Debt Consolidation in Oshawa
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TAILORED CREDIT CONSOLIDATION SERVICES IN OSHAWA
Are you facing a predicament where your salary never seems to be sufficient for your needs? Do you find yourself struggling to pay your bills regularly? York Credit Services is here to provide solutions to such issues. Unfortunately, most Canadians face such situations at some point in their lives, and they end up with bad credit problems and similar issues. It is easy to become overwhelmed with the mounting debt once you start experiencing such struggles. Reviewing your financial statements may become more challenging and unpleasant, and you may lose track of the debts.
Getting help when facing such problems is the best way to deal with them. We have been providing debt relief programs for a long time and know the kind of mess that too much debt can bring if not handled correctly. We use our experience to provide personalized services because we also understand that every person has a different struggle with loans. When offering credit counselling, we prioritize the client’s needs more than anything else.
While dealing with qualified personnel is a good idea, you still need to be realistic. You have to manage your expectations and remember that credit counsellors do not magically make all your financial problems disappear. We cannot clear your bad debts or wipe away your credit history. We will, however, do our best to find sensible solutions that will drive you towards a debt-free life. We have dealt with different kinds of debt situations and can handle anything, no matter how big or small the loan is. We only insist that you remain dedicated to the process for it to work.
WHEN DO YOU NEED OUR DEBT CONSOLIDATION SERVICES IN OSHAWA?
Our Team Will Help You to Figure Out:
TOTAL AMOUNT OF EXISTING DEBT
DEMERITS YOU MAY ENCOUNTER WITH A PARTICULAR METHOD OF DEBT SETTLEMENT AND HOW BEST TO AVOID THEM
IDEAL DEBT SETTLEMENT METHOD TO USE
NUMBER OF DEBT RELIEF OPTIONS AVAILABLE
AMOUNT OF MONEY YOU CAN COMFORTABLY RAISE TO PAY A PORTION OF THE DEBTS
AVAILABLE PLANS AND HELPING YOU CHOOSE THE BEST ONE
PHASES OF CREDIT COUNSELLING
Financial assessmentBefore you can try out any solution, you must understand the depth of the situation. Find out the level of the financial predicament you are in before attempting to join any program. Our counsellors will evaluate your salary, assets, and all loans in detail. We might ask you some uncomfortable questions, but we ask that you answer as honestly as possible. Our objective is to have an in-depth understanding of how you manage your lifestyle. Dishonesty will only prevent us from finding solutions that can work for your unique circumstances.
We also advise that you do not panic once you understand how serious the situation is. It is normal to feel negative emotions, but we are here to provide the best solutions to you.
Debt solutionsAfter a successful financial assessment, finding a reliable debt solution will be easy. We will put our experience and knowledge to use to ensure you get your situation sorted. Then you will begin to work towards paying off all your debt and never experience the same issues again in future.
Money managementIf you do not learn to manage your funds properly, you will still end up in debt in future, even if the solutions we propose work for a while. Our goal is to give you lasting solutions, which is why we have management tips and tricks as the last phase.
Why our counselling services?
OUR SOLUTIONS HAVE BEEN PROVEN TO WORK
WE AIM AT GIVING LASTING RELIEF FROM THE STRESS CAUSED BY DEBT PROBLEMS
WE WANT YOU TO BE INDEPENDENT AND TRAIN YOU FOR IT THROUGH MONEY MANAGEMENT
DEBT MANAGEMENT PLANS THAT MATCH YOUR NEEDS
Multiple debts can have a negative impact on you and your family. The longer the debt remains unpaid, the more paying your regular bills is likely to become more difficult. The situation can become more adverse and cause you and your loved ones a lot of stress.
Our competent counsellors can create a plan that not only helps you pay off those debts within a reasonable timeframe but also helps you save some money in the process. We strive to keep such circumstances from recurring by providing solutions that work for the present and future. Our approach is one of the reasons why we are a leading debt relief company in Canada.
Since every person faces debt issues differently, we offer varied ideas. We give you the most appropriate one for your case and go the extra mile to negotiate with creditors on your behalf. We will get you the best deals that allow you to make affordable payments. Call us whenever you feel like your debts are getting out of hand, regardless of what led you to that situation.
