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Free Debt Consolidation
No contact details required to find out if you qualify
Relaxing for the rest of your life after years of hard work is every senior’s dream. However, that is not always the case. Nowadays, there is a significant number of seniors experiencing debt issues as they go through retirement.
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There are various reasons why people end up dealing with a huge debt at their senior age. But note that you are not alone, there are debt relief options for seniors. Continue reading to learn more about these programs and how you can deal with debt.
Healthcare is the biggest concern senior people face in Canada. Millions suffer from medical-related debts every year. This is true as people age, the body develops medical conditions. It is a normal part of getting older and that is the main reason why Seniors fall into debt.
Over the years, healthcare expenses have gone up and this caused very expensive medical bills for our seniors. One of which is treatment and medication which can be covered by insurance but not all.
This is another common reason why Seniors incur debt. During the pandemic, various government programs helped people to defer their mortgage payments. However, this was just temporary debt relief.
According to a BNN News Article, mortgage debt in 2020 has increased by more than $100 billion in one year. This has been fueled by the aggressive real-estate market in Canada and is becoming the main reason people end up with debt in their senior age.
Failing to save for retirement is also one of the main reasons why people end up in debt. Maybe they have saved too little which will not help them repay their debts before they retire.
Even with Social Security, many seniors still feel they run short of funds which could potentially increase the use of credit cards that causes debt.
Seniors need to have the mindset that sometime in the future they may need to spend a significant amount of money on healthcare.
One good method to secure the funds you will need for future health-related expenses is to set up an automatic bank transfer that will move a portion of your monthly paycheck into a savings account.
As time passes, the money you put into a savings account will accumulate interest which you could use as an emergency fund.
Monthly subscriptions, dining out regularly, and shopping for unnecessary items could help you save hundreds and thousands of dollars if avoided. This will also help you reduce your debt as your regular use of plastic transactions is stopped.
Also, try to avoid luxurious travels (e.g. out of the country, cruises, or road trips). This can be avoided temporarily and can be enjoyed once you have cleared your debts. Gas or air tickets can be costly as well as lodging and food expenses during travels.
If you have over $10,000 worth of unsecured debts including Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student Loan; you qualify for a government-approved debt relief program for seniors.
With this program, your debt can be reduced by up to 75% which means you’ll only pay a portion of what is owed and the rest is forgiven.
We will create a personalized debt relief program for you and we will negotiate with your creditors on your behalf. With our years of experience in the field, we have already developed a strong relationship with creditors. That means we’ll be able to get you a great deal with creditors and you’ll be able to save more money for your retirement.
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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