Debt Consolidation in Etobicoke
LOOKING FOR DEBT CONSOLIDATION IN ETOBICOKE
Losing your job, facing unexpected medical expenses and making bad investments are just some of the ways that you can end up in debt. No one is immune to debt. When faced with a heap of debt it is quite common to become overwhelmed and fall back on payments. Debt begins to accrue when you fall back on your payments. York Credit Services is a debt relief specialist in Etobicoke. We offer a variety of debt relief services for clients who find themselves in such unfortunate situations. If you are struggling with debt and trying to figure a way out you need to find a professional debt relief specialist. We will come up with solutions depending on your financial situation in order to reduce and manage your debt.
WHEN DO YOU NEED OUR DEBT CONSOLIDATION SERVICES IN ETOBICOKE?
Our Team Will Help You to Figure Out:
ELIGIBILITY FOR A SETTLEMENT PLAN
DEBT AMOUNT THAT CAN BE RAISED INDEPENDENTLY
A SUITABLE PAYMENT PLAN UNDER THE CIRCUMSTANCES
POTENTIAL RISKS WORTH CONSIDERING
APPLICABLE DEBT RELIEF OPTIONS
We Will Help You To Solve Your Debt Problems
Our services are available every step of debt consolidation. Whatever you decide to do to solve the current hardships, we will help you out. After discussing your problem, we will explain how settlements work to help you make an informed decision. Be assured that our goal is always to create a payment plan that works for our clients. That is why we involve you in the decision-making process. We share our opinion based on our expertise and advise our clients to choose the most suitable preference.
We do not give our clients unrealistic promises or goals. On the contrary, we are always truthful and will explain the situation as it is to help you comprehend its gravity. We take our job seriously, which only works when we do not make false promises. The plans we recommend mainly involve payment of lower interests, translating to fewer monthly payments.
A debt consolidation loan can help you regain financial freedom and get out of debt faster than paying off loans to multiple creditors. You can approach a credit union, bank or finance company in Etobicoke to find out if you qualify for this type of loan. The main advantage of this form of financing is that it gives you a single payment to make each month. It’s easier than managing multiple payments from different creditors. With proper financial discipline, you can pay off all your debts in two to five years after taking a debt consolidation loan.
Benefits of debt consolidation loans
One major advantage of this type of loan is that it allows you to eliminate the high-interest debts by consolidating the credit into a single loan with better terms. A debt consolidation loan is often given with some form of security. You may not qualify for this form of financing if you don’t have any collateral. If your loan is approved with no security, expect to pay high-interest rates. Speak to a debt relief expert to help you determine if this is an ideal option for you.
You may also consider getting a second mortgage to pay off your debts fast. The first mortgage is the one you took to buy your home and the second one is the consolidation loan. By refinancing your mortgage, you’ll get lower interest rates which could help you save money, especially for high-interest credit card loans. This also gives you an opportunity to make more flexible monthly payments that you can afford. You will only qualify for a specific amount based on the equity you’ve gathered in your home.
Benefits of taking a second mortgage
Unlike standard loans, second mortgages are usually offered at low-interest rates. Additionally, when you take this mortgage, your home acts as security for the loan. The finance company can offer you a high amount depending on the equity you’ve gathered on your home. However, expect to pay higher fees when taking a second mortgage which makes it even more expensive. Speak to our debt relief expert to determine if taking a second mortgage is a good option for you. The expert will assess your financial situation and offer you the best advice.
Have you ever considered applying for a secured or unsecured line of credit? This option of debt consolidation is viable if you want to settle high-interest debts every month. Once the overdraft is issued, you can pay a minimum payment every month to settle the debts. However, you need financial discipline to make the payments as desired. The biggest advantage of lines of credit or overdrafts is the flexible payment terms as well as low-interest rates offered. However, they require financial discipline is they are going to be used as an effective debt relief solution.
