Debt Management and your Bank

Sunday, May 6, 2018 - 00:04

Money Management


The first step to getting a fresh start is taking control of your personal finances. That is why I recommend opening a new bank account at a new bank if you owe money to the bank that you currently do you banking at. There is nothing worse than having your bank freeze your account, taking money from your account without your permission or having your pay cheque constantly be applied to overdraft.

If you’re in debt, regardless of whether you are considering filing personal bankruptcy, making a consumer proposal or attempting to dig yourself out of debt on your own, opening a new bank account at a bank where they don’t owe any money is an essential first step to helping you get a fresh start:

  1. The new bank is not a creditor; they will not receive copies of your consumer proposal or personal bankruptcy documents and therefore if you file, it will not affect the way the bank treats you.
  2. You will have the ability to develop a new banking relationship.
  3. The new bank will not freeze your account or apply your future deposits toward outstanding accounts or overdraft since you don’t owe them any money.

If you're struggling with debt and need some advice, contact our office for a free, no-obligation consultation. We're here to help!

Latest Posts

Credit Scores - Defined

On a basic level, a credit score is like a report card. Each purchase you make on credit affects a 3-digit score set between 300 and 900. The higher your score, the better your financial reputation.

May 11, 2018

Rebuilding Credit