Debt Consolidation in Ottawa, Ont.
Are You Looking For Ottawa Debt Consolidation Help? Bankruptcy Canada is on Hand to Give You The Expert Advice You Need.
If you’re in debt and are looking for a solution, debt consolidation might be the way forward.
But if you haven’t been able to get advice surrounding attaining a debt consolidation loan (or the various other options), whether it be from a bank or a consolidation company, then you might be stuck as to what to do next.
There are several reasons why you might not have been able to find a debt consolidation loan.
This could be because of a bad credit rating or you’ve used up your credit card limit (among other reasons).
In these difficult financial times in Ottawa, it can be challenging to live debt-free.
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Therefore when you find yourself in an unfavorable financial position, you might not be aware of the best steps to take.
This is where Bankruptcy Canada can help.
Offering you first-rate Ottawa debt consolidation advice, we’ll help you to get a fresh start.
Easing the stress of debt, you’ll be in a better financial position in no time at all.
What is Debt Consolidation?
Debt consolidation is a common debt relief solution used by Ottawa residents.
A clever way of paying off smaller loans with one loan, it will help you to get your finances back on track.
A way of achieving a better interest rate and making payments easier to manage, it’s a tactic that comes with many benefits.
A debt consolidation loan is one technique that you can use.
An approach taken to pay off the debts that you owe (you can borrow sums of $20,000 and above), it typically offers favorable repayment terms.
These can involve low interest rates, a longer period to repay the debt and attainable monthly payments.
Alongside those advantages, by looking into debt consolidation, you’ll notice that you’ll be able to get your credit score moving in the right direction.
Within 2 years of completing the debt consolidation program, your score will be rejuvenated and your debt paid off in less than 5 years – putting you on the path to financial recovery.
If you make all of your repayments on time, however, then your credit score might not be affected.
This along with the reduced interest makes it a very tempting option.
There are two types of consolidation loans available, secured and unsecured.
Secured loans use your assets as collateral – for example, your property or another high ticket item.
Whereas with an unsecured loan, you won’t need to put an asset up as collateral – which typically makes it the more favorable option for those in debt.
One of the most common and popular types of debt consolidation loans that you can get is a Consumer Proposal.
A way of clearing unsecured debts, it will boost your credit score in the long term.
However, to attain this, it requires your debtors to agree to the proposal through a voting process.
You also need debts below $250,000 for this to be suitable.
When is a Debt Consolidation Suitable?
People of all ages can utilize a debt consolidation loan, whether it’s as a way of paying off credit card debt or relieving any student debt that they have.
However, they should only be considered when you can:
- Keep up with the repayments;
- Gain control of your expenditure and budget accordingly;
- There are favorable interest rates and repayment terms.
Ensure that before taking on a debt consolidation loan, you’ve asked the expert advice of a professional within the field and have conducted your own thorough research into it.
You must also keep in mind that if you do not consolidate your loan, you may be liable to make multiple payments to your debtors – which could make a significant impact on your ability to keep up with the debt.
We’re Here to Guide You Through The Various Options Available.
Alongside debt consolidation loans, there may be a variety of other options available to you.
But if you’re not sure where to begin, the process of deciding which one is best for you might be very daunting.
To guide you, we have partnered with local and licensed bankruptcy trustees.
Looking at your unique situation, they will explain each option so that you’re always in the know.
For example, our trustees could provide you with credit counseling services, which will support you on money and debt management, consumer credit and budgeting.
Alternatively, you might opt for a debt consolidation program, which will combine multiple loans that you gave into a single payment.
We Can Help You To Save Money and Manage Your Debts
At Bankruptcy Canada we only provide you with the best advice surrounding Ottawa Debt Consolidation.
Guiding you in the right direction, our advice along with the help of our trustees will help you to:
- Regain your financial stability;
- Save money by showing you how to attain favorable interest terms;
- Repay your debt in a way that works for you;
- Manage and budget all of your monthly bills.
Providing Ottawa with Advice Around Debt Consolidation For Over 20 Years
For over 20 years, we’ve been helping people with bankruptcy and consumer proposal information.
Guiding people on how to manage their finances, we’ve helped thousands across Canada and have grown to become the country’s top website for advice surrounding debt.
To discover for yourself today what we can do for you by getting in contact using the details below.
Contact Bankruptcy Canada Today
If you’re looking for debt consolidation help and advice in Ottawa, Bankruptcy Canada is your number one choice every time.
With a team of experienced and skilled trustees throughout Ontario, we’re here to offer you advice 24/7.
Simply get in contact with one of our trustees today to find out more.