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Remolino & Associates is a Toronto-based licensed insolvency trustee company that specializes in debt relief solutions. They help consumers and small businesses manage financial distress, including alleviating credit card debt, student loan debt, and CRA tax debts, through programs like debt consolidation, consumer proposals, and bankruptcy.
What Do They Offer?
Remolino & Associates offers several options to help relieve you of your mounting debt. The solution you choose depends on the type of debt you’re struggling with and how severe your financial situation is.
Consumer Proposal
If your total unsecured debt is less than $250,000, and your income is still enough to cover long-term monthly payments, a consumer proposal may be worth considering. If your total debt exceeds your assets, then a consumer proposal may help you get rid of troublesome debt before resorting to more severe options.
How Does A Consumer Proposal Work?
A consumer proposal is a legal debt relief option that allows insolvent Canadians to negotiate with creditors to pay back a portion of their unsecured debts over a set period, usually up to five years. The process is managed by a licensed insolvency trustee (LIT) and is designed to freeze interest, protect assets, and consolidate debt payments into one manageable payment.
Creditors can either accept or reject the proposal. If accepted, all parties are legally bound to the agreement. However, your credit score will be severely impacted.
Bankruptcy
If you’ve exhausted all other options, then bankruptcy may be your last resort. Bankruptcy can eliminate your unsecured debt and protect you from creditors hounding you for payments and collection calls. It will also stop all legal action against you and cease wage garnishment. Depending on how much equity you have in your home, you may even be able to keep your home.
How Does Bankruptcy Work?
Bankruptcy is a legal process that is facilitated by an LIT who helps insolvent Canadians eliminate most or all of their unsecured debt when they’re unable to repay their creditors. Certain assets may be sold to pay off creditors, with some exceptions. Throughout the bankruptcy, you’ll make payments to the LIT and attend credit counselling sessions until you are discharged.
Debt Relief
Remolino & Associates can help with various types of debt, including the following:
Small Business Debt
Starting and running a small business often requires borrowed funds. But while taking out loans may be a viable way to establish and grow your business, sometimes repaying creditors can be difficult, particularly when your business experiences slow seasons. Unfortunately, creditors still need to be paid, and failing to do so can put your small business at risk.
If you find yourself in this situation, Remolino & Associates can counsel you to find an ideal debt relief solution to alleviate your business debt. Such solutions may include debt consolidation, new cash flow management tactics, cost cutting, and more aggressive forms of debt relief like consumer proposals.
Tax Debt
If you’re having trouble paying off your tax debts, Remolino & Associates can help. Unfortunately, the Canada Revenue Agency (CRA) has the power to take aggressive actions to collect unpaid tax debt. This includes garnishing your wages, freezing your bank accounts, and seizing your assets. So, it’s in your best interests to deal with this issue as quickly as possible.
Whether you have small business tax debt, income tax debt, GST/HST tax debt, or another type of tax debt, Remolino & Associates can come up with an alternative payment plan between you and the CRA that is tailored specifically to you.
Student Debt
Leaving school with tens of thousands of dollars of debt can be overwhelming for those just starting their careers following post-secondary education. If you’re drowning in student debt that’s hindering your ability to get a financial start in life, Remolino & Associates can guide you through your options.
For instance, their team of LITs can walk you through the Repayment Assistance Plan (RAP) to help you repay what you owe in student debt. If your loan is already in default, Remolino & Associates can walk you through the process of student loan rehabilitation.
Considering how complex the topic of student loan forgiveness is, you’d be well-advised to book a free consultation to discuss it in more detail to find out which solution is best for you.
Debt Management Plan
A debt management plan is a structured repayment program that can help you better manage and pay off unsecured debts. It’s typically facilitated through a credit counselling agency, which negotiates with creditors on your behalf to reduce interest rates or waive fees, making your monthly payments more affordable. You’ll then make monthly payments to your credit counsellor, who will distribute the funds to your creditors until your debt is fully repaid.
A debt management plan can help you avoid bankruptcy while allowing you to practice financial discipline that will serve you well in your financial life.
Debt Consolidation
If you’re juggling multiple high-interest debts, then debt consolidation may be worth considering. It can be difficult to keep your bill payments organized, especially when they’re all due on different dates of the month. Plus, the sky-high interest rates you may be paying on outstanding balances can make it tough to pay down your debt.
Consolidating your debt can help lower this financial burden and make your monthly payments more affordable and manageable. Debt consolidation involves combining several debts into one monthly payment. Remolino & Associates can walk you through all the debt consolidation options available in Canada, like debt consolidation loans, home equity loans and lines of credit, and debt management programs.
Remolino & Associates Pros And Cons
Before enlisting the services of Remolino & Associates, consider the perks and drawbacks of working with their team:
Pros
Here are some reasons why you may want to call Remolino & Associates to help you deal with your unmanageable debt:
- Financial Resources – Even before calling Remolino & Associates for help, their website provides a plethora of financial resources to help you navigate your financial problems and find an appropriate solution. This includes a list of applicable government resources, insolvency law links, and debt resources in Ontario.
- Free Consultation – Remolino & Associates offers a free, confidential, no-obligation virtual consultation with one of their LITs, who will provide helpful advice about the debt relief options available to you based on your specific circumstances.
- Multiple Offices – If you wish to visit Remolino & Associates, you’ll have four convenient locations throughout the GTA to visit, including Toronto, Scarborough, North York, and Mississauga.
- Highly Experienced – The team of LITs at Remolino & Associates are highly experienced in financial matters and are federally regulated debt advisors. You’ll get nothing short of fine-tuned expertise to help you find the right debt relief solution for you.
Cons
While working with Remolino & Associates comes with a few perks, there are a couple of downsides you may also want to consider:
- Only Available In Ontario – Remolino & Associates may be very helpful if you live in Ontario. But if you reside elsewhere in Canada, you’ll need to find another LIT to help you deal with your debt.
- Credit Score Impact – Depending on the debt relief solution you choose, your credit score may suffer. In particular, debt settlement, debt management plans, consumer proposals, and bankruptcy will be noted on your credit report for years and can significantly hurt your credit score. That said, such credit score issues would be applicable no matter what LIT company you work with.
How To Book An Appointment With Remolino & Associates?
If you’re interested in booking a free virtual consultation with Remolino & Associates, you can do so in one of the following ways:
| Telephone | – Local to the GTA: 416-792-5599 – Toll Free: 1-888-227-1058 |
| Online | By scheduling an appointment via the Contact form |
| In-Person (By-Appointment) | Toronto Office (Main) 1180 Danforth Avenue Toronto, Ontario M4J 1M3 Scarborough Office 10 Milner Business Court Ste. 300 Scarborough, Ontario M1B 3C6 North York Office 4711 Yonge St. 10th Floor North York, Ontario M2N 6K8 Mississauga Office 4 Robert Speck Parkway, 15th Floor Mississauga, Ontario L4Z 1S1 |
Are They Safe?
It’s important to ensure that a Trustee is licensed to legally administer consumer proposals and bankruptcies in Canada. There are specific regulations that LIT firms must comply with to ensure they provide professional, unbiased advice to consumers to help them make informed decisions about how to handle their debt.
Fortunately, Remolino & Associates is fully licensed, so you can be sure that you’re working with a team that will protect your rights and financial interests while you navigate the various debt relief solutions available.
To check if a company is appropriately licensed, you can check the Office of the Superintendent of Bankruptcy database of all Trustees in Canada. You’ll find that Remolino & Associates is listed in this database.
What Do Consumers Think About Remolino & Associates?
| Google Reviews | 5/5 stars |
| Trust Index | 5/5 stars |
