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Free Debt Consolidation
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Many people looking to take control of their debt would think that the best way to do so is through loan consolidation. For some, consolidating their debt is a great decision, but not the same can always be said for all situations. Here are four points to guide you before you make the decision.
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The goal when consolidating debt is obviously to lower the rates being paid on loans, thus lessening the load we carry on our backs. While it sounds like a great move, be careful to see that the new loan would now take you longer to pay off than the original loan. Otherwise, it might cost you more in the end. Keep in mind that the more extended the period of time you have to pay the loan, the more interest you will have to pay. Additionally, if you miss payments, some creditors will charge you with a late payment fee, which will set you back even further.
You might have other choices on your hands aside from consolidation that would suit you better. For instance, some creditors are willing to reconsider the terms of your balances within reason. This way, you will not have to worry about the likely fees associated with consolidation.
There is also a possibility that including all your loans in consolidation is not the best move. You will want to consolidate the larger loans into a single monthly payment, and leave the low-interest rates out of the consolidation. If the rate of consolidation is higher than the rate of the original debt, then it would make no sense to transfer said debt into the new consolidated interest rates.
There are several ways on how you can consolidate your loan. The best way to go about it differs from person to person. You can choose to consolidate your debt with the following approaches:
Balance transfer. Balances from one or more credit card accounts can be transferred to a new, single credit card. The great thing about this is that balance transfer credit cards usually offer an introductory 0% ARP and if you pay off your balances before it expires, you will likely avoid having to pay for an interest charge on the transferred balance. However, some creditors may cancel the introductory ARP offer because of late payments, so you have to be sure to pay on time.
Home equity loan. Compared to personal loans and credit cards, these loans have lower rates. The cons of this are that the lender can start foreclosure proceedings if you fail to pay on time. You can be in danger of losing your home.
Debt settlement companies. Upon entering into an agreement with a company, you will start paying balances to the company instead of doing so directly to your creditors. The company will also negotiate with your creditors to accept a lower amount than what you owed.
When dealing with these types of companies, always lookout for scams. Steer clear of debt settlement companies that:
Guarantee settling your credit card debt for a lot less than what you originally owed
Want you to make a payment before settling the loan
Tell you that they can make your unsecured debt disappear
Tell you that you will finally be free from lawsuits or calls from debt collectors
Tell you to cut all contact with your creditors
Lastly and most importantly, the expected final outcome when consolidating is to erase all your existing balances or to at least reduce them. By consolidating your loans, you might feel the relief of finally receiving only one bill when you used to have a lot. This might make you think that the amount you will have to pay has decreased, and in turn splurge on yourself. This is, of course, false. It is ultimately up to you to control yourself from incurring more debt than what you originally had.
Digest all your options and you can ask your local CPA to walk you through the best option for your financial plan.
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
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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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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