Debt Consolidation Settlements in Toronto, ON
Debt consolidation is the process of condensing multiple separate debts into a single monthly payment. Depending on the way in which you consolidate your debt, it can be possible to gain a lower interest rate, or to wipe your interest rate completely. If you file a consumer proposal, often it is possible to reduce your debts too, typically up to 80%. It is always a good idea to speak to an experienced Licensed Insolvency Trustee who can walk you through your debt consolidation options. In Canada, there are 4 primary ways of achieving debt consolidation:
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Overwhelmed by bank loans or line of credit debt? We can help you to eliminate or reduce your debt by up to 80%.
Are you making minimum payments on your high interest credit card debt, using one card to pay off another—or missing payments altogether? We can help you reduce or eliminate your credit card debt.
If high-interest payday loans are keeping you from getting ahead, work with our team to stop the interest and eliminate the loan.
Do you owe tax debt to the CRA? We can help you reduce or eliminate your tax debt while avoiding more serious problems.
Business Debt
Business Tax
Car Loan Shortfall
Credit Cards
Line of Credit
Mortgage Shortfall
Overdraft
Pay Day Loan
Personal Loan
Revenue Canada
Store Cards
Student Loan
Together, we negotiate your existing debt amount down to a more manageable amount. It will be important to know about …
Consolidating your debt can have a number of advantages, including faster, more streamlined payoff and lower interest payments.
Although there is not the same level of duty required as when filing Debt Consolidation, filing a Debt Consolidation does mean that you take on some obligations. These include ensuring all agreed monthly payments are made on time, and attending two credit counselling sessions to learn more about financial management. There is no requirement to report on income and expenses.
For many, filing a Debt Consolidation is the first step to finding freedom from the burden of overwhelming debts. From this point forward, you will be left with a reduction in debt that simply needs to be paid off through manageable monthly payments. Often this means that due to the reduced payments required, you can begin to save money and rebuild your credit. It is a good idea to speak to your Licensed Insolvency Trustee about how you can take action to rebuild your credit history. This could lead to obtaining a low-interest loan or even a mortgage.
In an approved proposal, you agree to pay a small portion of your debt which does not have any interest charges. The fixed pay back amount can be paid in monthly installments. The maximum time it can be stretched up to is 5 years. However, you have options to pay more and finish it as soon as you want.
Yes you will be able to obtain new Credit Cards after you have filed your Debt Consolidation. We ensure that our clients are on the path to rebuild their credit history while they are in this process. Apart from credit cards, you will also get our professional advice to obtain a vehicle loan or a mortgage loan, for a prosperous future. Our goal is not just limited to making you debt free but also to help you possess personal wealth and assets in the long term.
When you file a Debt Consolidation you are able to keep your house and your car. Your other assets are also not seizeable under the law, which means you get to keep those assets which include your personal Savings, R.r.s.p & R.e.s.p, Business Assets and your Insurance Policy. It has also no effect on a person’s Pension Plan, Old Age Security and any other Income Benefit.
A Debt Consolidation will immediately stop any legal actions and wage garnishments. It will also put an end to the collection efforts against you by your creditors or the third party agencies. You will start receiving your full pay and all the harassing calls and letter will go away.
