by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
If you don’t want to deal with any frustration after your retirement, you should have a proper retirement plan. Unfortunately, most of the seniors find it a difficult task to create retirement plans on their own. Here is a list of few effective retirement planning tips that you can keep in mind in order to enjoy a hassle-free retirement.
1. Save enough money
Saving enough money for retirement can be considered as one of the biggest struggles faced by seniors. One of the most convenient methods available for you to stay away from this frustration is to start saving more money. People are encouraged to save at least 15% of the salary on retirement. This would help them to end up saving a decent amount of money, which can be spent during retirement.
2. Get to know about your retirement type
It would not be an easy task for you to visualize your retirement ahead of a few decades. But if you can figure it out, you will get the opportunity to stay away from a great deal of frustration in the future. In other words, self-understanding can lead you towards a variety of surprises in the future.
3. Plan to retire in the best possible place
Plenty of destinations are available out there in the world for you to retire. However, you need to be careful enough to find the best retirement location out of them. Sometimes, you will be able to find a better place to retire in a different part of the world. If you don’t have any special intentions to retire in your country, you can think about visiting such a place. It is better to keep an eye on a few such places to retire beforehand. The place you retire should have low taxes, low living expenses, and excellent facilities for seniors.
4. Have plenty of money in hand
There are some people who go into their retirement with a bunch of investments. This is not something recommended and you should have a decent amount of cash in your hand. You would come across plenty of emergency financial requirements and you need to have cash in your hand to be spent on such instances. Therefore, you should make sure that you have enough money in your hand before you start your retirement.
5. Settle all the debts
You need to take the necessary steps in order to settle all your debts before retirement. Approaching retirement with debt cannot be considered as the best option available for you to make. If you do, there is a high chance for you to end up with frustration. That’s because you will not have any source of income during retirement. Instead of saving money, you will be spending on the loans that you have obtained.
If you pay attention to these retirement planning tips, you will get the chance to enjoy your retirement.
In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
If you are looking for an effective method to save money, you can think about saving money on transportation. There are many effective methods available for you to save money on transportation. Here is a list of 7 of the most effective methods out of them. These tips will ensure that you get the opportunity to save a considerable amount of money out of your transportation expenses.
1. Buy a bike
Instead of using your car for short-distance travel, it is better to use a bike. In case if you cannot purchase a bike, you can think about renting a one. It will not cost a fortune for you to rent a bike and it will provide you with the opportunity to save a considerable amount of money. Pedaling your bike on a daily basis will not just assist you to save money, but you will also be provided with the chance to experience a large number of health benefits. However, you must take a look at the other factors, such as safety and time before you pedal your bike in day to day life.
2. Walk whenever possible
If you can walk, you should never think about using your car. This will also help you to save a considerable amount of money on transportation. Most of people prefer to drive their cars, instead of walking. But if you can make an effort to walk instead of driving the car, you will be able to see a significant reduction of your expenses at the end of the day. If you can go somewhere within 15 minutes by your feet, you should not think about driving there.
Walking is available for you in most of the environments as well. Apart from saving your money on automobile trips, it will be one of the most inexpensive ways available for you to ensure your good health. Therefore, you don’t need to think twice before you walk.
3. Minimize your fuel expenses
You can track how much money you spend per month on fuel. With that in mind, there are few effective methods available for you to minimize your fuel expenses. Reducing the total number of miles that you drive holds a prominent place out of them. You will be able to seek the assistance of Maps in your smartphone to determine the most efficient route that you need to take in order to reach your destination. You need to keep in mind that the most efficient route is not the same as the shortest routes. If there is traffic in the shortest route, you will be spending more money by traveling on it. Hence, you need to locate the most efficient route by analyzing what you can see on the map.
You can also think about practicing sensible driving skills. It can also provide great assistance for you to reduce the total amount of money that you spend on fuel. For example, sharp accelerations and brakes will not provide you with smoother driving experience. Therefore, you should learn how to drive smoothly.
