential items Canadians need. Now might be a good time to revisit your budget to ensure your monthly income covers your expenses.

How To Budget For Inflation (MNP 3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

If you’re like many Canadians, you’ve likely been hearing about high interest rates, household net worth, and the performance of financial markets. Maybe you’re even feeling the squeeze of prolonged high interest rates. But what do all these numbers mean? And how is it impacting your money management?

Behind the numbers: Understanding Canadian debt challenges If you’re like many Canadians, you’ve likely been hearing about high interest rates, household net worth, and the performance of financial markets.

The fourth season of the MNP 3 Minute Debt Break podcast has come and gone, and now it's time look back at a few of our favourite episodes.

Best of Season 4 - MNP 3 Minute Debt Break Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Let’s discuss what happens if you owe the CRA a lot of money and review the options available to help you regain control of your finances.

What happens if I owe the CRA a lot of money? Owing a large amount of money to the CRA can feel overwhelming. There are options available to help you achieve a fresh financial start.

There are benefits to paying off a Consumer Proposal early. But do they exceed the potential pitfalls? Let’s take a look.

Can I pay off my Consumer Proposal early? There are benefits to paying off your Consumer Proposal early. But do they exceed the potential pitfalls?

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores. Conducted quarterly by Ipsos on behalf of MNP Limited, the Consumer Debt Index tracks Canadians’ attitudes about their debt and ability to meet their monthly payment obligations.

April MNP Consumer Debt Index (3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Filing for Bankruptcy can feel overwhelming, especially given the persisting stigmas. Rarely does anyone share their financial troubles openly, much less when it involves Bankruptcy. It’s important to know that simply seeking out help for your finances won’t compromise your privacy.

Who will know about your Bankruptcy? It’s important to know that simply seeking out help for your finances won’t compromise your privacy.

Would you believe that being environmentally friendly can also save you money? Here are five eco-friendly ways to save money while reducing your carbon footprint.

5 ways to save money while saving the environment Earth Day is a time to reflect on our everyday choices and how they can impact the environment.

Managing personal finances in Canada's current economic landscape is a discussion most households are having. With high levels of household debt, soaring inflation, and climbing interest rates, understanding and navigating personal finance has become crucial for individuals and families alike.

What are the signs of good (and poor) financial health? (3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores. Details behind MNP’s Consumer Debt Index, along with media coverage and our provincial and national news releases can be found at our website.

Often, people focused on solving debt problems through a Consumer Proposal or Bankruptcy may not recognize the impact these processes can have on their personal income taxes. Ultimately, many questions arise.

Will a Consumer Proposal or Bankruptcy impact my tax refund? Often, people focused on solving debt problems through a Consumer Proposal or Bankruptcy may not recognize the impact these processes can have on their personal income taxes.

Wave 28 of the MNP Consumer Debt Index reveals that more Canadians perceive their current debt situation to be better (27%, +5 pts) and fewer rated it as much worse compared to a year ago (16%, -6 pts).
“Canadians are more confident about their current debt situation, expected debt situation, and ability to absorb interest rate increases,” says Grant Bazian, President of MNP LTD., the country’s largest insolvency firm.
“However, Canadian households are still feeling the squeeze from looming mortgage renewals, pandemic-related financial setbacks, and intensifying cost-of-living pressures.”
The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores.
While fewer this quarter are concerned about their ability to repay their debts (58%, -5 pts), repayment anxiety persists for the majority of Canadians.
Almost half (45%) report being $200 or less away from failing to meet all their financial obligations and more than half (54%, -3 pts) say they will be in financial trouble if interest rates go up much more.
The latest MNP Consumer Debt Index reveals half of Canadians (49%) are feeling a social squeeze on their personal finances — meaning they are worried about the amount of money they’ll have to spend on social obligations.
Canadians aged 18-34 (59%) and 35-54 (58%) are most concerned with social squeeze due to having to fulfill expensive social obligations such as weddings or graduations.
Those with poor personal debt ratings are significantly more concerned (75%) given their already precarious financial position. Some may be sinking further into hardship because they simply can’t afford to participate.
While a third of Canadians say they have recovered financially since the start of the pandemic in 2020 (33%), another third state they are worse off financially now than they were pre-pandemic (32%).

“Many Albertans are feeling overwhelmed and discouraged by how expensive it is to attend or participate in social events or celebrations, such as birthdays, weddings, or graduations. Some may be sinking further into hardship because they simply can’t afford to participate.”

