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Canada Debt Consolidation Loans Guide – COVID 2022

Debt consolidation is a process of combining two or more debts into one. It is a method of debt repayment which gives the debtor the ease of managing multiple debts into a single monthly payment. It is a great option if you want to pay down debt and improve cash flow.

Unsecured debts such as credit cards, personal loans, and payday loans are a good example of debts that usually get consolidated into a debt consolidation loan at a lower interest rate. Continue reading to learn how our Canada Debt Consolidation works and how it can help you get rid of debt.

Know more about us and what we can do by clicking on the button below…

Sick Kids

We donate $1 for every client that is eligible.

You're not alone

Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

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

Orillia Huntsville Peterborough Toronto Brampton Kitchener Mississauga Hamilton Belleville Kingston Cornwall Oshawa Ajax St. Catharines London Sarnia Windsor Sault Ste. Marie Elliot Lake Sudbury North Bay Timmins Thunder Bay Ottawa

Is Debt Consolidation the Right Option to Eliminate Your Debt?

Debt consolidation works but not for everyone. Financial situations is different from one another; solutions to our debt problems may vary as well for each person. To find out if you are ready to take on a debt consolidation loan and to know whether it is the right option for you, read below.

Find the cause of your huge debt.

This is important as you have to make sure that you are fully aware of why you continue to experience increasing debts. You will need to re-assess yourself and make a strict disciplinary precaution to avoid incurring more debt and end up with a huge debt again and again.

Determine your Debt-To-Income Ratio.

It is a method of measuring how much an individual’s debt is and how much money he earns.

Understand your budget.

Before deciding to take on a major financial change, you need to know where you stand in terms of your finances. The budget should be an important aspect that affects your decision. This should guide you on how much you can afford to pay with the new loan you are going to take.

Duration of the Loan

If a person is taking a loan with a pretty long duration, he/she should rethink. The chances of experiencing financial hardship in a span of 5 years are higher compared to a shorter duration.

Allocate a fixed budget

Calculate how much your monthly expenses (bills, groceries, and medicines) and see whether a fixed budget will fit just right. You should see to it that you are not going to be in a position where you’ll struggle to pay your monthly dues.

Advantages and Disadvantages of Debt Consolidation

Merging your debt into a single loan sounds like an easy fix; however, just like any other loan, there are advantages and disadvantages. These are things you need to think about before starting.

Advantages:

  1. Debt Simplification

A Debt Consolidation will merge all your debt into a single and affordable monthly payment. This will be easier for you to manage as you only have one payment to remember each month. It will also be a fixed amount of payment in a fixed time duration.

  • Better Interest Rates

With a lower interest rate, you’ll be able to pay off your debts much easier and faster.

  • Preservation of your credit

Being able to pay your monthly payments will see an improvement in your credit score in the long term.

Disadvantages:

  1. Could lead to more debt

If you fail to comply with the payments of your debt consolidation, it could eventually lead you to more debt – which is going to be bad for your credit.

  • Requires Approval

You should have a not-so-bad credit rating to qualify. Some banks will look into your debt-to-income ratio to determine your eligibility and risks.

  • Could take up to 5 years

The duration of your debt consolidation could be as short as 12 months or as long as 60 months. This depends on how much your debt is and how much budget you allocate towards paying it.

What You Can Do to Eliminate Debt with Debt Consolidation

Canada debt consolidation

Follow your budget.

You need to make sure you are following a strict budget. This will help you avoid overspending and eventually not being able to make your payments.

Avoid Using Credit Cards

The relief that debt consolidation provides is great; this is because all your credit cards are paid off by a new loan. Make sure to avoid using your credit cards unless it’s for an emergency. You don’t want to incur more debt with unnecessary spending while a debt consolidation program.

Choose National Debt Relief Services

We are Canada’s most trusted name in debt relief. We are a legitimate company that helped thousands of Canadians get out of debt fast and legally. We offer Government-Approved Debt Consolidation Options.

How We Can Help You

We’ll help you create a personalized debt relief and consolidation program that will reduce and eliminate up to 50%-75% of your debt. This is a government-approved program designed to help Canadians get out of debt. We help consolidate Credit Cards, Personal Loans, Car Loans, Personal Taxes, CERB, HST, 407, Household Bills, Payday Loans, and CRA debts.

Government-Approved Debt Consolidation

We provide free consultation for anyone living in Canada and experiencing severe debt problems. If you owe more than $10,000 worth of debt, we can help you. Our free consultation has no commitment, no obligation, and no risks. Even if you don’t use our service, you’ll be able to understand how this debt relief option works and how it can help solve your debt problem.

We help the community by donating $1 for every 15-minute consultation. Hundreds of Canadians are experiencing debt relief every day with our debt relief options. Let us help you; we will share all information that you need to know about this amazing program.

Click below for a free quote and a personalized debt relief plan from a Certified Debt Specialist! We understand COVID is still a threat, don’t worry you don’t need to leave your home to discuss your options. Our free consultation can be done through phone call or zoom.

Our Clients 5-Star Reviews

Gars Lat
Gars Lat
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“MIcheal Cowan was very professional,caring,and explained everything and you could contact him anytime if you had questions. I’d recommend him”
Sleevin
Sleevin
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“Fanoula Filtsos was an ABSOLUTE delight to work with. She was constantly updating me on progress, she ALWAYS answered her phone, she was honest, very thorough with every detail and most importantly she made me feel at ease during this entire process.”
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.
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Top 5 Key Benefits of our Ontario Debt Relief Program:

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

Sick Kids

We donate $1 for every client that is eligible.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

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.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

No contact details required to find out if you qualify

Sick Kids

We donate $1 for every client that is eligible.

Frequently Asked Questions

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.

Why Trust National Debt Relief Services?

Debt relief program's accreditation logos
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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

Plus we give back with every customer.

Sick Kids

We donate $1 for every client that is eligible.

We Help Over 200+ Ontario Clients Per Day

We're here to help you consolidate your debt.

Get a free savings estimate today. There is no obligation.

Sick Kids

We donate $1 for every client that is eligible.