Debt Consolidation in Newmarket

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TAILORED CREDIT CONSOLIDATION SERVICES IN NEWMARKET

Most people struggle with paying bills on time at some point in their lives, which leads to bad credit ratings and related problems. The inability to pay off debts can easily lead to stagnation that causes a lot of frustrations. The more your bills pile up, the more they become harder to manage, which leads to more financial strain. With time, keeping track of the debts becomes impossible, leading to more trouble.

Contrary to common belief, you do not have to go through financial problems alone. York Credit Services has customizable services that you can take advantage of when you need them the most. In addition, our experience in the industry and professionalism can help you sort out debt issues you may be facing and prevent similar occurrences in the future.

Even so, you must understand that working with a credit counsellor does not automatically mean that all your money problems will disappear. Such experts do not have the power to make debt issues disappear and give you a clean start. We make this clear to prevent false hopes of getting instant solutions. Instead, we use practical and guaranteed methods to repair your credit rating and improve your credit history.

One of our goals is to get you to live a debt-free life. Regardless of how big your current outstanding bills are, we will strive to give you financial freedom. You only need to remain committed to our process regardless of how tough it becomes.

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WHEN DO YOU NEED OUR DEBT CONSOLIDATION SERVICES IN NEWMARKET?

Many creditors resort to extreme measures when trying to get their money back. Some may call you endlessly, while others may take legal action. Either way, York Credit can help you get the relief you need. We have worked with different types of clients facing different situations and have honed our skills in dealing with each one independently. Getting you back on track is our only objective, regardless of how you got into the financial mess.
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Our Team Will Help You to Figure Out:

TOTAL AMOUNT OF PENDING DEBTS

SETTLEMENT YOU QUALIFY FOR AND INFORM YOU ABOUT IT

PERCENTAGE OF YOUR BILLS YOU CAN COMFORTABLY PAY OFF

A PLAN THAT WORKS FOR YOUR SITUATION, ESPECIALLY YOUR LIFESTYLE

ALL RELEVANT INFORMATION, INCLUDING THE DISADVANTAGES OF THE SETTLEMENTS AND VARIOUS WAYS OF OVERCOMING THEM

POSSIBLE DEBT RELIEF OPTIONS

PHASES OF CREDIT COUNSELLING

The fruits of credit counselling never appear instantly. There has to be unwavering commitment and discipline before results can be seen. Some of the phases you go through are:

1. Financial assessment

This stage allows you to fully understand your financial status, which is crucial in debt solutions. The credit counselling team will evaluate your monthly earnings, the properties you own, regular expenses, and current loans. We insist on a detailed assessment and request that you communicate with us openly. By understanding your daily financial responsibilities, the counsellor will create practical solutions tailored to fit your specific needs.

It is normal to feel uncomfortable discussing your finances with a stranger. You may feel like your privacy is being invaded, which is also understandable. However, you will not make any progress without going through this essential step and comprehending the magnitude of your situation.

2. Debt solutions

After the financial assessment, the debt counsellors will come up with ideas and effective solutions to the problems discovered. We have dealt with numerous cases and situations, enabling us to deduce the best possible solutions for various debt circumstances. Therefore, regardless of what you are going through or how you landed in that mess, we will propose tailor-made solutions for you.

3. Money management

The last phase will be to learn how to control your money properly. Our main objective here is to get you to be independent by improving your financial management skills.

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Why our counselling services?

OUR SOLUTIONS ARE EFFECTIVE IN SOLVING FINANCIAL ISSUES

CLIENT-BASED SOLUTIONS, WHICH MEANS A STRESS-FREE LIFE

WE GIVE VALUABLE TIPS ON MONEY MANAGEMENT

DEBT MANAGEMENT PLANS THAT MATCH YOUR NEEDS

Debt management is usually one of the hardest things to do for most people. You may think you have the accumulating bills under control, but before you know it, you will be overwhelmed by them. The situation is usually unique for every person, a concept that our experts understand perfectly. That is why our debt relief procedures stand out from all others in the region. We put our clients first no matter what and work towards eliminating the debts and stress associated with them.