Albertans’ concerns about debt and interest rates ease, yet repayment anxiety persists for majority The latest MNP Consumer Debt Index finds that Albertans are feeling increasingly confident in their personal finances this quarter as interest rate concerns ease.

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores.

MNP Consumer Debt Index rebounds significantly as debt perceptions improve The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores.

If filing bankruptcy is something you’ve considered or has been recommended as a solution for your debt, this webinar is for you.
On Wednesday, April 24, the Credit Canada team will be joined by Caryl Newbery-Mitchell from MNP Debt to walk you through the bankruptcy process from beginning to end, using real-world examples.

Understanding the Bankruptcy Process From Beginning to End | Credit Canada Sign up for our webinar on April 24th to learn how to file for bankruptcy and take you through real-world cases, explained by a Licensed Insolvency Trustee.

Imagine receiving a call with the message, "This is the Canada Revenue Agency calling. We assessed your tax return that you didn’t file, and you have a significant balance owing." Does this scenario seem all too familiar? It's a situation many Canadians find themselves in, often due to oversight or confusion regarding tax obligations.

The CRA Assessed Me. What's Next? (MNP 3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Before you contact your creditors, you should take a few minutes to prepare and the best way to do that is to be armed with all the information. Here are the ABC’s of dealing with creditors and debt collectors.

How do I respond to creditors? Here are the ABC’s of dealing with creditors and debt collectors.

There’s no one-size-fits-all strategy for getting out of debt. Your goals, financial and family circumstances are unique, and all deserve consideration in determining your best path forward. The MNP Debt Calculator considers numerous factors — including your province of residence, income, assets, and debts — to simulate your fastest and least expensive options for becoming debt free.

MNP Debt Calculator / MNPDebt.ca The MNP Debt Calculator allows you to calculate the cost of the debt solutions available and get out of debt once and for all.

Debt already comes with a lot of stress, but slipping into the debt collection process puts even more strain on your financial well-being. Here are the four stages of debt collection you can expect.

The Four Stages of Debt Collection Here are the four stages of debt collection you can expect

If you have debt and have had it for awhile you might have asked the question.. "Is there a statute of limitations on my debt?" The short answer? Yes, there is.

Is There a Statute of Limitations On My Debt (MNP 3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

There are many symbols and stories associated with St. Patrick’s Day but none more so than green. So in the spirit of St. Patrick’s Day, here are some tips on staying “in the green.”

Keeping in the green on St. Patrick’s Day Today it’s all about Keeping in the Green in honour of the lucky holiday, St. Patrick’s Day!

It can be challenging to live on a single income — especially if you have debts to pay. You may feel like you are barely making ends meet, or that you have no room to contribute to savings or investments. However, with some planning and determination, you can live on a single income and manage your debt effectively. These are some tips to help you achieve your financial goals.

How to live on a single income and manage debt How can you manage your debt on a single income? These tips can help you save money, pay off your debts, and achieve your financial goals.

With spring coming up fast, it’s an opportunity to make a firm plan to deal with your debts so that by the time the next holidays come around, you can close out the year in a better financial position than you started. Here are five tips to help you get started on this year’s journey to debt freedom.

Spring is just around the corner: Setting financial goals for the year Here are five tips to help you get started on this year’s journey to debt freedom.

Owing the government money can be very intimidating. It’s a topic that resonates with many Canadians. How to deal with debt owed to the Canada Revenue Agency, especially given the CRA's broad powers to collect what's owed. We’ll dive into what those powers entail, how you can navigate the situation, and what options are available if you find yourself overwhelmed.

What If I Owe the CRA a Lot of Money (3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Do you have control over your finances? How much debt is too much? How do you know when it’s time to seek professional help?
Take this quick 14 question survey for you to learn more about your debt health. Based on your answers, we will provide steps you can take to either help you achieve or continue living your debt-free future.

MNP Debt Scale Get a free checkup for your debt health. Take this quick 14 question survey for you to learn more about your debt health. Based on your answers, we will provide steps you can take to either help you achieve or continue living your debt-free future.

Not all loans are created equal. Some types of loans, such as payday loans, can trap you in a cycle of debt and borrowing due to the high interest rates they charge. Let’s explore some of the good reasons to borrow money without resorting to payday loans or other high-interest credit products.

What are good reasons to borrow money and how to avoid payday loans What are the right reasons to borrow money? Discover the guidelines to help you make a decision and learn how to avoid payday loans.