Filing Bankruptcy in Surrey
We are a fully Licensed Insolvency Trustees with a local office in Surrey and several other locations throughout the Province of British Columbia.
If you are considering filing bankruptcy or are in current financial difficulty and you live in Surrey or surrounding areas, learn more about our services below.
What We Are Noticing in Surrey:
Residents in Surrey face a growing problem with Payday Loans. People having financial struggles in the wake of COVID-19 are often tempted by quick loans or cash advances from Payday Loan Companies.
What are some of the downfalls of relying on this type of borrowing?
First, they are costly. Interest rates on payday loans can be up to 10 times higher than conventional borrowing.
Secondly, it’s very common that come payday, you can’t afford to pay the full amount you’ve borrowed, so you pay a fee to roll over the loan until your next payday, or you simply take out another loan immediately after paying off the first. This leads to a troubling cycle of debt. For anyone stuck in this cycle, there might be options to relieve this stress.