Debt consolidation toronto
How much you owe?
We will help to solve your money problems
We will help you reduce your debt
We will help to get rid of your stress
We Can Help You With:
Helping You Consolidate Your Debt
helped in 14 years
Income Tax Debt
When Do You Need Our Consolidation Services?
We will help you figure out:
How much debt you have
Whether you qualify for settlement
How much you are able to raise to eliminate part of the debt
A settlement plan that is suitable for your lifestyle and needs
The downsides of debt settlement and how to overcome them
All your debt relief options
Credit Counselling Experts
Tailored Credit Consolidation Services
Do you often have difficulty paying your bills? Are your earnings never enough? If your answer is yes to any of these two questions, you very likely have a bad credit rating and serious credit issues. Struggling with debt can easily keep you from progressing in life and also make your financial issues harder to handle. As the issue worsens, you might find that you are losing control over everything. It might even get harder for you to review your financial statements. At this point, it is easy to lose track of your debt.
One fact you need to understand is that you don’t have to face all your financial problems alone. We offer tailored credit services thanks to our understanding of the industry as well as the importance of getting professional guidance when trying to get a hold on your finances. This is the core of credit counselling.
You, however, need to be cautious when working with a credit counselor. Debt counselling specialists don’t have the power to eliminate bad debt or wipe clean bad credit history. This is not the work of a credit counselor since eliminating your debt or clearing your bad credit history is not possible. We are not in the business of making unrealistic promises. Our work is to find practical solutions to your financial problems. It is these solutions that will get your closer to good credit history and no debt. It doesn’t matter how big your debt is; we are qualified to tailor solutions that will change your unique financial position. All that we ask of you is to commit fully to our process.
Phases of Credit Counselling
Understanding your financial status fully is the first step of credit counselling. Our team will help with a comprehensive assessment of your finances starting with your income, expenses, assets, and debt. This is done to get all the numbers and tiny details. The assessment is very important and detailed. We ask that you be open with our credit counselor in this phase. If the counselor doesn’t understand fully how your life runs, coming up with a solution that is practical and customized to solve your debt will not be possible.
Financial assessment is an uncomfortable stage for most people. It appears more like an invasion of privacy. It can also lead to panic once the magnitude of your financial problems dawns. However, this is an unavoidable phase.
Financial assessment sheds light on the things that ought to be done to come up with an effective solution. We have lots of experience handling various types of debts and debt situations. This experience helps us come up with the best solution for handling debt.
Poor money management is the root of money problems. The focus in this final step is to build our client’s capacity to handle as well as manage financial matters independently.
Our Satisfied Clients
Debt Consolidation Toronto
Debt Management Plans That Match Your Needs
Are you having trouble paying back your debts? Are your debts a huge burden to you and your family? Our team of experts will help come up with a suitable debt solution that suits your unique needs. We can help you come up with a sound saving plan that suits your situation while at the same time eliminating both debt and stress. We are a leader in Canada’s debt relief and work with clients facing all manner of financial problems.
We offer a wide selection of services to people having trouble handling their debts and managing finances. Our team can help with budget planning by creating debt management plans that match your needs. Our team of credit counselors will further negotiate with creditors to strike a deal that allows you to pay manageable monthly payments.
When Do You Need To Contact Us?
Our debt consolidation services are available to you whenever you need them. Most of our clients are those going through financial hardships as a result of death, loss of employment, injury, divorce and a range of other reasons. We have served clients going through all manner of financial difficulties. We also allow you to hire our experts if you need help after creditors threaten to file lawsuits against you. If you are being harassed by creditors, we are here to help. Give us a call today and let’s get started.
How We Can Help
Our company can help you with the following:
- Figure out how much debt you have
- Let you know if you qualify for any settlement
- Help you know how much you can comfortably raise to pay a percentage of your debt
- Help you find a settlement plan that is perfect for your lifestyle and needs
- Educate you on the drawbacks of debt settlement and how you can overcome them
- Make you aware of debt relief options that are available to you
Our first step is to help you know exactly how much you owe. We do this by walking you through your credit card statements and examining the outstanding balances. We then discuss the different phases of settlement processes and make sure you get favorable terms from creditors. Our team of credit counselors will review your monthly income and expenses before working out a favorable payment plan. You will also be given other practical solutions to help reduce the financial burden.
We work with you to find the most favorable debt management solutions. Our team only considers and recommends settlements that are fair to you based on your financial state. We are not in the business of making promises we can’t keep. We keep our word. Our target has always been enabling our customers to save as much as they can. We achieve this by reducing or even eliminating fees and interests. We are also happy to recommend to you the right legal professional when the need arises.
How Our Counselors Can Help
Frequently Asked Questions
Who can qualify for a Debt Relief program?
Anyone who owes $8,000 or more in unsecured debt and has a source of income can qualify. Please contact one of our representatives for more information.
Will my credit rating be affected?
Majority of clients will actually see their credit situation improve upon resolving their debts through a debt relief program. While certain programs do affect credit rating, any negative effects of such programs can be resolved through our credit repair solution, which is available to all of our clients.
Why choose York Credit Services?
York Credit has a team of dedicated professionals with years of financial and credit experience. We have helped countless clients reduce their debt, and regain control of their finances. All of our credit specialists hold both, the CCCS (Certified Credit Counselling Specialist), and the CDS (Certified Debt Specialist) designations, from IAPDA, with our senior counsellor also certified by CAIRP as a BIA Insolvency Counsellor, which allows us to perform counselling under the Bankruptcy and Insolvency Act.
All of our credit specialists are certified and trained in dealing with unique situations. Rest assured that anyone of our associates is a qualified expert that can help with any situation
Can you help me repair my credit?
