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Debt Relief Options Canada: Strategies & Tips

To achieve financial freedom is not an easy thing to do, especially if you have mounting debt. Understanding the best debt relief options in Canada can be your first step. Below are tips, strategies, and options to help you choose the best debt relief available.

If you are having trouble paying all your debt, you need to know about these amazing debt relief options in Canada. Continue reading or click on the below button to talk to one of our amazing debt specialists.

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

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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

Budget Management

One of the simplest debt relief options in Canada is proper budget management, it can be your first step in getting back on track with your finances.

Budget management is the process of managing and tracking your income and expenses. It is a financial management tool that allows you to plan how much you will spend or save each month depending on your budget.

The first step is to gather and review your financial paperwork or statement as follows:

  • Bank Statements
  • Utility Bills
  • Credit Card bills
  • Mortgages
  • Auto Loans

Then calculate your monthly average income to know where you stand against your expenses. Know your fixed expenses and variable expenses and categorize them based on their urgency or frequency.

After gathering all information, make adjustments to your expenses accordingly depending on their importance. You may also use a Mobile Application that can help you easily track your expenses and income and have full control of your financial situation.

Your goal here is to make sure that your expenses are lower than your average monthly income to allow breathing room and ideally save money. This way you’ll have extra money to pay more towards your debt.

Credit Counselling

This option is also referred to as a Debt Management Plan. In Canada, there are hundreds of non-profit agencies or charities helping Canadians through a debt management program.

A debt management plan offered by credit counselling entities is designed to stop or reduce your debt interests. With this program, you will still have to repay your debt in full, but without accumulating new interests. This means your payment will go directly to reducing your debts.

With this program, your non-profit entities will get an administrative fee as a part of your monthly payments towards your debt. This option can’t guarantee that your creditors will stop contacting you about your debt.

A credit counselling or a debt management plan is a voluntary agreement between debtors and creditors. If a creditor refuses to work with this program, you can still receive collection calls or wage garnishment. Basically, creditors are not required to accept or participate in a debt management plan.

Click here to know more information about Debt Management Plan.

Consolidation Loan

This is a form of debt relief options in Canada thru refinancing. You’ll take on a large personal loan to pay off a multitude of debts at once.

Securing a new loan with a lower interest rate is ideal. You’ll use the new loaned amount to pay off multiple or all existing loans and debts you have.

Depending on the new loan term, your interest rate is often reduced and the monthly repayment amount is lowered compared to the total monthly amortizations you had. A great benefit of this debt relief option in Canada is debt simplification, you’ll only have one payment to keep track of.

Balance Transfers

If your debt is composed mainly of huge credit card debt, a balance transfer is your go-to for debt relief options in Canada. Credit cards can be tough to deal with if it’s uncontrolled and the interest starts piling up like crazy.

A balance transfer is a method of transferring your credit card debt or balance to a new credit line, ideally with lower interest or none at all.

Each day, interest is accumulated in a credit card debt. Looking for a balance transfer that offers a 0% interest in 12 months or more is the ideal deal you can take advantage of. During this 0% interest period, you take advantage of this time to pay as much as you can towards the debt.

A balance transfer may also allow you to include not only your credit card balance but other personal loans and lines of credit as well. This debt relief option can help save you a lot of money in interest payments.

Government-Approved Debt Consolidation Program

debt relief

This is the best debt relief option in Canada if you have over $10,000 worth of debt from:

  • Credit Cards
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • CERB

Contrary to a regular consolidation loan, this government-approved debt consolidation program is not about taking out a new loan. It simply merging your debt into a single monthly payment which is worked out with a debt relief provider like National Debt Relief Services, we are Canada’s most trusted hardship relief company.

Our team will help you create a personalized debt consolidation program thru phone call or zoom. You don’t need to leave your home, stay in safe while learning more about your options.

Our debt specialists will help you create a personalized debt consolidation program that will reduce or eliminate your debt by up to 50%-75%. Our team will be the one to negotiate with all your creditors on your behalf.

Once approved by your creditors, collection calls, wage garnishments, and lawsuits will stop. The goal of this program is to help you get out of debt quickly and easily.

Get a free consultation by clicking on the below button to get started. We don’t charge upfront fees. This is a very important government-approved debt relief option in Canada that you need to know about.

Our Clients 5-Star Reviews

Jennifer Chenier
Jennifer Chenier
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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
Katherina Preston
Katherina Preston
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"So glad I finally had the courage to make the call" Suma was amazing.. she guided me through my options and got the answers to all my questions. By the end of our very first phone conversation I had hope again...finally...no more sleepless nights worrying my debt ....Thank you National Debt Relief Services
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

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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
  • 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

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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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