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Free Debt Consolidation
No contact details required to find out if you qualify
The idea of debt consolidation in general is that it provides you the relief that you want after all the debts you may have incurred over the years. Debt Consolidation is the life-saver that you will need after drowning in a sea debt.
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However, though you can simply call up the nearest institution that offers a debt consolidation program in your province, you will need to know that this works both ways. Aside from the negotiations that the Debt Consolidation does on your behalf, you will need to take action in four simple steps.
One of the details in debt consolidation is the overall reduction in interest rates for your accumulated debt. If you have to pay your debt, however, over a longer timeframe, then the overall amount of debt will not have been offset by the reduction of the interest rate.
In this instance, debt consolidation may increase the interest rate so be sure to select a timeframe that allows you to pay off your debt at the shortest possible time.
Before you get into the overall debt consolidation program, you will want to see if you can negotiate with your creditors over a more reasonable period wherein you can pay your debt.
When it comes to loan consolidation, not all loans should be consolidated as these may have generally more favorable terms for you compared to when the loan is consolidated with other loans.
Balance transfers and the use of debt settlement companies are other options that you can avail of to reduce your debt. Some of these options allow you to be more flexible with how your money is handled.
Balance transfers, for instance, allow you to consolidate your loan and transfer the balance owed to a card.
A Debt Settlement Company, however, has more diversified requirements, but simply allows you to deposit a lump sum of money that goes to the payment of your debts. The lump sum in this practice is accumulated with small deposits over time into an account, where once the lump sum has been reached, it is dispatched to settle your debts.
It is good practice, however, to pay attention to the presence of late fees or lack thereof, as these can negatively impact your credit ratings which you do not want to happen.
This is easier said than done, especially if you feel relieved that your mountain of debt does not feel quite heavy. Debt is still debt, no matter how small the amount is.
By this time, you can appreciate how small indulgences with wants can pile up and increase the amount of debt you owe, to begin with. Therefore, while you are settling up debts, avoid new ones.
Prioritize your needs (food, utilities, shelter), rather than wants (trips, materials, wants). Your credit rating will thank you for it.
Realistically, there are really a lot of options available for you to help you eradicate debt. It’s up to you how to use these opportunities – choose the best and do your best.
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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