100+ Canadians Choose Us Weekly – 1000+ All 5-Star Reviews – Read real stories here
Menu
Click here to read reviews please
100+ Canadians Choose Us Weekly – 1000+ All 5-Star Reviews – Read real stories here
Free Debt Consolidation
No contact details required to find out if you qualify
If you are thinking about ignoring your debt and simply doing nothing, think twice; there are consequences for not paying up your debt. Read this article to know more information about how the Ontario Limitations Act works and what you can do to get rid of unmanageable debt.
Once you borrowed money and decided to not pay it back; it doesn’t just go away – you still owe that debt. You should however, expect collection calls and letters, possible legal actions, and wage garnishment to come your way.
Know more about us and what we can do by clicking on the button below…
1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in
As per the Ontario Limitations Act:
“…a proceeding shall not be commenced in respect of a claim after the second anniversary of the day on which the claim was discovered”.
This means is that a creditor has 2 years from your last activity (in most cases – last payment date) to take legal action to court against someone with unpaid debt.
However, this legislation doesn’t apply to all kinds of debt. Some types of debt that are covered by this legislation are Credit Cards, personal loans, payday loans, household bills and subscriptions.
Additionally, the Ontario Limitations Act will not make your debts go away. You still owe the debt even when the creditors can’t pursue legal action against you. They can still continue to contact you to collect money for the debt you owe. Unpaid debt stays on your credit report before it is purged and removed.
Government debts are not subject to the two-year limitation period. Examples of government debts are:
Note that CRA enforces a powerful collection activities and can be overwhelming. They can garnish your wages without acquiring a court judgment, this is because it is a government agency. Therefore, you need to take immediate action on your government debt especially taxes to avoid such consequences.
This option is the best way to get rid of debt but the hardest. As we all know, the reason you owe money is because you can’t pay, let alone in full. However, if this can be done despite your financial situation – this is the best way to move forward to avoid going through stressful legal actions put forward by your creditors.
If you are capable of handling things on your own, this can be your best move. Contact each creditor that you owe money from and request for a payment arrangement. Some creditors can provide you temporary debt relief options like payment deferrals or a lower interest rate for a period of time that will serve as your breathing room. You can do this by calling your bank or lender’s hotline and advising them about your situation.
If debt is too huge to handle, our personalized debt consolidation program is best option. We are a trusted debt relief agency in Ontario with over hundreds of google reviews with 5-star ratings.
We can help negotiate with your creditors on your behalf and reduce your debt by up to 75%. You can read through our clients’ success stories at this link.
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.
Proud to support financial literacy education
Get a free savings estimate today. There is no obligation.
Copyright © 2019-2024. NationalDebtRelief.ca. All Rights Reserved
100% Canadian Owned & Operated.
