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Top 4 Questions On The Effect Of Debt Consolidation To Your Credit Score

We understand that you will be asking a number of questions before you decide to apply for a government-approved debt consolidation program. First on the list would most probably be “whether you can apply for credit or not” during the period of the program. Others also might want to know “will I still be able to use my credit card” under a debt consolidation program or “will my credit be affected?”.

In this article, we will provide you the information you need to know about how our government-approved debt consolidation will affect your credit.

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

Sick Kids

We donate $1 for every client that is eligible.

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

At National Debt Relief Services, we specialize in giving Canadians some debt relief options and help weigh and choose the best that can positively impact their finances and their credit. We will provide the tools and resources you need to make the right decision to achieve a better financial position.

1. “How Debt Consolidation Affects My Credit Score?”

Effect Of Debt Consolidation

Debt consolidation is a government-approved program that helps you rebuild your credit. If you are applying for debt consolidation, most probably you are suffering from huge debt and financial stress that could affect your credit negatively already. Debt consolidation is also an “a credit rebuilding” program that can help you get rid of debt by reducing your debt by up to 75% – this will able you to have a fresh start.

At the beginning of your debt consolidation, your credit will fall under the R7 rating and will remain that way for 3 years after the completion of the program. Therefore, compared to other government debt-relief options where you risk your assets and take more time to improve your credit, debt consolidation is a much better option.

2. “Do I Surrender or Keep My Credit Card?”

Credit Card

Applying for a debt consolidation program will help merge all your debt including your credit card debt into a single loan that you will pay per month. Therefore, you will need to surrender your credit cards as they will be included in the debt consolidation program.

With this program, all unsecured creditors will be included; these are Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student Loan. You also don’t have the option to select which to include and which debt to exclude in the program.

3. “Can I apply for New Credit During a Debt Consolidation Program?”

New Credit

Surrendering your credit card can be very frustrating as we all know that it is a great tool if used properly. That is why you might be looking to apply for new credit to help you with your day-to-day needs or with emergencies.

The good news is, yes, you can apply for a secured credit card or small loans even during a consumer proposal. This may be also a good way for you to improve your credit score while on a debt consolidation program. But be aware that you must make sure that you don’t fall into the same situation as before as it will just ruin your goal of getting debt-free.

4. Should I or Should I Not Apply for New Credit During Debt Consolidation?

New Credit

Keep in mind that there is always the right timing for everything. Planning to apply for new credit in the middle of a debt consolidation program is the wrong time. This is not a wise decision as the possibility of falling behind again on your credit card payment can cause you to also fail to complete the program.

We make sure that you understand that this is not the best financial move to make while in the middle of the program. Therefore, before finally processing your application, we will provide you with all the information you need during the Free Consultation stage.

Efficient Debt Relief Program with National Debt Relief Services

Efficient Debt Relief

If you are stuck in a financial crisis and are concerned about what to do next, we can help. We offer over-the-phone and zoom consultations for free in the comfort and safety of your home. We also donate $1 to Sick Kids in Ontario for each successful 15-minute consultation.

We understand the value of your time, our expert debt specialists will help you create an effective debt relief and consolidation program to help you reduce your debt by up to 50%-75%. We helped thousands of Canadians get out of the financial predicament by consolidating all their debt into a single and affordable monthly payment.

Read hundreds of 5-star Google Reviews about us at this link.

Choose your total debt amount by clicking the button below and one of our debt specialists will get in touch with you to discuss your debt relief options and explain how debt consolidation will affect your credit.

Our Clients 5-Star Reviews

Elisha Powell
Elisha Powell
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“Fanoula helped me so much and I am truly grateful for her. May god bless her”
Laura McFarlane
Laura McFarlane
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“Thank you Brittany for all your help. You always returned my messages in a timely matter. Answered any questions I might have had. Although things didn’t happen as fast as most, this was no fault of yourself. It was a complicated situation. Thank you and the rest of the team for all the help and understanding. I definitely recommend National Debt Relief to get you back on track.”
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
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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

Sick Kids

We donate $1 for every client that is eligible.

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

Sick Kids

We donate $1 for every client that is eligible.

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
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
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
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
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
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
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
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
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
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
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

Plus we give back with every customer.

Sick Kids

We donate $1 for every client that is eligible.

We Help Over 200+ Ontario Clients Per Day

We're here to help you consolidate your debt.

Get a free savings estimate today. There is no obligation.

Sick Kids

We donate $1 for every client that is eligible.