Debt Consolidation in Newmarket
We have the debt solutions you seek
We provide a sure way of reducing your debt
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Helping You Consolidate Your Debt in Newmarket
helped in 14 years
Income Tax Debt
WHEN DO YOU NEED OUR DEBT CONSOLIDATION SERVICES IN NEWMARKET?
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
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.
Phases of Credit Counselling Regarding Debt Consolidation in Newmarket
Financial AssessmentSharing every detail about your finances can feel like an invasion of privacy. That is what many of our clients experience, and understandably so. Discussing every detail of your assets, loans, expenses, and income with an outsider is never easy – you may feel like the counsellor is invading your privacy. However, being frank about them is the only way for us to assist you properly. It enables us to calculate the exact numbers and devise a customizable debt solution for your lifestyle.
Overcoming the hesitation you may have about sharing your financial details is advisable. It is the only way to prevent the debt issues from magnifying. Understand that the step is unavoidable, and our team maintains confidentiality and does not judge – we serve you to get you out of the financial mess and improve your overall lifestyle.
Debt SolutionsYou can be sure that our know-how will enable you to handle the loans more efficiently. We start by evaluating your financial status and comparing various options before settling on the one likely to benefit you the most. The debt-handling solution we will give you will keep you from sinking into loans further.
Money ManagementOur pride comes from helping our clients manage funds properly and independently. That is essential because most issues we handle come from poor funds control. We do not want you to face the same problems.
How Our Counselors Can Help
5 WAYS TO CONSOLIDATE DEBT IN NEWMARKET – HOW YORK CREDIT CAN ASSISST YOU
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?
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.
“We are committed to reducing your debt and getting you back on the right financial track.”
CONSUMER PROPOSAL VS. BANKRUPTCY
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.
Debt Consolidation in Newmarket – FAQs
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.