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Free Debt Consolidation
No contact details required to find out if you qualify
If you don’t pay your bank loan, credit card bill, or other debt, your lender can submit your file to a collection agency. The role of a collection agent is to call you and take whatever steps are required to collect the money.
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Collection accounts have a huge negative impact on your credit score and will continue to do so for many years regardless of whether you pay them or not. Debt in the collection will remain on your credit report for six years following your last payment date, according to Equifax, Canada’s largest credit reporting organization.
In other terms, paying a collection service will have a longer-term impact on your credit score than not paying at all.
Collection companies don’t give up even though the account is removed from the credit report. They’ll keep calling, and you’ll have to weigh the consequences of the collection agency suing you, taking you to court, and garnishing your salaries.
Will a collection agency sue you? If the debt is minor, it is unlikely. Making an appeal to the court for a judgment (proving you owe the money) and obtaining a garnishment order costs money in legal fees.
Will a collection agency sue you? If the debt is minor, it is unlikely. Making an appeal to the court for a judgment (proving you owe the money) and obtaining a garnishment order costs money in legal fees.
Secondly, the agency cannot prosecute you if the account is too old. A statute of limitations exists in each of Canada’s provinces. In Ontario, the statute of limitations is two years. Debt collection calls can happen if you haven’t paid in the past two years, so they can’t legally sue you to recover.
That’s yet another explanation why you should never pay a debt collector. If you make a partial payment, the statute of limitations resets, giving the collection agency or creditor two more years to sue you in court.
If you have the financial means to pay off the debt and want to do so, you may contact a non-profit credit counseling agency to set up a debt management plan.
You must, however, repay your loan in full, as any payment plan with a credit counseling agency requires. Even if the collection agency is willing to accept less than the maximum sum, a credit counselor cannot settle the debt for less.
When you enroll in a debt management program, a new note will be added to your credit report. This note will be kept for two to three years after it has been completed. Some creditors, on the other hand, continue to register your monthly payment made through a collection agency as daily transactions, updating the last operation date.
As a result, after you complete your debt management plan, the debt can appear on your credit report for up to six years. Since a DMP will last anywhere from one to five years if you go through a credit counselor, that one account may have a long-term effect on your credit history.
Once debt becomes unmanageable, it will not only hurt your emotional and physical health but also your credit score. Debt consolidation is one of the best remedies in battling over $10,000 worth of unsecured debts.
If you owe Credit Card debt, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student Loans this is a great debt relief program. National Debt Relief is a trusted debt relief provider in Ontario with over 400 positive reviews on Google.
Getting a debt consolidation program is not complicated, you only need to take advantage of the FREE debt analysis or consultation from National Debt Relief Services you’ll learn more about how you can use this great program to eliminate debt.
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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