We have dealt with various people – your situation will not be a surprise to us, and we will not judge you for it. Our counsellors can help you generate a budget plan and negotiate with your lenders to ensure you get a workable payment routine.

BEST FINANCIAL SOLUTIONS FOR YOU

Each person has different priorities, responsibilities and lifestyles, which means the financial obligations differ. At York Credit, we understand this and use it when looking for solutions for our clients. We help you discover financial goals suited for your situation based on your financial circumstances.

  • Understanding your current predicament

The first step to finding the ideal solution is to review the existing loans and bills and then compare them to the income. Then, we use our findings to develop multiple debt consolidation solutions that we present to you. Then, you can pick the one that fits your situation the most.

  • Creating an appropriate management plan

The best way to get your finances back on track is by having a plan that allows you to reduce your expenditure whenever possible so you can make more payments and save some money in the process. We will try to modify your spending patterns to make sure your lifestyle remains comfortable without unnecessary expenditures. Let our debt specialists make up a manageable way of keeping up with your monthly bills.

  • Considering multiple repayment plans

The only way to find the most appropriate solution to your situation is by exploring numerous options instead of focusing on a single one. That is why our team does not limit those options. Minimizing your loans as soon as possible is one of our goals, and filing for bankruptcy is the last resort.

  • Reducing interest payments

For most people, high interest rates are why keeping up with payments is difficult, yet many lenders capitalize on that to make profits. Once you start being late with the payments, constant calls from creditors can become frustrating. One solution to this is to reduce the interest to lower your general payments. We will review all viable options in order to lower your interest as much as possible.

  • Rebuilding your credit

One of the effects of poor debt management is a reduced credit score, which reduces your borrowing options and increases interest rates. A higher credit score can help you gain access to more lenders, which means more debt consolidation options and possible reduced rates. With an improved credit rating, you will be able to develop a better budget plan and work towards getting out of debt completely.

  • Searching for the right programs

The debt consolidation programs available are suitable for various circumstances, which is why you should consult a professional before enrolling in one. Their main purpose is to allow you to make a single payment instead of several smaller ones, which makes it easier to manage loans from several sources. Our job is to analyze the various programs and help you understand their pros and cons to make an informed decision.

The York Credit team is here for your benefit. Take advantage of our extensive knowledge base and explore the many ways you can improve your credit. We take pride in sharing our experience and using it to improve your finances. We understand how challenging financial difficulties are and how easy making the wrong decision is when you do not have professional assistance. Be assured that you will be assigned a certified counsellor when you reach out to us.

5 WAYS TO CONSOLIDATE DEBT IN NEWMARKET – HOW YORK CREDIT CAN ASSISST YOU

Debt Consolidation Loan
Second mortgages
Lines of credit or overdrafts
Credit cards
Debt management plans

There are many options to get debt help in Newmarket. An option that your debt relief expert may recommend is getting a debt consolidation loan. This form of financing can make managing debt easier since you tackle only a single monthly repayment. Most people who take a consolidation loan can pay off their outstanding debt within 2 to 5 years. This option brings together all your debts into a big loan that has a lower interest rate.

The debt consolidation loan allows you to save money on interest. It also gives you an opportunity to focus on a single payment instead of dealing with multiple creditors each month. The fees for a consolidation loan can be much lower than standard forms of financing. Most banks ask for collateral before giving you this loan. If you get an unsecured debt consolidation loan, expect to pay higher interest rates. Your debt relief expert can advise on what options are available to you.

Borrowing against the value of your home, commonly referred to as taking a second mortgage has its pros and cons. First, you need to understand that your home equity grows every time you make monthly payments on your loan that reduces the balance. Additionally, your home gains value when you make significant improvements or when the real estate market grows in the area. However, when you take a loan against your home, you lose equity.

