In our last blog in
this series we answered the question “what is a wage garnishment” .
If you have been threatened with a garnishment
of wages then you need to know that your employer is about to be notified about
your defaulted debt. If your wages are already being garnished then your
employer has already been made aware of your defaulted debt and you are likely
feeling the financial hardship that accompanies wage garnishments. In this blog
we will discuss how to stop a wage garnishment even if it is already in place.
The three most
common wage garnishments are: court ordered wage garnishments that arise
because of a defaulted debt to a creditor; a garnishment of wages from the
government which does not require a court order for the government to impose;
and finally, wage garnishments issued as a result of family responsibility. In
this blog we will discuss wage garnishments that arise because of a debt to a
creditor and government imposed wage garnishments, and how you can stop them.
When a garnishment
of wages has been imposed, there are 3 common ways to stop it:
1. You get your creditor to agree to voluntarily
remove the wage garnishment. This rarely works if you try to negotiate this on
your own. If a creditor has pursued a garnishment of wages it is generally
because they feel that they have been unsuccessful at negotiating a voluntary
repayment arrangement with you. Once a garnishment is in place and they start
to receive payments, there is very little you can say to them to convince them
to lift it.
2. You can pay off the debt. Likely this is not a
possibility because if you could pay the debt in full, you would have done that
already and wouldn’t be putting yourself through the stress of having your
wages garnished.
3. You can work with a financial professional who
has access to programs and resources to push your creditor to accept a
repayment arrangement that is acceptable to them and that you can live with.
When there is a
debt owed to the government you have far fewer options. Going to the court for
relief is not an option, as previously stated. Negotiating with the government
once a wage garnishment is in place is often fruitless for the same reason that
negotiating with a creditor is. Once the garnishment is in place and the
government starts receiving their money, there is no incentive to them to
remove the garnishment.
A garnishment of
wages is almost always a symptom of a financial problem. Without the existence
of a financial problem you would be paying your bills and would not have
defaulted on your debt(s). If you want to know how to stop a wage garnishment
you must first look at the state of your finances and start the process of
coming up with a plan to deal with your financial problems.
There are programs
available that can be deployed as effective negotiating tools that can stop a
wage garnishment. These programs are available through financial professionals
who know how to stop a wage garnishment. When you work with professionals who
are skilled at stopping wage garnishments you are able to breathe a sigh of
relief as they become your personal representatives, charged with a mandate to
deal with your creditors on your behalf. They can also work with you on an
overall financial plan to cure your financial problems and begin the process of
rebuilding.
If you are facing a
garnishment of wages and need help from a company that knows how to stop a wage
garnishment, please contact DebtCare at 416-907-2582 or visit www.debtcare.ca.