4. Focus more on your car maintenance
When you properly maintain your car, you will be able to boost the fuel efficiency of it. In addition, you can also make sure that your car doesn’t run into any expensive breakdowns, where you are forced to replace the parts of the car. To overcome such issues, you need to get your car inspected by a mechanic and maintain it on a regular basis. Then you can make sure that your car doesn’t run into any expensive repairs or any other similar issues. You will be able to save a considerable amount of money out of this method as well.
5. Be careful when you purchase the cars
Some people tend to purchase two or more cars for their transportation needs. If you want to save money, this is not a good habit to move forward with. In fact, owning one car is less expensive, when compared to maintaining two or more vehicles. You will not just have to spend on fuel, but you will also have to spend money on licensing, insurance, interest charges and depreciation. When you come across the need to use a second vehicle, you can easily rent it. This is a better option available for you to save money, instead of purchasing two cars.
6. Rent out a car when you go on special occasions
When you want to use a car for special occasions, you can simply rent a car. One of the biggest mistakes that people do is that they tend to go ahead and purchase cars for temporary needs. If you want to save money on transportation, this is not a good method to move forward with. You can simply rent out a car and make sure that you get all the temporary needs catered in a cost-effective manner.
7. Share the rides
Carpooling has become a popular concept in today’s world. Sharing rides will help you to save a lot of money. If you are traveling to work in your car every single day, you can think about sharing the space available with a couple of other guys. If you don’t have a car, you can look for a driver who is willing to share his empty seats with you. Carpooling is a cost-effective method available for the drivers to minimize their overall expenses and for the riders to get to their destination, instead of paying a lot of money for taxis. In case of you have the credit or debt issues visit www.gtacredit.com or
by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Creating a budget is not an easy thing to do. You will need to pay attention to a variety of factors to end up with the best possible results when creating a budget. To make sure that you don’t miss out on any of those factors and to ensure that you end up with successful results out of budgeting, you can seek the assistance of online programs available.
Here is a list of 3 such useful and effective online programs, which you will be able to use for budgeting purposes. You will be able to end up with impressive results by using these programs.
1. Personal Capital
Personal Capital is not a tool designed only for budgeting. You will also be able to use it for many other purposes such as tracking your investments and credit cards. The features that this tool provides you with budgeting are impressive and you will fall in love with them. This tool will provide you with an outstanding interface. You will be able to use this interface to get most of your work done. You can easily link all the accounts that you have and move forward with budgeting with the assistance that you get from this tool. In addition, the linking of accounts will help you to understand how you spend your money and how the investments are performing.
If you are looking for an all in one financial dashboard, there is no better option available for you to consider instead of Personal Capital. It has the ability to track all your investments along with budgets and provide you with a more realistic overview of your financial status.
If you are looking forward to getting your hands on an all-in-one dashboard, there is no better option than Personal Capital to consider. The most outstanding feature that you can find in this program is its ability to track your investments along with the budget. Therefore, you will be able to budget accurately, without assuming anything. You will also be able to customize the budget according to your preferences and track it.
2. Mint
Mint is one of the oldest budgeting tools available on the internet for you to try. It has been able to maintain an excellent reputation throughout history by delivering an effective experience to the users. The most impressive feature that you can see in Mint is its ability to download transactions from multiple sources.
When you use Mint, it will create a secure connection with your credit cards, checking account, and the other sources of spending. Then it will be able to pull all the transactions automatically. You will be provided with the chance to tag them and categorize them according to the unique needs of creating the budget.
Mint also provides you with an excellent graphical interface. This is one of the most outstanding features that you can see in Mint. In addition, you will be provided with the chance to become the detailed money manager of the entire family as well. As a result, you can track the overall expenses of all your family members in an effective manner.
When you use Mint, you will be able to create any number of budget categories as per your preferences. In addition, you will be provided with the chance to change the budget amounts on a monthly basis. On top of that, you can set up goals for settling your debts and saving money for your future.
Mint comes along with basic investment tracking capabilities as well. However, the investment tracking features offered by Mint are completely opposite when compared to Personal Capital. That’s mainly because Mint is a tool that focuses more on budgeting. Hence, you will be able to take a look at the investments from the viewpoint of budgeting.
