Canada's Debt Experts
About Canada Money Advice
We work with some of Canada’s leading debt consolidation companies to get you the debt help solution that’s best for you.
Our first job is to listen. There is no one size fits all debt solution, it all depends on your individual circumstances. Once we know your situation we can explain the different options available to you.
How you decide to move forward is up to you. Whether it be a debt consolidation loan, a debt write-off via a consumer proposal or even bankruptcy – the debt help you need is only a few clicks away.
Frequently Asked Questions
Put simply, if a lender looks at your situation and thinks there is a chance you won’t be able to pay any of your debt, they would rather agree to a reduced figure than get nothing. This is the essence of a Consumer Proposal – a qualified Licensed Insolvency Trustee negotiates a settlement figure on your behalf that is structured into a monthly payment you can afford.
In this way the lender still gets something and you get the opportunity to clear your debt. This will show on your credit score for 3 years though, so it isn’t necessarily a no-brainer. It can’t be done for student loans or if you have a lot of equity in your home that could be used as leverage for a secured loan. Consumer Proposals frequently reduce debts down by up to 75%.
Don’t be fooled in to thinking there is a magic wand to stop lenders chasing. They will stop when they are happy that there is a solution in place that they agree to. The sooner you address the problem and meet with an adviser to put together a plan, the sooner your lenders will stop chasing you.
It depends. Your initial consultation with a Debt Solution provider should always be free. They will assess your case and work through the options one by one. If your case can be solved through good advice, budgeting and better financial planning, they will probably invite you back for a more detailed meeting where they will put a plan in place – they will likely charge a fee for this like any professional service would. If you qualify for a Consumer Proposal then you will need a Licensed Insolvency Trustee to submit your proposal. They will charge for this and incorporate it in your payment, but your debt will have been drastically reduced and you won’t be paying outrageous interest any more.
Most debt solutions will allow you to keep your assets. However, there are some options such as bankruptcy that may require you to give up some or all of your assets. Your adviser will always recommend the best solution for your personal circumstances.
Debt consolidation involves taking out one big loan to pay off many small loans (or credit cards, etc). The new loan will have a lower interest rate so whilst you still pay back all of your debt, you will pay significantly less in interest.
How We Can Help
Canadians have the highest consumer debt profile in the world coupled with rising living costs, record housing costs and rising interest rates. It’s a recipe for a disaster on a national scale.
Now is the time to take control of your finances and rid yourself of crippling debt by using all the tools available.