One thing I did try 2 years ago was asking my credit union for a r-s-p loan. I told them I would need an extended payment schedule. They set it up over 1 year. When I would miss a payment on it, they did’nt freak out about it, and I would go in and tell them when I could make the next one. I managed to pay it off in just over a year.

One good result that i did not realize until later was, I have a student loan in default with a collection agency, and so all my income tax and g-s-t credits are redirected to the collection agency. So when the tax rebate from the r-s-p came through on my income tax, it made a substancle payment to the collection agency. So I have done this again this year.

Another thing I am trying is the “Simply Save” program with TD Canadatrust, where they transfer $1.50 evertime I use my debit card from my checking into a t-f-s-a. I have found that when I pay for anything now, I am choosing to use debit more often, and am starting to actual save this way. I still have alot of debts in collection, but at least this is somthing.

I am still looking for a financial advisor – either online or in person – who can help people with serious debt and serious credit problems – people that creditors treat with, at best, unprofessional disdain and, at worst, callous mercilessness. It’s very easy to get what you want from creditors when your credit rating is high and when you’ve always got a hefty minimum balance in your account.

I am presently seeing a credit counsellor; we set up a budget 1.5 years ago and I have not ONCE been able to stick to it. How can you “tuck away” even $20 for savings when you’re two months behind on car payments, car insurance, etc etc? Do financial advisors truly understand how helpless – and hopeless – struggling Canadians truly are?

In Canada, what exactly happens to a credit card (and the remaining balance) when the holder dies?