Bankruptcy Kitchener Blog by Scott Schaefer

Wells Fargo announced yesterday that they are closing their Canadian operations. The following notice was posted on the Wells Fargos website yesterday:

“Effective June 9, 2010, Wells Fargo Financial Corporation Canada discontinued sales of new customer loans, and closed Wells Fargo Financial store locations across Canada. We have shifted our focus to serving existing real estate, auto, and consumer loan accounts. There will be no change to our customers´ existing account terms and conditions.”

Wells Fargo had a store location in both Kitchener and Waterloo. Several local residents used Wells Fargo as a lender for many different reasons. One of the main reasons was that the banks had turned them down. So with this lender now not available in Kitchener Waterloo, individuals may not be able to consolidate their debts or renew their mortgages the same as they could in the past. This is one more example of the fall out of the financial crisis and recession has lead to.

If you feel your debt load is now too large to manage and want understand how a consumer proposal or a personal bankruptcy would work in your case, call me in my Kitchener office at 519-747-0660 or send me an e-mail. We will sit down and have a free meeting to discuss your facts and impact of each option.

No Comments »