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As of the writing of this post, the world is still in the grip of the COVID-19 pandemic. Aside from the devastating effect that it has on people’s health, the accompanying economic slowdown is having a devastating effect on businesses.
With so many businesses – both local and international closing down or implementing cost-cutting measures, unemployment is a very real possibility for many Ontario residents during the COVID-19 pandemic.
Even if their company is not laying off people, they may find themselves furloughed or asked to work from home or placed on different work shifts. These measures to decrease operating costs and increase worker safety have the negative result of reducing work hours and in many cases reducing earning capacity.
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For small and medium business owners in Ontario, quarantine measures are making it hard for them to keep their daily operations running.
Even if they can operate during the pandemic, chances are they aren’t seeing as much business or the strain of having to implement new operating procedures to help protect their employees and customers are eating their profit.
Because everyone’s earning ability has been negatively impacted by COVID-19, many people will find it hard to keep up with their daily expenses and meet their monthly financial obligations.
If you were already struggling to pay your home loan, racking up credit card debt due to a loved one needing to be hospitalized, after a COVID-19 scare could strain your finances to the breaking point.
Free phone call consultation from anywhere in Ontario
If you are a store owner who took a loan to renovate a store you can no longer open, you could find yourself dipping into your own savings to not just keep up the debt payments but pay your employees’ salaries.
In these cases, the best thing to do would be to look at the available debt consolidation loans in Ontario.
A debt consolidation loan is a loan that you take on to pay off multiple loans. So instead of struggling to pay off multiple loans you just need to make the payment of your debt consolidation loan.
The advantage of a debt consolidation loan is that it has a lower monthly interest rate than many other types of loans available in Ontario. Because of this, it’s easier to budget and remember to set aside the amount you need to make your monthly payment. You also avoid any late fees and penalties and any negative impacts on your credit score.
These financial institutions offer debt consolidation loans at lower interest rates than other types of loans. Most banks in Ontario provide debt consolidation loans with interest rates of about 7 to 12%. Credit unions, meanwhile, will probably charge you an interest rate of 14 to 30%.
Take note, however, that they usually require you to have collateral, such as a vehicle or a home. If you default on your payment of your debt consolidation loan, and are overdue for 90 days, then that asset may be repossessed by the lending institution.
If you don’t have anything that you can put up as collateral, they may still give you a debt consolidation loan if you have a guarantor. However, given how the COVID-19 pandemic in Ontario is impacting everyone’s finances, you might find it hard to find someone in a strong enough financial position to be a guarantor.
Online lenders provide debt consolidation loans and they are very convenient. However, the debt consolidation loans offered by online lenders usually have some of the highest interest rates for this type of loan in Ontario – from 30 to 50%.
If you decide to work with a credit counselor, one of the options that they will propose will be a debt consolidation program. This isn’t a loan in the traditional sense but the end result is the same, you make one monthly payment to pay several debtors. This payment – and a service fee – will be made to your credit counselor who will pay your debtors on your behalf.
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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