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2022 Guide to Debt Settlement Programs in Canada

Canadians often get confused with Debt Settlement Programs in Canada due to the different programs involved in the industry. Read through this guide to learn more about various debt settlement programs you can take advantage of, if you are experiencing hardship with paying your debt.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

Orillia Huntsville Peterborough Toronto Brampton Kitchener Mississauga Hamilton Belleville Kingston Cornwall Oshawa Ajax St. Catharines London Sarnia Windsor Sault Ste. Marie Elliot Lake Sudbury North Bay Timmins Thunder Bay Ottawa

3 Common Types of Debt Settlement Programs in Canada

Debt can be overwhelming if you don’t have the proper information on how you can legally settle it.

1. Debt repayment can be negotiated with your bank.

Financial institutions can be flexible in some of the debt settlement options to retain you as a customer – so, they may be willing to negotiate to maintain a longer customer relationship or keep you from missing your monthly payment.

If your financial setback is just temporary; like losing your job or unexpected illness, you must contact your creditors right away to see if it offers a hardship program. They can grant you payment defermentlower interest rates, or reduced minimum payments temporarily to help you.

You may also discuss lump-sum settlement. With this negotiation technique, you may offer your creditor to settle your outstanding debt in one big payment for less than your actual balance. If they agree, the rest of the balance is forgiven.

Any of these negotiation types can work but will depend on each situation. You must get a written documentation of what has been agreed with so you are assured the deal is in place.

2. Credit Counselling Services

A credit counseling service can facilitate a debt management program when a borrower is in genuine financial distress and unable to make payments for their unsecured debts.

During this process, a credit counsellor will assess your payment capacity to make monthly installment payments.

Credit counselling companies can negotiate a lower interest rate and a longer repayment period to fully settle the amount owed in monthly installments that are within your payment capacity.

Aside from assisting you to negotiate a debt repayment with your creditors, they can also help you make smart and realistic financial planning to help you with proper budgeting.

Additionally, a credit counseling service can also offer a wide variety of financial education services.

Whether you want to get out of debt or simply become financially savvy, a credit counselling service can also be a good option for debt settlement.

2. Credit Counselling Services

It is the best debt settlement program if you have over $10,000 worth of debt from Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student Loan. A debt relief company can offer to consolidate all your debts into one single monthly payment that will be easier for you to keep track of.

With this program, your debt can be reduced by up to 50%-75% from the original amount and the rest is eliminated. This debt consolidation program will help you stop harassing collection calls, wage garnishment, and possible lawsuits from creditors or collection agencies.

Additionally, the accumulating interest from all your debt will stop which will make it easier for you to repay the debt. This is all negotiated by a debt relief company that will act on your behalf to get the approval from your creditors.

Many Canadians take advantage of this program because of the benefits it provides. Also, it is the safest program to secure your assets compared to other debt settlement programs.

Debt Settlement Made for You

If you are ready to take a debt settlement program or if you are still unsure what option is right for you, talk to us. We can help you understand which program would best suit your financial situation. To be able to provide you the right and efficient debt relief option, our team of debt specialists will assess your financial status including your income, total debt owed, credit score, and other factors that will affect your application to settle your debt.

Our years of experience in the field have helped us establish strong relationships with creditors. This helps us make better negotiations to get the best deal for you. Get a free consultation, just click on the button below.

We understand COVID is still a threat, don’t worry you don’t need to leave your home to discuss your options. Our free consultation can be done through phone call or zoom.

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“Connie was So personable and so helpful this came from her heart. I have been so worried and so under pressure dealing with this debt. She is responsive she is knowledgable she’s pretty Fessional she is in always a five-star experience.”
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"So glad I finally had the courage to make the call" Suma was amazing.. she guided me through my options and got the answers to all my questions. By the end of our very first phone conversation I had hope again...finally...no more sleepless nights worrying my debt ....Thank you National Debt Relief Services
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

No contact details required to find out if you qualify

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Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

No contact details required to find out if you qualify

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
Verified
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
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Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Verified
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
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This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
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I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Verified
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Verified
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
Verified
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Verified
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Verified
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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