Are you in Saskatchewan dealing with high debt? Do you feel all alone? I promise you, but you are not. Seriously! According to the MNP Consumer Debt Index, only 39% of residents claim to “have recovered financially since the start of the pandemic in 2020.” While 29% say “they are in a worse financial state than they were pre-pandemic.” Is it just me, or is this information both surprising and concerning? And a better question: what do you do if you find yourself in this group?
If you are struggling with debt and unsure where to turn, this page is for you. Here, we will cover the best debt relief programs for Saskatchewan residents.
Debt Relief Programs for Saskatchewan
Consider any of the following options for help with debt relief. Those seeking debt relief in Regina or Saskatoon will have more access to in-person professional guidance. Options for Saskatchewan residents include:
1. Non-profit credit counselling services
Non-profit organizations provide credit counseling services in Saskatchewan. For example, Consolidated Credit of Canada and Credit Counselling Society both offer free personalized advice.
How it works: (Typically) no upfront fees. Credit counselling services also aid in creditor negotiations, potentially allowing you to lower your debts. Sometimes substantially so. If that’s not enough, they can also help with budgeting and debt consolidation.
Eligibility: Available to all Saskatchewan residents struggling with debt.
Benefits: Free or low-cost advice, personalized solutions, debt management plans, creditor negotiations, and debt consolidation.
More information: Contact a non-profit credit counseling agency in Saskatchewan for a consultation.
2. Saskatchewan Orderly Payment of Debts (OPD) Program
The Saskatchewan Orderly Payment of Debts (OPD) program allows residents to consolidate their debts into a loan with a single, less sizable payment.
How it works: This is a provincial program. It allows those in Saskatchewan to consolidate unsecured debt into one with more manageable payments. For example, organizations such as Money Mentors will collect your payment each month. Then, the group will make the payments to each creditor for you. That’s right! It’s a simplified process.
Eligibility: Saskatchewan residents with stable income and unsecured debts may qualify for this program.
Benefits: For starters, lower interest rates. The OPD program also provides protection from creditors and a structured repayment plan.
More information: Speak with a debt consolidation company for more details.
3. Debt consolidation loan
Looking for simplified payments and less interest? Consider a debt consolidation loan. This option allows you to combine your existing loans into one. Yes – this means only ONE monthly payment.
For this strategy to be helpful, your new loan must have a lower interest rate than your current debts. If not, you will spend more money on interest over time.
How it works: Apply for a loan with a lower interest rate. This loan should be sizable enough to cover the amount outstanding on your existing debt. Use the new loan to pay off each of your current debts. Then, you will make monthly payments to the new lender to repay your loan over time.
Eligibility: You will need to show proof of income as well as a good credit score to be eligible for a debt consolidation loan. Remember, you want the consolidated loan to be at a lower interest rate than your current debts.
Benefits: Streamlined payments, less interest, and a structured repayment schedule.
More information: Discuss your options directly with your bank or credit union to determine if they offer debt consolidation loans.
4. Licensed Insolvency Trustees (LIT)
A LIT offers debt relief services, including financial counseling, consumer proposals, and bankruptcy. This can help residents restructure or eliminate debts.
How it works: Contact a LIT to determine if a consumer proposal or filing for bankruptcy makes sense for you. A Licensed Insolvency Trustee (LIT) will help administer the process.
Eligibility: Available to Saskatchewan residents struggling with debt. Unsecured debt.
Benefits: Personalized guidance on how to protect your assets and reduce the total owed.
More information: Contact a Licensed Insolvency Trustee (LIT) in Saskatchewan for a personalized consult.
BDO provides debt relief options. These include consumer proposals and bankruptcy, helping individuals manage overwhelming debt.
- Services: consumer proposals, bankruptcy, financial counseling
- Address: Prince Albert, Regina, and Saskatoon (visit https://debtsolutions.bdo.ca/locations/ for more information)
- Phone: (306) 949-3328
Cameron-Okolita provides debt relief. The company can administer consumer proposals and bankruptcy through licensed insolvency trustees (LITs).
- Services: consumer proposals, bankruptcy, credit counseling
- Address: 650 – 2220 12th Avenue, Regina, Saskatchewan, S4P 0M8
- Phone: (306) 359-0200 or 1-800-353-3339
MNP offers debt relief services. This includes consumer proposals and bankruptcy, as well as other solutions to help residents restructure or eliminate their debts.
- Services: Consumer proposals, bankruptcy, debt management plans.
- Address: Various (visit https://mnpdebt.ca/en/offices?filter=offices®ions=Saskatchewan for more information)
- Phone: (toll-free) 310-3328
Spergel offers solutions like consumer proposals and bankruptcy, helping residents eliminate or reduce their debts.
- Services: consumer proposals, bankruptcy, credit counseling
- Address: 2366 Ave C, Suite 260, North Saskatoon, SK S7L 5X5
- Phone: (306)-341-1660
5. Consumer Proposal
This strategy allows you to avoid bankruptcy while still lowering your debts.
How it works: A consumer proposal is between you and your creditors. It is a formal agreement to repay part of your debt over a specific period of up to five years. A Licensed Insolvency Trustee (LIT) will help administer the process of a consumer proposal.
As the consumer, you propose to your creditors to pay back a portion of your debt. Your offer depends on your income and how much you can afford to pay. Should most of your creditors accept, you will make regular payments to the LIT who will then distribute the funds to your creditors. Your remaining debt gets forgiven once you complete the proposal in full.
Eligibility: In order to be a suitable candidate for a consumer proposal, your total debt must be under $250,000, excluding your mortgage. Ideally, it is best for individuals with a steady income.
Benefits: Protect your assets. Significantly reduce the total owed.
More information: Contact a Licensed Insolvency Trustee (LIT) in Saskatchewan for a personalized consult.
6. Bankruptcy
Most Canadians are familiar with the idea of a legal proceeding designed to eliminate debt. And, when faced with a heavy debt load, it is tempting. However, it is crucial to understand the consequences. This includes the impact it would have on your credit score. If you choose this option, be sure to research thoroughly and enlist help from a professional. Throughout Canada, a Licensed Insolvency Trustee (LIT) can help to administer bankruptcy.
How it works: By filing, you are giving up the rights to specific assets. These may get sold to repay your secured loans. The process provides protection from creditors and relief from debt collection efforts.
Eligibility: Anyone unable to make their payments. This option is a last resort only.
Benefits: Bankruptcy offers immediate relief from payments and creditor actions. It also eliminates most or all debts.
More information: Reach out to a LIT in Saskatchewan for guidance.
Lauren has over 13 years of experience in wealth management and financial planning. She is a CFA charterholder and holds a Bachelor's degree in Finance. Lauren has worked with several asset management firms, offering wealth advisory and portfolio management services to high-net-worth clients.
