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4 Reasons Why You Should Consider Debt Settlement Programs In Canada In 2023
Debt settlement programs are a form of debt relief that is available in Canada. When you enroll in a debt settlement program a debt counselor works with you to help determine a way for you to pay off your outstanding debts.
The reason it’s called a “settlement” is because, with the help of your debt counselor, you negotiate with your creditors on a payoff that will settle your debt in a much lesser amount – in easy installments.
Your debt counselor will determine how much you can afford to pay your creditors and negotiate with them so they will accept that payment and and agree to “settle”.
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When your creditors agree to a debt settlement, they will no longer go after you for the full amount you owe them but will agree to either a one time payment or a monthly payment plan – usually at a lower interest – and that will cancel your debt.
Debt settlement can be a quick way for Canadians to pay off multiple outstanding debts quickly without putting their entire assets at risk. Read on to find four good reasons on why you should consider a debt settlement program to become debt free in 2023.
1. Debt settlement programs save you money by lowering your interest rates
One of the biggest reasons why you might find yourself struggling to make monthly debt payments is because of the interest rate. The interest rate on a debt is a percentage by which the amount you owe raises every month.
If you have multiple debt and different high interest rates, it can get harder and harder to make all of your payments.
If you go for debt settlement, you won’t have to worry about multiple bills and multiple high interest rates. If your debt counselor can negotiate for one lump sum payment, interest charges and late payment fees incurred are usually waived.
If your debt counselor gets your creditors to agree on a payment plan, it will be at a lower interest rate than the original loan. This will keep your monthly repayments down and make it easier to save money.
2. Streamlines the payment process
Another problem for people with multiple debts, can be keeping track of all the payment due dates. And since not making payments on time often results in them being charged with late fees and penalties, this increases the monthly dues over time which makes it harder to pay off debts entirely.
With debt settlement, you don’t have to worry about remembering to pay multiple creditors. You just make a payment to your debt settlement company who will then forward the same to your creditors according to debt settlement terms agreed during the negotiations.
3. It is a quicker way to get out of debt
Since debt settlement dues are lower than the monthly dues that you are struggling to make, you can pay off your debts quicker.
Your debt counselor will look at your financial history and help you come up with a budget that will allow you to both pay for monthly necessities and make your debt payments.
Because your monthly payment to your creditors is now at a more manageable rate and your debt settlement company will ensure that you don’t miss those payments, you will find yourself debt free quicker than if you didn’t enroll in the program.
4. It is less damaging to your credit score
Your credit score is important to your financial future. It will impact your attempts to get financial products, such as loans or credit cards.
Being in debt or missing monthly loan or bill payments will have a negative effect on your credit score. Creditors will look at your credit score and credit history, see those missed payments, think that you might be a risky proposition, and refuse to give you a loan in the future.
Take advantage of our Free Consultation offer to know if you qualify for this great government-approved debt settlement option we will help change the rest of your life and live a life with peace of mind.
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Top 5 Key Benefits of our Ontario Debt Relief Program:
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Combined debts into a single &
affordable monthly payments - Freeze All Interests
- Stop Lawsuits
- No More Harassing Collection Calls
- Secure your Assets
To know more about 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 with the best debt relief option that fits your situation.
No contact details required to find out if you qualify
Do you want to experience Peace of Mind from all of these?
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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.
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the options and savings of all formal debt relief programs available to you.
SEE IF YOU QUALIFY TO:
- Lower Your Monthly Payments
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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.
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