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Free Debt Consolidation
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It is important to remember that everyone has their financial situation. There can be times when deciding on a debt relief option can be stressful.
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We have compiled five useful debt relief solutions for you to consider, along with their benefits and risks, so that you can make a well-informed decision.
Anyone who wants to handle their consumer debt more skillfully and has several different types of debt has the option of debt consolidation. Multiple payment due dates, different lenders, and various interest rates are sometimes associated with having numerous consumer debts (credit cards typically have interest rates as high as 20%).
Pros: Loans for debt consolidation typically have lower interest rates and allow for longer payment terms. As long as it takes care of all of your unpaid accounts, it may be an excellent credit card debt solution.
Cons: Consolidating your debts will not get rid of your debt; it will simply roll all your debts into one, easing your payment burden. Bankruptcy or a consumer proposal may be a good option if your debts exceed your income.
With the use of a debt management plan (DMP), you can reach an agreement with your creditors that lowers your payments and enables you to repay your debts over a three-to-five-year period. You can get help negotiating with your creditors from the credit counselor. The interest rate on your debt will be reduced if the negotiation is successful.
Pros: Since you just have to make one monthly payment and your interest rate is lower, a debt management plan can make it simpler for you to pay off your debts.
Cons: A debt management plan does not involve the cancellation or reduction of debt. Even though you will still need to pay all of your debt, there are situations when the reduced interest rate is sufficient to help you get out of debt.
Following debt settlement agreements, you pay back a portion of your debt. In this situation, you must work with a debt settlement firm. You make payments over months to the debt settlement firm rather than your creditors. Negotiating with your creditors starts when your debt settlement firm determines that enough money is accumulated. By giving lump payments from the holding account to which you have been making contributions, they will attempt to settle your debts for less than what you owe.
Pros: If your creditors accept your offer, this approach has the advantage that you will be paying back less than what you owe.
Cons: There are costs associated with completing the process, and this arrangement is not guaranteed. Given that most debt settlement firms are unreliable, referring consumers to a Licensed Insolvency Trustee (LIT) to submit a consumer proposal often entails substantial referral fees.
A legally binding agreement between you and your creditors to pay back a portion of your debts over up to five years is known as a consumer proposal.
A consumer proposal is the only debt relief option offered by the Canadian government. A formal, legal debt settlement scheme made possible under the Bankruptcy and Insolvency Act. A safe and dependable debt relief method, it enables you to stay out of bankruptcy.
Pros: Your monthly payments will be reduced as a result, and it will be simpler for you to pay off your debt completely in the long run. Your creditors cannot take legal action against you and you won’t receive threatening or harassing phone calls from them.
Cons: Generally speaking, a consumer proposal takes longer to complete than a bankruptcy.
Although declaring bankruptcy should be your final option, it can nearly immediately reduce your debt issues. Bankruptcy filing is a legal procedure governed by federal law in Canada. The Bankruptcy and Insolvency Act governs the bankruptcy procedure similar to how a consumer proposal. You and your creditors must be treated fairly and honestly, along with all other parties.
Pros: When you file for bankruptcy, you will stop getting calls from creditors, your interest will be suspended, wage garnishments will also stop, and it costs less than other options.
Cons: A bankruptcy can affect your future financial situation and be reported on your credit report for 7 to 10 years. Your ability to obtain a mortgage or vehicle loan may be temporarily hampered if you file for bankruptcy. Not all debt will be discharged.
National Debt Relief Services can help answer your questions about debt relief options to help get rid of tax debt. We offer debt solutions to Canadians experiencing financial hardship. We understand the importance of your health, we can discuss your options via zoom or phone call for free, 100% no obligation, no risks, and no commitments.
Our debt consultants can help create a personalized debt relief program that will include your Tax debt and can reduce it by up to 50%-75% from the original amount. That means you will only pay a portion of your debt in a fixed monthly payment and the rest is forgiven.
We have hundreds of 5-star Google reviews that you can read at this link. Our government-approved debt relief programs have helped hundreds of Canadians get out of debt and have a fresh start.
Click the button below to get your Free Debt Savings Estimate. One of our debt consultants will explain all the details of this program for you and answer your questions.
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.
SEE IF YOU QUALIFY TO:
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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