Having financial difficulties

Which bills to pay first?

If cutting your expenses isn't enough, consider overdue bills that you need to address first. Some bills should absolutely not be late since they actually contribute to worsening your financial situation by affecting your credit and risking you losing certain essential needs.

Rent/Mortgage and property taxesYou can't afford not to have a home, that's why you absolutely have to pay the related costs at home in order to avoid losing your home or having your house seized. If you have a house and are not paying your property taxes, your municipality may issue a lien on your property (tax lien) to ensure you receive late payments.

Car loanIf you fall too far behind, your car could be returned, causing you a lot of trouble. If you think you won't be able to make the expected payments, contact your lending institution to discuss the possibilities of extending the term of your loan or refinancing the purchase to reduce your monthly payments.

Student loan

Many parents have student debt and it is important to fulfill their obligations to avoid unpleasant surprises. If your current financial situation does not allow you to repay your student loan, you may qualify for student financial assistance, which allows you to defer paying off your student debt.

Change due dates

According to the Yahoo! Quebec, we receive an average of eight to ten statements each month! If in addition, they all tend to arrive at the same time, it is easy to not know where to turn.

By taking the lead and contacting your creditors and service companies to explain your situation and have the due dates changed, you will certainly be able to find an arrangement.

In some cases, if you have lost your job or your working hours have been reduced recently for example, some companies will agree to reduce your monthly payments temporarily or even give you a few months off. It's worth toexplain the situation to them to put the odds on your side.

If you make arrangements with your creditors and service companies, it is very important to respect your commitments and make your payments on time in order to prove your good faith to them and avoid consequences such as fees delays or a refusal to help you in the future.

Watch out for fees

If you're tight on money, the last thing you need is to rack up unnecessary fees like overdraft fees when you've written a check but the money isn't there in your account. Most banks charge between $40 and $45 for each returned check. So keep a sharp eye on your accounts and make sure you don't write a check that you can't cover. By getting into the habit of monitoring your current account online almost daily, you will avoid unpleasant surprises.

Financial Advisor

It's never too early to seek the advice of a financial advisor who can guide you on the options available to you depending on your personal situation. He may, for example, offer you a personal loan or a debt consolidation that will allow you to repatriate all your bills in a single payment, sometimes with a more advantageous rate. If your problems are more serious, you can discuss remedial measures with him, such as a consumer proposal or, as a last resort, abankruptcy.

Financial Aid

• Becoming a Parent: Services Québec – Financial assistance: The list of government programs and services intended for future and new parents.
• What financial aid for parents? – Jecomrends.ca, National Bank: Overview of the main financial assistance programs offered to parents by the provincial and federal government.
• The ACEFs: These associations offer you information, training, help or referrals for everything related to your budget, debt and consumption.
• Centre des Femmes de Montréal: This center offers several support services well suited to expectant and new mothers: food and clothing assistance for families in need, cooking program collective, used diapers and maternity items distribution system and more according to your needs.
• CLSC: If you are a low-income family, you can contact your CLSC to see if you qualify for material or food assistance according to the programs available in your area.
• Fondation OLO: Since 1991, the foundation has offered food aid and vitamin and mineral supplements to pregnant women who are in a precarious situation.
• Last Resort Financial Assistance Program – Gouvernement du Québec: For underprivileged families who need support during pregnancy, lactation andfor school fees.
• Régie des Rentes du Québec: Universal assistance offered to all families paid in a variable amount to eligible families.