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2023 Pros and Cons | Ontario Post Covid-19 Deb Consolidation

No one wants to be in debt, but unforeseen circumstances often arise that find us needing more money than what we have at hand.

We helped thousands of Ontarians reduced their debts up to 75% with our personalized Debt Relief Program approved by the Ontario Government to help citizens get out of debt fast and in a secured way.

Know more about us and what we can do by clicking on the button below…

You're not alone

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

Debt Consolidation Ontario

Two big reasons people might find themselves in debt are:

  • A sudden illness – either you or a family member
  • Unemployment 

One big unforeseen circumstance that is faced by people all over the world and of all walks of life right now is the COVID-19 pandemic.  

As the world tries to cope with the changes in lifestyle, and with businesses coming up with ways in an effort to control the pandemic, there will continue to be an increase in people needing better medical coverage and facing unemployment or a decline in their income.

As we weather the COVID-19 pandemic, many of us might need to take out a loan to help get us through these tough times

And most probably, post COVID-19, people might find themselves struggling to pay back the debts that incurred during this trying period.

Weathering the COVID-19 pandemic is enough to stress us out already without having to fret about how we are going to get out of debt.

One debt relief strategy you should consider is debt consolidation. This is an especially good strategy if you have multiple loans and are struggling to make the monthly payment for each.

Debt Consolidation Ontario

Wondering what debt consolidation is? Well in the simplest of terms, debt consolidation means that you take out a loan and use that one loan to pay off your other loans.

You might ask yourself, “Why would I do that when? I’m trying to pay off my debt, not get more. How does taking out a new loan solve my problems?  Keep reading and we will tell you why.

Pros of debt consolidation

1. You will save money on interest

One reason that people find it hard to pay off debts is, the longer you take to pay, the higher the debt payments grow.

When you take out a loan, you agree to pay off the entire amount in monthly installments. However, loan payments also include interest rates. Because of the interest rate, your monthly payment increases especially if you do not pay on time, much worse if you do not make a payment at all.

So that means, as the months go by you will not be paying the same amount every month but a little more every month. 

If you have a lot of debt, these small increases in your debt payment can make it hard to stick to your repayment plan. However, when you agree to a debt consolidation program you also agree to lower interest rates.

The new loan that you take out to pay your debt through debt consolidation will have a lower interest rate than the original loans. This will allow you to budget better and pay off your loan faster. 

Typically, financial institutions in Canada have an interest rate of around 14% for a secured loan, but can get as high as 30% for an unsecured loan. In contrast, debt consolidation loans usually have an interest rate of 7-12% only.

2. You will only have to worry about one monthly payment

If you have multiple loans, it can be confusing and stressful to budget for each of the payments. Oftentimes these loans come with different interest rates and due dates so it can be confusing to budget and schedule. 

Forgetting when your loan payment is due will make it even more difficult to pay off your debts as there are often late penalties and fees. Not only that, but it will affect your credit score as well.

With debt consolidation, you just need to remember to pay one loan – the low interest debt consolidation loan.

Cons of debt consolidation

1. It won’t work if you have bad credit

The key to debt consolidation is to be able to get a low-interest loan that will allow you to pay off your other loans. However, if your credit is bad, you might not qualify for a low-interest loan. 

2. You will need to provide collateral

A car or property like a home are common forms of collateral.

Most banks require you to provide collateral if you want to take out a debt consolidation loan. There are very few banks that will approve an unsecured debt consolidation loan. In the rare instances when a bank approves an unsecured debt consolidation loan, the loaner needs to prove that they have a high net worth or they need to get a co-signer with a high net worth and a good credit score.

Our Clients 5-Star Reviews

Top 5 Key Benefits of our Ontario Debt Relief Program:

Linda Parent
Linda Parent
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“This company was very easy to talk with and were also very kind. I appreciated the information and the immediate response to my questions… thank you for your courteous manner and for the information.”
Sara Jamieson
Sara Jamieson
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“I reached out the national debt relief services because I am wanting to get out of my debt and start fresh and be able to be stress free about it. I had the awesome and lovely pleasure of speaking with Michelle Walters and she handled everything very professionally and what felt like so much ease. Thank You I advise anyone who is needing help getting debt free to give nation debt relief a consideration you will not be disappointed I am really happy I made this step.”
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.

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.

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.


No contact details required to find out if you qualify

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
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
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
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
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
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
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
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
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
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
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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