3. Pocket Guard
If you are dealing with issues with regards to budgeting, Pocket Guard is a great option that you can consider. It will provide you with the chance to put all the savings and bills into one single app. Then you will be able to track all those expenses. In fact, Pocket Guard will track them automatically for you and you don’t need to worry about anything. Hence, it is a great budgeting app that you can get.
The analyzing capabilities that come along with Pocket Guard are impressive. If you don’t want to put extra effort to create your budget, but you still need a budget to survive, Pocket Guard is a great option to try. That’s because it can automate most of the tasks with regard to creating a budget. This will help you to save a considerable amount of time and effort while you use the app as well.
Pocket Guard will also teach you multiple methods on how to save money. Negotiating on the bills hold a prominent place out of them. On the other hand, Pocket Guard will teach you how to move money to savings accounts that provide better interests. The mobile-first approach offered by Pocket Guard has helped it to receive a lot of attention from people in today’s world. If you are looking for a smart budgeting app to be used on your mobile device, Pocket Guard is a great option that you can purchase from the market. In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
We are about to start a New Year and it is high time to focus on the New Year’s resolutions. When it comes to New Year’s resolutions, you are encouraged to pay more attention to the financial resolutions. Then you can make sure that you don’t run into any financial issues in the long run. Here is a list of some of the most prominent New Year’s financial resolutions that are available for you to consider in the upcoming year.
1. Take a look at your credit score quarterly
It is important for you to take a look at your credit score on a quarterly basis. Failing to do it can lead you towards some negative complications in the long run. This becomes extremely important with the Equifax information leak, which took place in the recent past. Therefore, now you are provided with the ability to try credit monitoring services or freeze your credit. Or else, you can even monitor your credit on your own. Then you will be able to notice all the changes that take place in the credit activities. You will not have to spend any money out of your pocket to take a look at the credit score as well.
2. Save at least 15% of the gross income
If you are a person who didn’t have the habit of saving money, it is the high time to do it. It is recommended for you to start saving at least 15% of your gross income. Then you will be provided with the opportunity to overcome a large number of financial issues in the future. Most of the people in today’s world have the need to save money, but they don’t have a clear understanding on how to do it. That’s where you can start saving 15% of your gross income. In other words, if you are a person who is making $3,000 per month, you need to make sure that you save at least $450. When you continue this habit, you will be able to save a considerable amount of money in the long run. It would be more than enough to help you overcome the financial difficulties that you will come across.
If you find it as a difficult task to stick to this habit, you can open up another savings account and configure a standing order, so that you will be able to transfer 15% of your funds to the new account. Then you will not have to put any extra effort to save money.
3. Craft a debt plan
If the debt has been troubling you in the past, it is important for you to craft a debt plan as well. It can provide great assistance to you with overcoming the debt related issues that you are dealing with. When you pay your own debt, you will be climbing a mountain. It will take strategy and time to get to the top.
As the very first step, you need to take a moment and see how much debt you have. Then you need to take a look at the interest rates associated with your debt. To make your life easy with managing the debts, you can note down all the information in a spreadsheet. Then you can craft a plan on how to settle your debts. When you follow this kind of approach, you can make sure that you don’t miss out on anything.
Some of the options available for you to consider when you are crafting the debt consolidation plan include personal loans, 9% balance transfer credit cards, and student loans. You need to compare all available options and discover the best repayment strategy available out there to consider. Then you will be able to overcome the pain points with debt consolidation.
4. Invest on a monthly basis
It is recommended for you to make your investments on a monthly basis. It is another excellent method available for you to save a considerable amount of money. This is applicable to all the investment methods that you can try as well.
However, some of the investment methods are not in a position to deliver the best possible results to you. For example, if you keep your money in a bank account, you will not be able to get an interest to cover up even the inflation. As a result, you will be losing the value of money that you have in your bank account in the long run. To overcome this issue, you need to look for other investment opportunities.
Since a large number of investment opportunities are available to consider, you need to make sure that you select the best investment out of them. No matter what investment opportunity you decide to go ahead with, you should do it on a monthly basis.
5. Track all your expenses on a daily basis
You are spending a considerable amount of money on a daily basis. However, most people find it a difficult task to survive during the last few days before they get the paycheck. That’s because they tend to spend their money unnecessarily during the other days of the year. To overcome this issue, you need to start tracking your expenses on a daily basis. Then you will be able to see how much money you have spent at the end of the day. These details will also help you to manage your money in an effective manner. Hence, you will not come across any financial issues at the end of the month.