With a second mortgage, you may receive a lumpsum which you can use to pay multiple creditors and then repay it gradually over time. The other option is to take a line of credit which is simply a pool of money that you can draw from whenever you want to. You’re given a maximum borrowing limit and you can repay then borrow whenever you need to. Second mortgages allow you to borrow significant amounts so you can use it to clear a substantial amount of debt. Additionally, these mortgages have low-interest rates compared to other types of debt. You may also qualify for some tax credits on interest paid for second mortgages which makes the loan cheaper in the long run. Keep in mind that defaulting this kind of loan can lead to foreclosure. The loan may also involve numerous costs such as credit checks, origination fees and more closing costs which make it quite an expensive option.

Some people may qualify for a secured or unsecured line of credit or overdraft. This allows them to offset their debts by taking advantage of the lines of credit. Once you have access to an overdraft, you can get money to clear high-interest debt and then make a minimum payment at the end of each month for the amount you took. Lines of credit usually come with lower interest rates as well as flexible payment options. You can pay off the overdraft as fast or as slow as you wish depending on your financial ability.

However, there are some major drawbacks of taking a line of credit or overdraft. You must have the financial discipline to spend the amount you take wisely and pay the minimum amount each month. There is also the risk of the prime rate going up which will ultimately affect your minimum monthly payments. If the prime rate goes up and you are expected to pay a higher amount each month, it could put you at greater financial risk. It’s always wise to learn what other options you have in order to consolidate your debt and choose one that’s fit for your needs. Our debt relief experts can provide invaluable advice to help you get out of debt fast.

Balance transfer credit cards are a popular method of debt consolidation which is done by shifting multiple credit card debts to one card with a lower interest rate. It simply works by allowing you to take one loan in order to pay off multiple loans which are more expensive to service. Credit card balances usually attract very high-interest rates. A missed payment could mean thousands of dollars in fines. By taking a credit card with a lower interest rate, you’re able to make reasonable payments each month that fit your financial ability.

How do balance transfer credit cards work?

When you approach your bank or any other finance company that issues credit cards, they may be able to issue you with a card that has low fees or a 0% APR introductory rate. This means that for a specific period, you can access credit and make minimal monthly payments in order to pay down the principal. However, the APR will rise after the introductory period so be ready to pay higher than what you started paying at some point.

You may approach a credit counsellor to help you determine if you qualify for a debt management plan. The credit counsellor will also assess your financial situation and advise whether your creditors are likely to accept the debt management plan before writing a proposal. Credit counsellors work with numerous individuals to try and negotiate the terms of a debt management plan with creditors on behalf of their client. Payments can only be made once all the creditors have agreed to the program. All payments are made to the credit counsellor who will then disburse the amounts received each month to your creditors based on what was agreed.

Once you finish paying the monthly fees, you will no longer owe any of the creditors who were part of the debt management plan. The main advantage of joining this program is that it allows you to make one monthly payment. You no longer have multiple payments with different interest rates and due dates to deal with. Additionally, you’ll get support and advocacy from credit counsellors who are going to help you map out a clear path to debt freedom. This program gives you the structure and strategy you need to repay your debt in a timely manner.

WHAT IS A CONSUMER PROPOSAL?

Consumer proposal refers to the negotiated agreement between you and your creditors through a consumer proposal administrator. When we negotiate for this agreement, we will develop a legal document that will protect you from debt collectors who can be quite determined when chasing after debts. The agreement will also include a partial repayment of the total unsecured debt that you owe while the creditors will write off the rest of the balance. The consumer proposal process requires the input of a Newmarket debt relief specialist who understands the law and loopholes that can used to get the creditors on board.

