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Options for Managing Debt Owed to the ICBC
Working with the Licensed Insolvency Trustees at Smythe Insolvency, you can have the ICBC debt that you owe reduced dramatically. As Licensed Insolvency Trustees, we are officers of the court, licensed and regulated by the federal government. Our duty is to work directly with consumers to find suitable options that help get finances under control and settle debts. The two options available for debt relief with the ICBC are:
Consumer Proposals
This is a legal agreement that our Licensed Insolvency Trustees negotiate with your creditors. It allows you to settle your debt for only a portion of what you owe, making one affordable monthly payment over the course of five years.
Personal Bankruptcy
This is another acceptable form of managing large debts with the ICBC. Once a personal bankruptcy filing is complete, debtors are immediately protected from their creditors and can move forward with paying off their debts.
Dealing With Unpaid ICBC Debt
Like any creditor, the ICBC expects to get paid and will apply additional charges if payments are not fully met or are missed. This can make an unexpected debt feel insurmountable pretty quickly.
There is no debt forgiveness or expiration at the ICBC on money owed to them. It is essentially a government debt that is carried until it is paid.
Carrying ICBC debt that you’re unable to pay off not only comes with stress and other emotional trauma, but it can affect your future dealings with the ICBC.
The next time you visit the ICBC to renew your license or insurance coverage, you will likely be declined if you owe them money.
Losing your ability to obtain a driver’s license or insurance coverage could lead to difficulty in reporting to work, missed wages and a growing mountain of debt.
Discuss Your Options With a Trustee
Smythe Insolvency offers different options to reduce the amount of debt you owe. We’ll walk you through your options to resolve large ICBC debts that will cease interest rates from building up and that will offer an affordable payment plan to stay in good standing with the ICBC.
As with any government debt, there is no expiry on ICBC debts, so ignoring them will only cause more significant headaches as time goes on.
We have offices located throughout British Columbia and offer free consultations to discuss the best way to handle your ICBC debt. Contact us to book your free consultation today.
Discuss Your ICBC Debt