100+ Canadians Choose Us Weekly – 1000+ All 5-Star Reviews – Read real stories here
Menu
Click here to read reviews please
100+ Canadians Choose Us Weekly – 1000+ All 5-Star Reviews – Read real stories here
Free Debt Consolidation
No contact details required to find out if you qualify
Know more about us and what we can do by clicking on the button below…
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
According to Investopedia, debt relief is when debt is reorganized in a way that provides the indebted party with a respite from their payments. This is usually done by arranging it so that the monthly debt payments are reduced in some way.
This reduction in debt payments is meant to make it easier for repayment to be achieved. Many financial institutions are amenable to debt relief programs as it ensures that they get some of their money back.
Debt relief plans actually help people get out of debt without having too much of an impact on their credit score.
Your credit score is important to securing your financial future, a bad credit score will impact your ability to apply for and get approved for financial products. Banks and other lending institutions will look at this when determining whether or not to approve your loan, mortgage, or credit card application.
If you have multiple sources of debt, one of the difficulties in becoming debt-free comes when you try to make all your loan payments in a timely manner. It can be a struggle to make all these payments and remember all the different due dates.
Debt consolidation is a form of debt relief where, instead of having to pay multiple bills at different times you consolidate all your bills and pay them in one payment.
In Canada, debt consolidation loans are offered to people looking for debt relief. What happens here is, you take out the debt consolidation loan to pay off your multiple existing loans. So to pay all your loans, you just need to make one payment – the payment of the debt consolidation loan.
One other reason why a debt consolidation loan is considered a good idea is, it has a lower interest rate than other types of loans.
All loans have interest rates, these are a small percentage by which the loan payment will increase every month. If you are struggling to pay a loan, high interest rates are your worst enemy because this means your loan payment will increase month by month. A low interest debt consolidation loan will be easier for you to pay off in a quick and timely manner.
A debt consolidation loan, however, oftentimes requires collateral – such as a house or car. It can also be hard to get one if your credit rating is bad. In these cases, it might be better to go to a credit counseling agency.
If you go to a credit counseling agency, you can get out of debt with the help of a credit counselor. In Canada, you can find a reputable credit counseling agency by checking and confirming that they are members of the provincial and national credit counseling associations.
Your credit counselor from a debt relief agency will then come up with a debt management plan. They will go to your creditors and negotiate on your behalf a way to lower your monthly payments. This can be achieved by getting your creditors to agree on a lower monthly interest rate or a longer payment period.
Afterwards, instead of paying and negotiating with multiple bills, you will just make a single agreed upon payment through your credit counseling agency who will then, forward the same to your creditors for you.
Working with a credit counseling agency can save you money on your interest rates, but you will have to pay the agency a fee for its services.
It will not address the negative impact on your credit score. It will be noted that you are in a debt management plan and that could impact future credit approvals. However, once you pay off your debt, this will only stay on your credit history for about two years, which means you will have faster time to rebuild it and get approved for future loans again.
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.
Proud to support financial literacy education
Get a free savings estimate today. There is no obligation.
Copyright © 2019-2024. NationalDebtRelief.ca. All Rights Reserved
100% Canadian Owned & Operated.