When it comes to credit solutions, no one-size-fits-all solution apologies and this is why bankruptcy could still be a viable option to others. Speaking with a credit counsellor can shed a lot of light on the options for debt relief depending on individual financial characteristics. At York Credit Services, we believe that financial information should be available to all our clients in an honest and easy to understand manner so they can make the best decisions to improve their finances.
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“We are committed to reducing your debt and getting you back on the right financial track.”

CONSUMER PROPOSAL VS. BANKRUPTCY

More and more Canadians are taking on consumer proposals as a solution to debt problems. However, most people were not aware of consumer proposals until the past couple of years, and many opted for bankruptcy in insolvency cases. At York Credit Services, we believe in providing consumers with accurate and informative knowledge on the financial options available. Everyone’s case is different, and this is why we customize our services to the needs of our clients. It all begins with Newmarket credit counselling, where we learn more about the individual and their financial challenges. From these interactions, we can determine whether a consumer proposal or filing for bankruptcy would be best. Our debt relief specialists have loads of experience and the professionalism to handle these matters.

Please note that bankruptcy is often considered a more drastic solution due to the perceived repercussions of choosing this route. In a consumer proposal, no assets can be seized by creditors. With bankruptcy, some specific assets can be seized by creditors, but the exceptions vary from province to province. Consumer proposals are simply considered a better solution because you get to keep all your assets; these debt reduction solutions can ensure your family does not end up homeless.
CAN ANYBODY ENROLL IN A DEBT CONSOLIDATION PROGRAM?

Yes, so long as your debt exceeds $8,000 and is unsecured. You must also have a source of income. If you need more information or clarification, contact us today.

CAN I GET ASSISTANCE WITH CREDIT REPAIR?

The professionals from York Credit can help you repair your credit and improve your rating reasonably within a short period. Find out more about how we can customize our services to suit your situation by reaching out to us.

ARE THERE SPECIFIC TYPES OF DEBTS TO BE INCLUDED IN A PROGRAM?

Any debt can be included in a debt relief program – credit cards, payday and instalment loans, credit lines, 407 ETR, pending taxes, and student loans can all be included. Personal loans, utility bills, and EI overpayment are also eligible. However, some expenses like alimony payments, child support payments, and court fines like speeding tickets cannot be included.

AT WHAT POINT IS BANKRUPTCY AN OPTION?

In most cases, you can pay off debts without having to resort to filing for bankruptcy. We will try all the other options and only consider bankruptcy if everything else does not work. If it comes to that point, we will help you through the process.

CAN YOU HELP IF I OWE INCOME TAX, PAYROLL DEDUCTIONS, OR HST/GST TO THE CANADA REVENUE AGENCY?

Yes. Our debt relief programs can work for all the debts above. As soon as you enroll in one, any frozen accounts or wage garnishment will be stopped.

WHAT ABOUT CORPORATE DEBTS AND SMALL BUSINESS LOANS?

We can also assist with business-associated debts. We will introduce appropriate relief assistance programs or refer you to a restructuring professional.

HOW EFFECTIVE ARE THE DEBT RELIEF PROGRAMS?

Our programs are very effective and can reduce your debt by approximately 60%. The exact amount reduced will depend on your unique circumstances. However, every client we have worked with has experienced relief ranging between 50 to 75%. We also stop interest immediately after we start working with you.

CAN YOUR SERVICES HELP ME WITH GARNISHMENTS AND COLLECTION CALLS?

When you choose to work with us, all calls from collection agencies and wage garnishments will stop. That can happen within 48 hours after joining our debt relief program.

HOW MUCH DO YOU CHARGE FOR CREDIT IMPROVEMENT SERVICES?

We do not charge a standard fee; it varies depending on the outstanding debt and the exact situation. We will explain all the charges beforehand and will not ask for upfront payment.

CAN YOUR SERVICES IMPROVE MY CREDIT RATING?

Credit relief programs generally have a positive impact on credit situations. Some have been reported to harm credit ratings, but such can be resolved through the appropriate credit repair methods that we also offer. Our services are available for every person who needs them.

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