All About Debt Consolidation in Canada

Everywhere in the world, many people experience debt crisis. If you’re experiencing the same situation and you are a resident of Canada, it’s good to know that there are companies offering debt consolidation services that you can turn to for help. This article talks about Canadian debt relief and how you can find the right service for you.


What Debt Consolidation Does

The reason why many people seek a debt consolidation service is to help them come up with a good negotiation. Although it’s possible for consumers to meet with creditors and tries to negotiate on their own, some people may be hesitant or may not know exactly what to do.

Debt consolidation companies have partnerships with various lenders so they can easily come up with a successful negotiation. Add to this, these people have mastered the art of debt negotiation so you can be assured that you will get a positive result.

The objective of a negotiation is to modify some of the creditor’s repayment terms. A debt consolidation service representative may request for lower interest rates or that some of the fees be waived so that the borrower can better keep up with repayment. A debt settlement can also be requested wherein the lender agrees to cut off the amount of debt by at least half or more in the condition that the borrower will submit a lump sum payment.

Once the negotiation is completed, the debt consolidation agency will recommend the best repayment plan for the client’s situation. The borrower may be advised to join a debt management program where the debt consolidation agency sees through the distribution of payments.
Another type of consolidation is by acquiring a loan for debt repayment. The loan will be used to pay all creditors and stop debts from further accumulating. In turn, the borrower will be subjected to a long term repayment with the debt consolidation company.

 

In Search of Canadian Debt Relief

Canadians would be glad to know that they have many choices when it comes to debt consolidation. Use the internet to find potential debt consolidation services in your area. Be diligent in doing research about the background and track record of the company.

Make sure that are clear about the terms of the debt consolidation service. Remember that debt consolidation will only work if you can keep up with your duties and responsibilities. In the end, it still up to the borrower to submit payments to be set free from debts.

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

3 Comments
  1. I’m in California and I’m going to Cambridge Counseling Group (I think that’s the proper title). I think that’ll help you too.

  2. Only good credit counselling can help you. try to priotise expenses in life, cut on expenses which can be push back.
    you will never face bad credit problem in life

  3. There are too many services out there. do you know any run by government or good ones without damage the credit ratings? thanks.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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