Ottawa doles out $60-billion in tax relief

SOARING home loan costs following 11 successive interest rate rises has turned the screw on struggling homeowners, many of whom are now finding it impossible to cope.

According to Veda, the credit agency, there has been a 35 per cent increase in the number of people defaulting on credit agreements in the past year.

For many, the situation is chronic, while for others it might be a temporary blip. But, with experts reporting that lenders are instigating repossession proceedings more quickly than ever, borrowers need to act fast.

Unfortunately, borrowers under such pressure often make the mistake of sticking their heads in the sand, hoping their problems will simply disappear.

So, to make it easier, here are some of the most frequently asked questions. read more