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Debt Relief Ontario 101 - How COVID-19 Impacts Consumer Debt in 2022

Understanding how COVID-19’s negative effect on an individual’s finances, especially consumer debt is vital in dealing with the pandemic. Undoubtedly, COVID-19 made a substantial impact on Canadian households, and most people are continuously dealing with the effects of this until today.

If you are one of the people directly affected by the pandemic, consider reading this article to determine what you can do to manage it. Do you need help in dealing with swelling consumer debt due to COVID-19? You are not alone! We can help legally and in the easiest way. Click the button below to learn more information.

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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

Consumer Debt

How COVID-19 Became The Major Reason for Swelling Consumer Debt in the Last Year

Below are some of the most common effects of the pandemic that impacts consumer debts:

 

Lower Income

  • In a spur of a moment, a significant number of Canadians either lost their job or got reduced working hours. 
  • The majority of the working force had to deal with unplanned budget cuts and the dissolution of expected income in the coming months. 
  • Some parents had to temporarily give up their jobs and had to stay home and take care of their kids then while on lockdown.
 

All these caused a domino effect which eventually leads to debt or inability to pay the debt. 

 

 

Credit Card Used as Backup

Since people had no income coming in, credit cards were used as a backup to spend/buy essentials. People were more focused on addressing their daily food and essential needs and just thought about debt later. Debt was not a priority, and this led to growing debt overtime. 

 

 

Rent/Mortgage Payments

Job loss or reduced working hours have a domino effect, which ultimately affects people’s ability to pay for their housing, the most expensive monthly cost a family will endure.

Trying to keep a roof over one’s head has become one of Canadians’ most significant financial stress during these most trying times. 

debt relief Ontario

Debt Relief Ontario Options

COVID-19 is still a threat to all Canadians’ health and safety, and the following are government programs and personal debt relief Ontario options that citizens can take advantage of.

COVID-19 Government Programs

Since the beginning of the pandemic, the Canadian Government introduced support programs to help those who are most in need and vulnerable to the impact of COVID-19. Below are available programs for Canadians who are struggling financially.

Mortgage Deferrals

Homeowners who are struggling financially due to the COVID-19 pandemic may be eligible for mortgage payment deferral. This is an agreement between a lender and homeowner to suspend or delay mortgage payment  for a certain period.

To determine whether you are eligible for the mortgage payment deferral, contact your bank or mortgage specialist. 

Payment Arrangement

If you feel that you will not be able to pay your monthly obligation towards your loan or credit card payment, it is best to contact your creditor.

  • Advise your creditor that you are going through tough times due to the COVID-19 pandemic, and you will need a payment arrangement.
  • Creditors are well aware of the COVID-19 crisis and could potentially provide you temporary financial relief by giving you a lower interest rate in a certain period.
  • They may also waive any interest charges or late fees incurred as a result of the COVID-19 crisis.

Lastly, you may also ask for a payment deferral so you can skip a couple of payments to give you breathing room.

Consumer Debt Impact

Government-Approved Debt Relief Program

If you owe more than $10,000 worth of consumer debt as a result of the COVID-19 pandemic, you have an option to take advantage of a debt consolidation program. This program will help consolidate all unsecured debt into a single monthly payment and reduce your debt by up to 75%.

Benefits of this program include:

  • Creditor protection
  • Lower monthly payments
  • Keep your assets
  • Chance to rebuild your credit

 

We can help you get a debt consolidation program. Our clients are happy and satisfied with our service: 

Our Clients 5-Star Reviews

Tammy Milne
Tammy Milne
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Wow, I am almost at a loss for words. For the first time in years I can sleep, I don't screen my calls and I feel as though the weight of the world has been lifted off my shoulders. I can't thank or praise Jennie enough. She worked patiently with me and for me. She even went as far as texting and calling me when she wasn't at work. I offered her my first born but she didn't want her lol. I highly recommend Jennie and will be eternally grateful. Thank you thank you thank you
Margaret Hopkinson
Margaret Hopkinson
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Jennie could not have been more helpful. She gave detailed information and made sure I understood everything. Her follow up was very helpful to me and I would recommend her help to everyone. Thank you for making this process one of the most informative but easy to do
Laura Maki
Laura Maki
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Sylvana was so informative and helpful, without her I would not be getting my debt paid off. This program is helping me get back on the road to becoming debt free. I highly recommend this company if you are in need of debt relief.
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Top 5 Key Benefits of our Debt Relief Ontario 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

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

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
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  • 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:

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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?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
Verified
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
Verified
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
Verified
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
Verified
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
Verified
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
Verified
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
Verified
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
Verified
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
Verified
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
Verified
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

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