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Debt

In its simplest form, debt is an obligation for you to pay another person at some time in the future. The agreement to pay can be oral or written.

An oral agreement is a spoken agreement between two or more people. Other times the agreement will be in writing. A written agreement usually states the amount owed, the interest rate and when payments are due. The person who owes money is called the debtor.

Creating Debt

Many transactions and situations can give rise to debt obligations.

Types of Debt

From everyday bills to bank loans and credit cards, most of us have debts of one kind or another.

Unpaid Debt

If you are in a situation where you are unable to meet your debt obligations it is important to understand your options and to try to resolve the matter as quickly as possible.

Out of Court Debt Collection

Under credit agreements creditors have options to protect their interests when a debtor fails to meet their obligations.

When a Creditor Sues

When a debt goes unpaid, creditors may choose to seek a court judgment against the debtor in an effort to get their money back.

Mortgage Foreclosure

When a mortgage is in arrears the lending institution can take steps to foreclose on the mortgage and take over ownership of the property.

Bankruptcy

When a debtor is simply unable to manage their debt and has no likely prospect of doing so in the future they may consider filing for bankruptcy.

PLEA can provide you with information to help you understand many legal matters you, a family member or friend may be facing.

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Housing & Communities

Planning for the Future

Death & Estates

Health

Older Adults

Consumer Protection

Non-Profit Organizations & Charities

Debts & Credit

Courts & Legal System

Government Agencies

Crimes & Fines

Victims

About PLEA

PLEA gratefully acknowledges our primary core funder the Law Foundation of Saskatchewan for their continuing and generous support of our organization.