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There are several solutions available for every financial problem. However, it is important that you understand these options so that you can make the right decision and not make a costly mistake, especially since – you already are in a “not-so-good” financial disposition.
A consumer proposal is a legally binding debt settlement agreement between you and your creditors. You need a licensed insolvency trustee to know the debts you can afford to pay back. Creditors then may approve your payment plan.
It allows you to avoid bankruptcy, but it also comes with consequences. One is that the proposal becomes part of a permanent public record. It would also negatively impact your credit. Most of all, it is expensive compared to a personalized debt assistance service plan.
Credit counseling guides consumers on money management, budgeting, consumer credit, and debt management. The ultimate goal of this program is for a debtor to avoid bankruptcy if they are struggling to repay debts, especially in times of the global pandemic.
Counselors process clients to help them create a personalized plans for their debt issues. For example, certified debt specialists would help you create a debt management plan (DMP), allowing you to make a single payment toward your debt each month. The good news is that initial consultations with credit professionals are free.
It is an informal arrangement made with creditors to pay back a certain percentage of your debt. It is also called “debt relief” or “debt adjustment,” wherein you resolve the delinquent debt for far less than the amount you borrowed by offering a substantial lump-sum payment.
“Debt settlement can save consumers money by allowing them to resolve their debts for less than the full balance,” says Gerri Detweiler, co-author of the eBook, Debt Collection Answers: How to Use Debt Collection Laws to Protect Your Rights. In addition, he adds: “It can be a way out of debt for some individuals who can’t afford to pay back the full amount they owe.”
Depending on your situation, debt settlement offers could range from 10% to 50% of your debt. However, your creditor will have the final say on what offer to accept.
Debt consolidation is taking out a new loan to pay off multiple consumer debts and liabilities. Its advantages include lower monthly payments, a lower interest rate, or both. It could be a good option for paying off credit card debt because it covers all your outstanding debts. However, the risk here is it does not eliminate your debt. It just makes the payment more manageable. The National Debt Relief Services could help you improve your bad credit to qualify for a debt consolidation plan.
Filing for bankruptcy should be your last resort when dealing with debts. It is a legal process governed by federal law (the Bankruptcy & Insolvency Act). Insolvency is the inability to meet your financial obligations (pay your bills as they come due), combined with the lack of assets sufficient to pay these bills.
If you are insolvent and have more than $1,000 debts in total, you could qualify for declaring bankruptcy in Canada. However, you should not give up. We provide bankruptcy consulting where a situation may warrant such a drastic solution. However, that approach is generally reserved for the most severe cases were settling for a percentage of debt isn’t realistic.
Since only Canada offers only one debt relief program, it is also best to explore more options in resolving your financial situation. Each has its advantages and disadvantages. Our ultimate goal is to eliminate your debts. We are here to help you, connect with us!
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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No contact details required to find out if you qualify
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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