If you qualify for lines of credit or overdrafts, ensure you use the amount to get out of debt and not increase your spending. If you lack the discipline to make the required payments every month, the lines of credit can put you in further debt. Additionally, there’s the risk of the prime rate increasing which means you will be required to pay higher monthly than what you had initially agreed upon. Speak to a debt relief expert to explain to you how to make this option work.
Debts may also be consolidated by the use of credit cards. This is an option most people consider because it allows them to bring together all their credit card balances into a single payment that has lower interest rates. You can then set a monthly repayment for the credit card based on what you can fulfill. The bank will give you the minimum payment and you can make it higher depending on how fast you want to clear the debt.
When you have an emergency, you can simply go back to paying just the minimum amount required. Additionally, the credit cards are usually offered at a low promotional interest rate. This means that you’re not only able to keep track of your debt but also make more timely payments in small amounts you can afford.
Keep in mind that credit cards still have their drawbacks. If you don’t change your financial habits, credit cards can put you into further debt. This is because you have lower monthly payments to make and hence you have a little more than usual left after getting your income. You may find yourself in further financial turmoil due to overspending the extra money that’s left each month. It’s important to ensure that you gain proper financial habits once you consolidate your debt using credit cards.
You may choose to have all your debts consolidated into one monthly payment that is made to a credit counselling organization. In this case, the organization that receives the money forwards it to the respective creditors. When you choose to consider this route, your credit counsellor in Etobicoke will send a proposal to your creditors showing them that you are fit for this program. All your creditors must agree before moving forward with the program.
Once you choose to go this route, expect to pay off all your debt within 3 years or less and with no interest rate. The major drawback to this form of consolidation is that it has a negative impact on your credit score. Since the entire process of consolidating debt is somewhat overwhelming, it’s important to speak to an expert who will help guide on what’s best for your situation. We’re always happy to educate you on the options you for consolidating debt. Whether you need help understanding your options better or you want to find out if you qualify for a debt management program, we’ll lift that burden off your shoulder. Reach out to us today to find out more.
HOW DEBT RELIEF WORKS IN CANADA
Our debt relief programs are designed for people who are struggling and can only pay debtors what is absolutely required. Many people often do not know that creditors are willing to consider other payment methods besides what was originally agreed in the loan terms. Most creditors are willing to have debts paid in full even when it is less than what is actually owed by debtors who are falling back on payments. By getting into a debt relief program we can help you by contacting creditors and negotiating for a reduction in the debt amount full payment through a debt management plan or Etobicoke debt consolidation.
A debt relief plan can help you achieve a number of things financially. The first aim of the debt relief plan is to reduce the amount of debt by negotiating for waiver of penalties and late payment fees. Debt relief also aims to combine all your payments from different creditors into one convenient payment that is lower and more affordable for you. We can do this through the debt management plan or through debt consolidation. The durations of debt relief programs vary depending on your level of debt and the kind of solution employed. At York Credit Services, we aim to reduce your debt within the shortest time possible and begin improving your credit score. With a good debt relief program, you can become debt free without having to file for bankruptcy. Our professional credit counsellors and debt relief specialists will work with you closely advising you on the best financial decisions to make during this time.
TYPES OF DEBT THAT CAN BE SETTLED THROUGH DEBT RELIEF
Unfortunately, not all types of debt can be settled through debt relief; debt relief programs specifically, that’s caused by credit cards, personal loans, lines of credit, medical bills, student loans and business debts among others and secured loans. On the other hand, secured debt such as mortgages, home loans and vehicle loans cannot be managed through debt relief. This is because in the case a client fails to make payments for a secured loan the creditor will repossess the collateral in order to pay off the loan.
In order to determine the kind of debts that you have and which ones can be covered by the debt relief plan, we will have a counselling session with an Etobicoke credit counselling specialist to analyze your debts. Choosing to get into debt relief is just the first step to freedom from debt. As an Etobicoke debt relief specialist, we understand the importance of walking with a reputable company when it comes to handling personal finances. You should entrust your finances to professionals who operate ethically and honesty in all their dealings and this is exactly what we do. We keep all your information confidential and provide you with only the most reasonable and suitable options for your situation.