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5 Common Signs You’re Dealing with a Debt Consolidation Scam in Canada

Having a huge debt is one of the problems you cannot ignore, that is why a debt consolidation always comes up as a reliable solution to this problem. Along the way, you find yourself with a significant number of enticing offers, some that sound too good to be true; which could be a sign that you are dealing with a debt consolidation scam.

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Scammers will take advantage of your situation and could only make it worse. In this article, we will outline some key things you should watch out for when dealing with debt consolidation offers.

Debt Consolidation Scam

What is Debt Consolidation?

If you owe $10,000 or more worth of debt, this can be the solution to pay off your debt legally. This is a government-approved debt relief program through the process of combining all your debts into one easy monthly payment, reducing your debts to 50% to 75% from the original total payable.

This will protect debtors from possible lawsuits by creditors. All interests will be frozen and wage garnishments wont be an option for creditors anymore.

Learn more about the benefits of Debt Consolidation – read this article.

How to Spot a Fake Debt Consolidation?

1. Too Good to Be True

When a company or someone tells you what steps will be taken to help you get out of debt without asking for your current financial situation first, be wary for this may very well be fake debt consolidation. Usually, if you speak to a legitimate debt relief and consolidation agency; they will need to assess first your financial capacity including income, expenses, and debt history before they can make a judgment on what debt relief solution to offer you.

2. The Company Charges Upfront Fees

If you are being asked to make a payment or secure a deposit when nothing has been done yet, then this is a red flag. They might also ask for a deposit before they start processing your debt consolidation. Avoid this company immediately.

Dealing with a Debt Consolidation Scam

3. Being Too Pushy

Beware of companies that push you to send money or ask for information that is not relevant to your debt situation, or those which contact you at a time other than the regular company working hours.; sometimes contacting you at a very inconvenient time.

4. You Are Being asked to Ignore and Stop Communicating with your Creditors

Once the debt consolidation has been approved and taken into effect, your creditors cannot contact you anymore. But if a company asks you to ignore your creditors before they have done anything yet, then consider this as a cause for alarm. Your creditors might think that you are running away from your debt and may take actions that might only add up to your worries.

5. The Company Information is Not Available

When dealing with a company offering debt consolidation, having all their information readily available at all times is essential. They should have a valid professional-looking website with all details of the company. If you are dealing with someone who introduces himself as representing an organization but refuses to share more information; you need to avoid them. A legitimate company wouldn’t hide its identity and/or information from potential clientele.

Fake Debt Consolidation

What You Can Do to Avoid Debt Consolidation Scam?

Talk to a legitimate company like National Debt Relief Services. We are Canada’s trusted name in hardship relief and are committed to providing reliable debt relief services to people experiencing debt problems. If you owe more than $10,000 worth of debt from Credit Cards, Personal Loans, Car Loans, Taxes, HST, 407, Household Bills, Payday Loan, Student Loan, and CRA; you are not alone, we are here to help.

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kellz belgrave
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Jennie was great ! She helped my situation a lot I definitely recommend
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Allicia Macdonald is a life saver! She helped me every step of the way. She is such a caring and trustworthy person. With a cute doggy too! I was ready to give up. Thanks to Allicia, I can look forward to a fresh start and my conscience is clear. Thank you Allicia, thank you!
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Dionne was super helpful throughout the whole process. Would highly recommend working her. She made the whole process very easy!
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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.

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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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Dawn Friesman
Dawn Friesman
20/09/2020
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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
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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
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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
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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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