BEST FINANCIAL SOLUTIONS FOR YOU
When seeking financial solutions for your debt situation, you must understand that they are different for every person. We can help you start a process that works for your specific financial goals. We have a systematic approach that ensures the credit relief solutions are rolled out in an easy-to-understand manner.
- Comprehensive review
Our solutions start with a comprehensive understanding of your financial situation, together with all the associated factors such as your monthly expenditure and income. We will also assess your debts, especially if they are from different sources. When done, we will forge multiple plans that you can use to consolidate your debts and find exclusive solutions for your unique requirements.
- Creating a management plan
Our financial management plans are meant to help you get back on track and maintain that for a long time. We take time when developing them to ensure we give you options that will not fail. Typically, we try to increase your savings as we also work on reducing the debt by changing your spending habits. We will still try to maintain the kind of lifestyle you are used to, but our priority will be to ensure you pay your bills on time.
- Evaluating multiple avenues
We do not just focus on one solution but explore several repayment plans. It is the only way for you to find the perfect one for your circumstances. By availing more choices, we make it easier for our clients to avoid bankruptcy and frustrating trial and error methods.
- Minimizing the burden exerted by high interests
When you are late in making debt payments, you will have to deal with a lot of stress-related to higher interests, in addition to the pestering calls by collection agencies. Reducing the interest can have a tremendous effect on your overall debt. You will be able to make fewer payments and save more money.
- Improving the credit score
One of the ripple effects of a debt crisis is low credit scores, making it impossible to access more loans. We strive to remedy the situation by improving your credit score and making it easier for you to get more lenders to consolidate the loans. Rebuilding your credit score also comes with the advantage of managing income better, increasing savings, and avoiding debt.
- Enrolling in the most appropriate programs
Numerous credit relief programs are available in Canada, which can be very confusing if you do not have an expert to guide you. However, with our expertise, you will have the assistance you need to help you make the right decision. In most cases, debt consolidation programs provide much-needed relief when you have multiple debts becoming harder to monitor. In addition, debt consolidation allows you to put your debts together. However, various credit relief programs can also have disadvantages that you should not ignore when considering them.
Our team will not try to force a single on you. Instead, we will give you multiple alternatives and all the facts about them. We know the kind of damage that being in debt can cause and how difficult maintaining objectivity during such circumstances is. So you can count on us to get you the best answers.CALL US
5 WAYS TO CONSOLIDATE DEBT IN OSHAWA – HOW YORK CREDIT CAN ASSISST YOU
A debt consolidation loan is a type of loan that combines several existing debts into a single loan that’s more manageable and often more affordable in the long term. This type of loan usually has a shorter repayment term with low-interest rates. It’s given to individuals with a fair or good credit rating. If you are juggling multiple high-interest credit card balances, a lower interest, short-term consolidation loan could be an ideal option for you. It could help you reduce your financing costs and clear all your obligations in 2 to 5 years ahead of schedule.
Are you a good candidate for a debt consolidation loan?
First and foremost, your credit score needs to be good enough to qualify for a debt consolidation loan with favourable interest rates. Additionally, you need a stable income and employment (most lenders would like to see at least 24 consecutive months of stable employment in order to approve your loan. Your debt to income ratio should also be higher than 50%. Most lenders prefer individuals with higher debt to income ratios because it helps to reduce the level of risk the person poses.
Your home equity is the market value of your home relative to your loan balances. This equity increases over the years as you make monthly payments on your loan which reduces the loan balance. Home equity can also increase if the property gains value after some home improvements or when the real estate market flourishes. On the other hand, your home equity reduces whenever your home loses value or if you borrow against your home. Second mortgages have several advantages.
Benefits of second mortgages
First, you can borrow a significant amount depending on the equity you’ve gathered on your home. Your home acts as the collateral for the loan which means that you can access more financing than most personal unsecured loans. Additionally, a second mortgage usually has lower interest rates than most types of debt. However, you need to take a second mortgage only when it’s very necessary as it puts your property at risk of foreclosure. Second mortgages can also be quite expensive since you’ll need to pay extra costs for things like appraisals and credit checks.