You don’t have to write down all your expenses when tracking money. You just need to download one of the smartphone apps available and get the job done. This is one of the most convenient methods available for you to track your daily expenses as well. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair
Yes! If you owe monies then they are permitted to call you at work or even call your employer to recover the dues.
The laws in each province of Canada could be slightly variable but overall it is generally the same. It is in your better interests to ensure you read up the laws in the province that you are domiciled at the time, before you apply for a credit line and apprise yourself of exactly what you are bound by. Taking out a credit line is not an extraordinary exercise which most adult Canadians would do to live a comfortable life but it is when you default that the issues would take a turn to the worst.
Life is not a bed of roses
Defaulting too could happen to anyone as economic downturns are part and parcel of life and it is when you as a debtor avoid discussing the present predicament that you are in with your creditor that they would take various steps within the law to recover their dues. For instance you could have a very stable job but due to adverse external economic issues you could lose your job. In such a context the first thing you should be doing is to discuss your predicament with your creditor or creditors and work out a plan till such time you get back to work.
On the other hand if you are working but face some unforeseen issues that are beyond your control which could happen to anyone and your wages are stretched to the optimum during a certain period of time you would need to act fast. You would need to discuss your problems with your creditors and work out a new repayment plan. It is your prerogative to do so proactively which would also give the impression to your creditor that you are concerned too and is seeking ways to settle the dues.
Discussions could solve many problems
If you let your problems to go into abeyance and take the extraordinary step of purposely avoiding your creditors then they would need to take action that is legislated to encompass them. The creditor would try all means possible to contact you and discuss a new re-payment plan and if there is no success they would pass it on to their own collection agency. If they do not have one as most creditors do not employ or initiate such a separate division due to cost escalation would outsource such activities to others.
You should not let your debt get into a situation where your creditor exhausts all options open to them. It would also create issues for you and it is in your better interests to keep the dues active and try to work out alternative repayment terms. Keeping your communication lines open and free at all times with your creditors would put them at ease ensuring that they do not take any drastic action. Put all your cards on the table and have open discussions with them as they would not prefer to settle debt issues in courts but in most cases would like to work out something amicably.
After all, the credit line was initiated in the first place on the premise that the repayment would be smooth and without issues. Hence if you have any issues it is your prerogative to initiate discussions to ensure you put your problems before them and work out the best repayment plans. It is invariable that your creditor would relent if you are to discuss with them frankly and openly. You need to understand that your issue is not an isolated one as they would be dealing with issues like yours on a daily basis hence have the experience to sort out matters with you.
Third party recoveries
Private collection agencies are many but they are all governed by Canadian law and would come under the Collection Agency Act (CAA) which would specifically lay down the parameters. They would need to adhere to every law written down in the CAA and any deviation would leave them liable for prosecution or you could sue them. On the contrary the law would provide them enough clout to act and make every effort to recover the dues from you.
Your creditor could even sell your debt to a collection agency which would then pursue your debt and try to recover it in the shortest possible time. Their tactics could be quite vigorous and they could call you at office and speak to your employer about your dues. They would get optimum information from where you work about your wages and then work out a strategy within the permitted laws to recover your dues.
Wage garnishing
If you do not work out an amicable settlement your creditor could obtain all details of your wages and approach a court of law to recover their dues. It is invariable that the court would allow their request. Your creditor could then take out a writ and your employer is bound by law to deduct up to 30% of your wages and repay your dues. This would go on till the total dues are settled.
There is one other issue before your creditor could take out a wage garnish and that is to try and recover the dues from other assets that you may own. If they could find such assets then they are obliged to recover their dues from those assets but if you do not have such recoverable assets they could apply to court for a wage garnishing writ and then recover all monies due to them.