Yes, we do offer credit rebuilding assistance to all of our clients, and are generally able to reestablish credit rating in a reasonable time period. Please consult one of our credit specialists for more information.
Will I have to file for bankruptcy?
No, any debt situation can be resolved without having to file for bankruptcy. While we do assist in bankruptcy filings, as a service, it is only reserved for the most severe of situations, and only recommended to clients as a last resort option. We explore all other options to try and prevent a bankruptcy.
By how much will you reduce my debt?
On average, we reduce our clients’ debts by over 60%. While exact amount of a reduction depends on the specific situation, generally we are able to secure a reduction in the range of 50%-75%, in virtually all situations. Additionally, all interest will be stopped immediately.
What if I owe Canada Revenue Agency for income tax, HST/GST, or Payroll deductions?
All of the above debts can be resolved through one of our debt relief programs. Any Canada Revenue action, such as wage garnishment, or frozen accounts, will also be stopped upon entering the program.
Can you help with small business or larger corporate debts?
Yes, we offer debt relief assistance for small businesses, and a referral to a restructuring professional is available for larger corporations.
What type of debt can be included?
Virtually any type of unsecured debt can be included in our debt relief programs.
Here are some common debts we can help with: Credit card debt, payday loans, credit lines, installment loans, taxes owed to Canada Revenue, 407 ETR, any professional fees (dentists, lawyers, etc.), student loans, phone companies and utility bills, foreclosure debt, EI overpayment, court judgments, and even personal loans.
The only debts that we cannot help with are child support, alimony and fines imposed by the courts (such as traffic tickets).
What are your fees?
Our fee structured is based on the total amount of debt outstanding and vary with each unique situation. There are never any upfront fees and all payments are fully explained prior to any commitment. Please speak with one of our associates if you like to review your situation.
What Are You Waiting For?
The experts at York Credit are here and ready to help. What are you waiting for?
Let`s start talking!
“We are committed to reducing your debt and getting you back on the right financial track.”
5 Ways To Consolidate Debt In Toronto
- How York Credit Can Assist
When you want to get debt help, one of the approaches would be to visit your bank, credit union or finance company and request them to give you a loan. This form of financing will be used to pay off all outstanding debts and bring them together into a single big loan.
Benefits Of Taking This Type Of Loan
The main advantage of this method is that it gives you only a single loan to worry about. Again, you’ll end up saving money because the loan is usually offered at a lower interest rate. You can even pay off the debt within a certain amount of time, usually between two to five years and the fees charged are usually low.
However, in most cases, you can’t qualify for this kind of loan without security. You also need to have a good credit rating to get this loan. If you get an unsecured loan of this kind, expect to pay really high interest rates.
The other option to consolidate your debt is by getting a second mortgage, refinancing a mortgage or using your home equity loan. In simple terms, you get a loan based on the portion of the home that you own (your equity). The bank simply allows you to take a second mortgage which is the new consolidation loan. The first mortgage is the initial loan you took to buy the home.
Why Get A Second Mortgage?
Using second mortgages to consolidate debt comes with several advantages. For a start, you are likely to get very low interest rates. The bank is also likely to give you flexible payment arrangements that you can fulfill.
You may not qualify for a second mortgage if you have not gathered enough equity in your home. Additionally, you can pay additional fees for setting up the second mortgage which makes this type of loan expensive to process.
You can qualify for a secured or unsecured line of credit or overdraft in order to offset your debts. You will then have to make a minimum payment at the end of each month to cater for the amount you’ve spent to settle debts. With lines of credit, you can enjoy the lowest interest rates and flexible monthly payment options. You can pay for the line of credit as slow or as fast as you want to.
Lines of credit and overdrafts can have major drawbacks too. For a start, if you do not discipline yourself to pay a certain amount each month, you will never get out of debt. You could also find yourself making higher minimum monthly payments than what you expected when the Bank of Canada prime rate goes up.
Debt can also be consolidated by using your credit cards. In this case, you simply consolidate all your credit card balances into one with a lower interest rate. You can then make a set monthly repayment for the card. The card will have a minimum monthly payment but you can choose to pay more than that to pay off your debt faster.
The good thing with using credit cards to consolidate debt is that you can get one with a low promotional interest rate. It’s also going to be easier for you to keep track of all your debts and make timely payments when they are all in one place. Additionally, you get to enjoy the flexible monthly payments. You can pay higher than the minimum amount and if you experience any emergencies, you can go back to the minimum payment.
Consolidating with credit cards has some drawbacks too. For a start, you may not qualify for a low rate card due to poor credit rating. Additionally, if you take a card with a low promotional interest rate, it may expire within a few months and you’re back to high interest rates. Most importantly, if you fail to change your spending habits, you’ll end up extending your debt and taking many more years to clear it up.
In this case, all your debts are consolidated into a single monthly payment which you will make to a credit counselling organization. The organization will then forward the money to the respective creditors. A credit counselor will send the creditors a proposal that shows you are fit for this program and they must agree before going forward with it.
In most cases, the debt management program can allow you to pay off all credit within 3 years at low or no interest rate. However, this has a negative effect on your credit score until 2 years after finishing the program.
Get Consolidation Advice From An Expert
The process of consolidating debt can be a little overwhelming and you may need to speak to an expert to find out what options are best for your situation. Speak to us at York Credit and we’ll be happy to educate you on all your options of consolidating debt. Don’t be discouraged when you find out you don’t qualify for the consolidation loan you need.
We promise to help you lift that huge weight off your shoulders by offering debt relief that works for your situation. Whether you need help creating a budget or understanding the options based on your financial situation, we are here to discuss this with you. Give us a call today to find out more.