If so, you may be eligible to reduce your monthly payments - without bankruptcy. Click below to see if you qualify for Canada Debt Assistance...
Check If I Qualify Safe, Secure & ConfidentialReduce monthly repayments to an affordable level
Make one monthly payment for all of your debts
Save thousands in interest and charges on your debt
Bankruptcy should only be a last resort - learn your options
reduce
monthly payments
freeze interest & Charges
avoid
bank- ruptcy
consolidate debts into
1
mONTHLYpayment
This is a formal arrangement between you and your creditors. It allows you to repay a percentage of what you owe, stop collection calls and wage garnishment. Only a Licensed Insolvency Trustee can administer a consumer proposal.
A consolidation loan, also known as "debt consolidation", is where you replace all of your debts with a larger loan, typically at a lower interest rate. The advantage to this option is that it will not affect your credit rating, however it does require good credit.
As in a consumer proposal, debt settlement can help reduce your monthly payments as well as the principle on what you owe. However, since it is not legally binding, your creditors are not obligated to accept the proposed settlement agreement.
Another informal agreement, credit counselling allows you to make just one monthly payment. You will be able to reduce or eliminate interest, however this option does not allow you to reduce the principal, as with other options.
An achievable budget is an essential tool to leading a debt free life. If you feel as though you are starting to fall behind with your finances or want to find effective ways to manage your money, we can help.