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Free Debt Consolidation
No contact details required to find out if you qualify
Due to the COVID-19 pandemic, many people are facing unemployment or loss of income due to challenging business situations. It’s understandable that many people in Ontario are now worried about how to make their debt payments.
Now would be a good time to talk to a credit counselor, initial consultation is usually free. You only pay service fees if you hire them to initiate a debt management or debt settlement plan for you.
Know more about us and what we can do by clicking on the button below…
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Your credit counselor will take a look at your financial situation and help you decide what debt relief solution is best for you. A popular option for debt relief in Ontario is debt consolidation.
One concern, however, is whether or not you can still get debt consolidation while under government assistance. After all, debt doesn’t disappear just because your earning capacity is diminished. Should and can you get approved for debt consolidation in Ontario even when you are government benefits like CERB or ODSP?
CERB stands for “Canada Emergency Response Benefit” it is a form of financial support that is being given to Canadians in emergency situations. In this case it’s given to those who are affected by the COVID-19 pandemic. In Ontario and elsewhere in Canada, CERB is available to both the employed and self-employed.
CERB provides $500 a week that can help you financially. Due to the COVID-19 pandemic, CERB has now extended the assistance for qualified applicants to a maximum of 24 weeks. The general eligibility criteria in Ontario for CERB right now could be any of the following conditions:
There are more qualifications here. After confirming you are qualified for CERB, you will also be able to apply for it on that page.
Debt consolidation allows you to consolidate multiple forms of debt and pay them off with only one monthly payment. If you go for a debt consolidation loan, you pay your debts by paying the loan. If you decide to use a credit counseling agency, you pay them to pay your creditors.
Even if you are on CERB, you should be able to apply for debt consolidation. The fact that you are unemployed or on CERB won’t show up on your credit record and it won’t impact your credit score.
As long as you have a good credit score, you should be eligible for a debt consolidation loan and can enroll in either debt management or settlement.
Keep in mind, however, that debt consolidation isn’t debt forgiveness, you’re still going to need to make monthly repayments. However, these payments – on your debt consolidation loans or to your credit counseling agency – will be lower due to lower interest rates and waivers of late fees. Keep in mind, however, that there will be service fees with your agency.
All in all, with careful budgeting, you can get debt consolidation in Ontario in CERB.
ODSP is the Ontario Disability Support Program, a social assistance program that provides both income and employment support to Ontario residents with disabilities.
This program aims to offer financial aid to pay for a person with disability’s living expenses. It also provides health benefits such as drug and dental coverage. You can calculate how much you are eligible for here.
This program aims to help people with disabilities in Ontario find and keep a job. This is mostly in the form of training and mentoring. Though, if you want to start a business, they also offer financial help.
To apply for these programs, you must have a substantial physical or mental impairment that is continuous or recurrent. This should reduce or restrict your ability to work, take care of yourself, and take part in community life.
It is possible to get a loan while in ODSP, the money that you are receiving as part of this program will be treated as income by the lender. So ODSP will actually contribute to your “financial health” along with any other form of income and your credit score.
Being in ODSP should not hamper you from getting a debt consolidation loan or enrolling in debt management or debt settlement programs. Whatever you get can be used to pay your consolidated debts.
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.
SEE IF YOU QUALIFY TO:
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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