In such a case you may end up paying more as they could recover some part of their costs too. On the contrary if you had discussed with your creditor before such steps are taken you could have paid less and arranged a repayment plan convenient to you. Recourse to law should be the last resort and you should try to avoid such a situation at any cost. Any help for financial problems contact gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair
Wherever you may be in this world, borrowing money or purchasing items on credit and repaying the capital amount and the relevant interest component is a standard procedure. You would get into such a transaction with good faith but somewhere down the line during the course of the said transaction, you could encounter problems with repayment. When that happens your creditor would try to obtain the due monies from you.
Debt collection in Canada
This is the same procedure adopted in any country and not particular to any one of them. It is the same even in Canada and if you borrow you are liable to pay. If there is a repayment delay you could be called upon to pay some additional costs that fall due because you have failed to repay within the stipulated time limit.
Similar to laws everywhere creditors in Canada are also bound by certain legislations, it is true that you would be a defaulter but like the creditor, you too would have certain laws to protect you. Creditors in Canada or their representatives are bound and governed by the Collection Agencies Act. They need to strictly follow the laid down guidelines and ensure that they keep to the set parameters without deviating from the same.
Once you default on your credit line the creditor could use their own office to recover the due amounts or they could delegate the debt to a collection agency to recover the due amounts. The other alternative would be for the creditor to sell the debt to a collection agency.
Make a complaint if they break the law
Whatever your creditor would do they and the rest to whom they have passed on your debt are bound by certain laid down criteria, any deviation would allow you to file a complaint against those who deviate from procedures. There are some very pertinent issues that are laid down in the Collection Agencies Act which no debt collection agency could deviate from.
For instance, they are prevented from falling over at your workplace to collect a debt if they do they would be breaking laws laid down in the Collection Agencies Act. Similarly, collection agents cannot call you on any telephone that you have not provided to them at the time the transaction was initiated.
The Collection Agencies Acts specifies as to when and what times a collection agent could contact you. They are expressly forbidden to contact you on the phone on holidays. They could call you from Monday to Saturday between 7.00 AM and 9.00 PM. They could also call you on Sundays between 1.00 PM and 5.00 PM. If they deviate from these laid down guidelines you could make a complaint against them.
Hence when you are first contacted by a collection agent it is imperative that you note down the details of the debt, when you owed it, to whom, the caller’s name, the company he represents, and his telephone contact. He is obliged to disclose all such details to you. If he does not and continues to bother you, then you are at liberty to file a complaint under the Collection Agencies Act.
It is prudent to remember that you have statutory rights though you are a defaulter and have many avenues and recourse to law if your creditor or any of their appointed representatives break the law. It is imperative that you know all your rights stipulated under the Collection Agencies Act.
This is if you are to deal with a collection agency but it would be in your best interests to ensure that your debt is not transferred to a debt collection agency and when informed by your creditor that they would do so, to contact them and reschedule your debt.
If you are unable to do so then you would need to deal with a collection agency and an agent appointed by them. In any case it would need your total attention as you would not be able to refrain from paying up your debt as your creditor would pursue you till they are paid their dues.
If you are really pushed to a corner and are harassed by a collection agency the best avenue open to you would be to file a complaint. You would need to collate all information that is in your possession and file the complaint well or it could be thrown out without much of a hearing. It is how and what weight your complaint would hold that would matter hence having all the information in your hands is very important.
To do so you could follow the following steps and make a comprehensive complaint against a collection agency if you find that they are deviating from the parameters set to them within the Collection Agency Act.
- Draw up and file a complaint with all details in a set sequence with the Consumer Financial Protection Bureau.
- Do the same with the Federal Trade Commission by way of a filed complaint again written clearly and precisely.
- Get in touch with your domiciled State’s Attorney-General.
- You could also file a complaint with the Better Business Bureau
If you are being contacted by a collection agency it would be in your best interests to ensure that you keep all records of contact with you as they would come handy at a later date. If you pay up and the debt is settled then you would not have a problem but there are a majority of debts that go sour and when it does having information from the beginning would be in your best interests.
The Collection Agency Act has ample protection for the creditor and the debtor hence it is necessary that both parties conduct themselves with decorum and proper discipline. It is when one side deviates from the norm that things would get out of hand and issues crop up that would end ultimately in legislation. There is protection for you under the Collection Agency Act hence if found wanting to use it for your benefit. Any help for financial problems contact gtacredit.com or call 416 650 1100