A line of credit or overdraft is a loan that is attached to your checking account. Before using lines of credit to consolidate high-interest debt, it’s important to understand how they work. An overdraft line of credit is given by your bank to allow you to access funds whenever you need to cover certain payments like high-interest credit card debts. You can use the overdrafts to avoid missing payments or ensure your checks don’t bounce and result in penalties. Most banks allow you to use the lines of credit whenever you have an emergency.
When you borrow money through a line of credit or overdraft, you’ll need to pay interest on the amount you’ve borrowed. The interest charged is usually lower than standard loans offered by banks which makes this consolidation alternative an affordable one. However, if you overuse the overdrafts line of credit, your bank could change the terms and prevent you from borrowing too much. To find out if you qualify for an overdraft line of credit, get in touch with your bank. Remember to ask about all the alternatives and get to know the fees you will be required to pay when clearing the debt.
You may wish to reduce your credit card debt by consolidating all your balances into a single payment with a lower interest rate. This allows you to pay a certain minimum payment every month for the card. You can choose to pay more than the minimum payment if you want to clear your debt faster. Consolidating debt by using your credit cards has a great advantage of lower interest rates. You get to qualify for promotional interest rates that are offered by banks and other financial institutions in Ottawa. This makes it easier for you to keep track of your debts because you can make a single payment that you can afford.
By consolidating using credit cards, you can pay the minimum amount whenever you have an emergency and then go back to paying a higher monthly payment when you’re able to. This gives you the flexibility to manage your debt and pay it off within a few months. The only drawback to this type of consolidation is that it can end up extending your debt. You must gain financial discipline and change your spending habits if you want this type of financing to work for you. Otherwise, it will take many years to get out of debt.
Ever wondered if a debt management plan will work for you? To find out if you qualify for a debt management plan, you’ll need to reach out to a credit counsellor who will assess your financial situation and determine if your creditors are likely to accept the plan. Once this is determined, the credit counsellor will prepare a proposal and send it to your creditors for further negotiations. This process usually involves a lot of back and forth on both sides. Once both parties agree, payments can be made to the credit counselling organization who will then disburse the money to your creditors. At the end of the program, all outstanding balances should be paid in full and you will no longer owe money to the creditors.
There are several benefits of entering a debt management plan. To begin with, you only make one monthly payment which means there’s less likelihood of missing due dates. Additionally, joining the program gives you a clear structure of paying off your debt. You get the support and advocacy of a credit counsellor throughout the program. The credit counsellor will strive to ensure you get the best possible deal from your creditors.
CONSUMER PROPOSAL FROM OSHAWA DEBT RELIEF SPECIALIST
York Credit Services is your credit solutions provider for debt relief, debt management and debt consolidation among other services. The path to financial freedom is a long and difficult one, especially when your accounts are suffering from crippling debt. Finding an ideal solution that will create the path of least resistance towards achieving your financial goals is exactly what we have to offer. Our team of professionals has a lot of experience in handling various debt scenarios and we can help you develop a suitable plan.
We have a variety of debt relief solutions for individuals caught up in debt including debt management plans, debt consolidation, and credit counselling and consumer proposal. Debt management plans help you to organize the payment of your outstanding debt through our management systems conveniently. Debt consolidation is all about getting refinancing to pay out all your creditors to remain with one personal loan repayment. Our Whitby credit counselling provides you a chance to interact with credit professionals who can inform you of the various debt relief options, budgeting and planning your finances and making the best financial decisions.
Consumer proposal is a great solution to debt problems. Consumer proposal is a legal process through which you can propose a debt settlement agreement and present it to your creditors. We will work with you to come up with a suitable proposal, which gives you full charge over your finances. We aim to support you in creating a repayment plan for your debtors that can lead to substantial savings. The consumer proposal solution is ideal if you have a reliable monthly income that you can rely on to make the required payments. Having an income is already a step in the right direction; it shows there is hope for financial restitution.
Consumer proposal can keep you out of the reins of bankruptcy
Consumer proposal can keep you out of the reins of bankruptcy, which is often considered a much more harsh solution. However, it cannot be completely counted out because there are scenarios when it is the best way out. Consumer proposal will help you make single affordable monthly payments for at least five years. These monthly payments will be distributed among the creditors until the debt is over. The best part about the consumer proposal process is that all interests are frozen once the creditors agree to the proposed debt repayment.
