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Free Debt Consolidation
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You are at the point in life where you are aware of what debt is, and to counter this, you may have taken out loans or two to pay utility bills as well as other expenses you have incurred. The money that you have borrowed does not come free as you have to contend with interest rates and payment periods for the amount borrowed.
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Not all debt is the same however, as debt can be secured and unsecured. Here, you get the information on what unsecured debt is, and know if you have it.
Unsecured debt refers to money that has been borrowed by a debtor where no asset is pledged as security for the amount of money borrowed from the lender.
Think of it along the lines of a loan where you did not have to provide collateral to ensure that you are able to meet the payment terms of the loan.
Unsecured debts are a preferable type of debt for many borrowers as they do NOT lose an asset should they not be able to meet the deadlines for the loan payments.
Unsecured debt is a stress-free option for debtors as should they default on the payment, the lenders or mortgagors cannot initiate foreclosures on the property as the loan is unsecured.
An advance with Unsecured Debt is that you have the option of debt-relief measures such as debt consolidation, debt management, and debt settlement.
Now that you have the full idea of what unsecured debt is, there are several types of unsecured debt you need to familiarize yourself with.
Personal loans are unsecured loans that a borrower can use for any purpose such as personal purchases, or additional financing for businesses. Common sources of personal loans include banks, credit unions, and online lenders who grant these loans to qualified borrowers.
Personal loans have a lower interest rate when compared to credit cards, and a good credit score would be advantageous to would-be availers of a personal loan.
Though personal loans are unsecured, background checks and credit checks are performed by the lender. Additional documentation such as IDs, Tax Returns, and Bank Statements may need to be submitted as well.
Credit cards perhaps are the most familiar type of unsecured loan, as you are able to use money funded by a credit line to pay for any expense. Initial interest rates may be as low as 15%, but these can rise up to 30% if you do not make your credit card payment on time.
To counter this, always pay more than what is asked for your monthly statement.
Utilities such as gas, mobile service, and electricity are forms of unsecured debt as the most that can be done by the utility company is to disconnect your service. They cannot foreclose on your property and are considered unsecured debts.
Student loans are often secured by students for tuition, books, and daily expenses. Student loans can be funded privately or publicly.
Private student loans are sourced from banks, while public student loans are funded from the stage or government resources.
Many consumers have incurred debt due to the presence of disease, and medical debt remains among the more common types of unsecured debts due to the prevalence of many illnesses.
Hospitals are not allowed to foreclose on any assets if they are unable to settle their medical 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.
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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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