Debt Relief in Ontario, ON
Are you looking for debt relief in Ontario?
If so, then you’re in the same position as thousands of others.
Debt is a serious problem throughout Canada, but Ontario is one of the most heavily affected provinces.
The simple reason for growing debt numbers in the country is that it’s very easy to fall into debt.
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Ask yourself this:
- Do you borrow money from multiple sources?
- Have you got lots of different bills to pay?
- Are you barely earning enough to pay all your debts each month?
Many of you will answer yes to all three of these questions, meaning you’re at risk of falling into a debt spiral.
Thankfully, as debt-relief experts in Ontario, we can help you get out of this tricky situation.
There are plenty of options available to help you get out of debt, and we will help you find the ideal solutions.
Create a debt relief plan
Our main service is to help you find relief from debt.
This starts by creating a plan of action.
We will consult you and listen to all of your specific financial worries.
From here, we can create a debt relief plan that’s tailored to you.
It will look at the best ways to clear your debt as quickly as possible, in a manageable way.
As a result, you will be free from the grasps of your creditors and can start rebuilding your credit rating.
Thus, you achieve a state of financial security and stability once more.
You’ll no longer have to worry about paying your bills on time or waiting desperately for your paycheck to come in.
What are the best Ontario debt relief options?
You have a variety of options to choose from, but we will ensure the right one is picked for you.
Each person is different, so one option might work well for you but not for others.
Here are the key services we provide:
Debt consolidation programs
A debt consolidation program is sometimes referred to as a debt repayment program.
Either way, both terms relate to the idea of repaying your debts as quickly as possible.
Typically, this involves using a debt consolidation loan.
How does this work?
We help you apply for a loan that will cover all of your individual debts.
From here, you can use this loan to pay all of your creditors in one go.
Then, you’re left with one monthly payment to repay your debt consolidation loan.
It’s highly beneficial as you go from making multiple payments to just one every month.
Plus, you have the advantage of a more favorable interest rate on a repayment plan that suits your budget.
Debt management programs
A debt management program is where you contact creditors and try to come to some sort of agreement on your payment plan.
You inform them that you’re struggling to make repayments, but you could manage them if slight changes were made.
As an example, they may agree to extend the term of your loan, allowing you to spread the costs further.
This will reduce your monthly payment amount, making it much easier for you to manage.
Similarly, your creditors might agree to waive interest fees, which also makes it easier for you to pay them back.
In effect, they get their money, but it isn’t as much of a burden on your finances and you can keep up with repayments.
We can help you come to a debt settlement agreement with your creditors.
This is similar to a debt management program, but with one fundamental difference.
While you negotiate with creditors, the aim is to reduce the total amount of debt and agree on a settlement figure.
You can then pay this figure in full or by making monthly payments.
Not all creditors will agree to this, but if it’s the best way for them to recover as much money as possible, they may give it a go.
A consumer proposal is essentially the legal version of a debt settlement.
This is a process that requires a Licensed Insolvency Trustee and will result in you paying a portion of your debts.
It is usually a more extreme option, with many people seeing it as the last resort before bankruptcy.
This is another legal process that can help clear all of your unsecured debts.
Bankruptcy will eliminate debt, but you will most likely have to sell many of your assets to pay as much to your creditors as possible.
You also have to be discharged from your bankruptcy and deal with an R9 rating on your credit report for at least 6 years.
Bankruptcy is widely regarded as the last option to consider if all others have failed you.
Credit counselling and budgeting advice
Alongside our debt relief services, we also provide credit counselling and budgeting advice in Ontario.
This can help you understand how to use credit and build a healthy credit score.
It also provides guidance on how to pay your bills and budget properly.
Overall, our services are designed to make you more money savvy.
We want to give you the knowledge needed to look after your money in the future.
As a result, you won’t have to deal with further debt problems.
What are the benefits of Ontario debt relief?
The longer you are in debt, the more serious your financial issues become.
Our debt relief services are designed to present you with both short and long-term benefits:
- Clear your debts.
- Get rid of disgruntled creditors pestering you every week.
- Avoid dealing with collection agencies.
- Regain financial independence and stability.
- Get rid of all the stress debt brings.
- Find solutions geared towards your lifestyle and budget.
- Receive help to prevent debt in the future.
Contact us today for a debt relief consultation
Ultimately, we want to help you get out of debt and be on the path to financial freedom.
All you have to do is get in touch with us and schedule your initial consultation.
Call us today, or fill in our online evaluation form to get started.
A debt settlement company or credit counselling agency can offer to help you deal with debt.
But only a licensed insolvency trustee can help you with government licensed debt relief programs like a debt proposal.
If you are dealing with overwhelming credit card debt and other high interest debts, and would like to stop the collection calls please don’t hesitate to contact us today.
We can help you explore all of your debt relief options.
Debt Relief in Ontario
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?