With a good proposal sent forward, you can enjoy immediate debt relief. Before we settle on a consumer proposal, we will compare all the possible debt relief options. Ajax debt consolidation is much similar to the consumer proposal means of repaying your debt however, it depends on your level of debt. Bankruptcy on the other hand is usually considered as a last resort.
In order for your consumer proposal to be legal, it should be filed by a licensed Insolvency Trustee such as York Credit Services. We are licensed and certified with the relevant authorities in the industry. You cannot file a consumer proposal with any kind of agency that is not licensed.
Our credit counsellors will meet with you as often as you need to explain the various processes involved and everything you need to know about your consumer proposal. Sitting with a qualified Pickering debt relief specialist is a crucial part of the consumer proposal process. Once you meet the obligatory sessions with the credit counsellor, you will receive a certificate of full performance as well.
Consumer proposal aims to help you out of your financial situation with as little damage to your credit as possible unlike bankruptcy, which leaves a mark that lasts a little longer. Once you have started the consumer proposal plan it is advisable to sit with our credit counsellor to create a monthly budget. This budget should outline your luxury spending limits, spending for necessities, living costs, savings and consumer proposal payments. Recovering from debt is a process that requires a lot of individual discipline and this is why working with a budget could go a long way to change your situation.
Taking the step to York Credit Services is one in the right direction. If you commit to the process, you will be out of the woods in no time.
“We are committed to reducing your debt and getting you back on the right financial track.”
FREQUENTLY ASKED QUESTIONS
IS IT POSSIBLE TO REPAIR MY CREDIT?
You can always start the credit repair process whenever you feel that your debts are becoming too difficult to handle. With the help of our professionals, you will improve your credit rating and history within a realistic timeline.
WHAT ARE THE ELIGIBILITY CRITERIA FOR DEBT RELIEF PROGRAMS?
To qualify for a debt relief program, your debt must not be less than $8,000, and it should be unsecured. You must also have a stable source of income. Our representatives will give you more information when you call us.
CAN ANY DEBT QUALIFY, OR ARE THERE SPECIFICS?
Any unsecured debt can be enrolled in a debt relief program, whether it is credit card bills, payday loans, unpaid taxes, professional fees by lawyers or medical practitioners, student debt, foreclosure loans, or phone bills. The only loans that are not applicable are alimony and child support payments.
CAN I AVOID FILING FOR BANKRUPTCY?
Yes. You can always try many other options to resolve bad debt situations before resulting to filing for bankruptcy. It is typically the last option, but we can still help you with the filing process if you want us to. We always advise that our clients prevent bankruptcy as much as possible.
BY HOW MUCH WILL MY DEBT BE REDUCED WITH YOUR HELP?
So far, we have achieved an average debt reduction of 60%, which ranges between 50% and 75% for most of our clients. Our range has always been commendable because we stop all interest when you hire us.
CAN YOU HELP ME EVEN IF I OWE THE CANADA TAX AGENCY?
Yes. Our debt relief programs are applicable for every kind of debt, including income tax, HGST/GST, and other debts related to payroll deductions. One of our goals will be to stop all frozen accounts and wage garnishment immediately after you come to us for assistance.
HOW LONG WILL IT TAKE TO STOP WAGE GARNISHMENT AND COLLECTION CALLS?
It will not take us more than 48 hours before cancelling wage garnishments, and all debt collection calls will stop immediately after you enroll in a debt relief program.
CAN YOU ALSO HANDLE LARGE CORPORATION DEBTS OR SMALL BUSINESS LOANS?
Yes. We have expertise in a wide range of debts. We will help you where possible and refer you to a restructuring professional whenever applicable.
DO YOU CHARGE ANY MONEY FOR YOUR SERVICES?
Our rates differ with each person and case, but we make them as transparent as possible. We will not ask you to pay us before the services are delivered, and we will explain the fee structure before you sign any document that ties you to us. Contact our representatives for more information regarding your specific needs.
CAN BAD DEBT AFFECT MY CREDIT RATING?
Yes. Resolving those issues as soon as possible can improve your credit rating, but it will not happen overnight. However, even negative effects caused by some credit rating programs can be sorted through credit repair solutions. We will guide you through the best procedures for you.