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No one wants to be in debt, but most Canadians, at one time or another might find themselves needing to take out a loan or mortgage or might find themselves falling behind on their credit card payments. In these cases, they might need to consider debt relief.
There are generally three forms of debt relief available in Canada. These are debt consolidation, debt settlement, and debt management programs.
Debt consolidation basically means that you take out a loan to pay back all your pre existing loans. This option is especially good for Canadians who are struggling to pay off multiple loans.
The idea behind a debt consolidation loan is that you take it out to pay off your debts. So instead of struggling with multiple debt payments, you just have to make the payment of your debt consolidation loan.
Aside from simplifying your life by making sure you just need to remember to make just one monthly loan payment, debt consolidation also keeps your debts down. Loans have interest rates, so that every monthly payment you make is just a little higher than the previous one. Multiple compounding interest rates often have people struggling to pay off their debts. Debt consolidation loans however, have lower interest rates, so your monthly payments are lower. This makes it easy to pay off, so you can get out of debt quicker.
Debt settlement means that you negotiate with your creditors to agree on a reduced payment rate. Debt settlement can be achieved with the help of a debt counselor. It is your debt counselor who will approach your creditors and negotiate with them to reduce your debt payments.
In debt settlement, you end up paying off less of your debt instead of the whole amount. You agree that you will pay off a certain amount of the debt you’ve racked up either in one payment, or on a payment scheme. While this sounds advantageous, it’s not that great for your financial future.
Debt settlements show up on your credit report and will remain there for three years. This will have a negative impact on your credit score and could prevent you from getting a loan or even a credit card in the future.
A debt management program also known as debt consolidation programs and credit counseling programs are similar to debt settlement in the sense that they pair you up with a counselor who helps you come up with a way to get out of your debt.
Your counselor will help you create a budget that will allow you to cover your debt while still allowing you to spend for basic expenses. They will then negotiate with your creditors on how you can pay off your debt. This could include lower monthly interest rates and an elimination of incurred penalties to make it easier for you to pay off your debt.
In many cases, debt management programs help people pay off their debts in three or five years. They also help you develop and learn better financial management techniques so, once you are out of debt, you are better equipped to live a debt-free life.
National Debt Relief Services is a debt relief agency dedicated to help people get out of debt the fastest and easiest way. We have a team of expert debt consultants who will assess your financial situation and provide you the most suitable debt settlement option.
Talk to us by taking a Free Consultation, just click on the link below to learn more. No upfront fees, no commitments, no obligations!
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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