Debt Consolidation in Scarborough
We are here to assist you in resolving your financial difficulties
We will assist you in lowering your debt
We will assist in relieving your stress
We Can Help You With:
Helping You Consolidate Your Debt in Scarborough
helped in 14 years
Income Tax Debt
WHEN DO YOU NEED OUR DEBT CONSOLIDATION SERVICES IN SCARBOROUGH?
Our Team Will Help You to Figure Out:
HOW MUCH DO YOU OWE?
IF YOU CAN GET A SETTLEMENT EASILY
THE PORTION YOU CAN RAISE WITHOUT HELP
THE BEST LOAN SETTLEMENT FOR YOUR EXACT NEEDS
POTENTIAL PROBLEMS TO AVOID
ALL THE VIABLE OPTIONS FOR YOU TO TRY
IMPROVING YOUR FINANCES THROUGH CREDIT COUNSELLING
Do you have a hard time managing your finances? Do you often find yourself with more month at the end of the money? Are you falling back in your payments to your various creditors? If any of this applies to you then you are the ideal candidate for York Credit Services. We provide a variety of financial and credit solutions to individuals struggling with money management problems. Managing money is not easy for the average person when you have piles of bills to pay and creditors too. This can put you in tough financial situation when the debt starts getting out of hand.
In order to understand the root of the problem and to come up with a suitable solution you need to undergo the credit counselling process. Scarborough credit counselling is carried out by a licensed professional counsellor. At York Credit Services we believe that financial information should be fully and widely available to everyone. And this is why we make our credit counselling process extremely exhaustive. This process is designed to empower and equip our clients with financial information that will help them reduce their debt and improve their financial situation altogether.
Phases of Credit Counselling Regarding Debt Consolidation in Scarborough
Financial AssessmentUnderstanding your finances means assessing your income, debt, assets and expenditure. Such understanding is also the first and critical step in credit counselling, without which chances of failure increase significantly. Luckily, we have a qualified and experienced team ready to evaluate your assets, loans, and earnings to ensure the counseling becomes more effective. We check the details and do not undermine any aspect.
We encourage you to be open when we ask about your lifestyle and financial practices. We strive to understand your routine, which allows us to draft a practical solution. Openness also allows us to create a personalized plan that is uniquely yours. Most clients feel uncomfortable sharing at first, but we assure you that is an unavoidable stage you must undergo. We understand the panic you may feel, which is why we assign you the friendliest counsellors.
Debt SolutionsDebt solutions require different approaches – we do not use a single remedy for all clients. That is why assessing your circumstances is critical. It enables us to craft a specific solution to the debt, something we have done for numerous clients before and have perfected. Our extensive knowledge of the topic will benefit you greatly.
Money ManagementAll the solutions you implement with our assistance will be fruitless if you do not learn to manage your funds. During this final step, we will help you learn how to control your income without relying on external assistance.
We Will Help You To Solve Your Debt Problems
To give you a lasting solution, we must know your regular expenses, the amount of money you owe, and your salary. Some people may feel uncomfortable disclosing such information, but it is a necessity. It allows us to negotiate favourable terms with creditors on your behalf. Through that, we can get you the best rates and help you create a plan that enables you to clear the debts quickly.
We never make decisions on behalf of our clients. Instead, we discuss everything with you and explain every part of the process, ensuring you comprehend what the deal entails. We also recommend the best solution based on our expertise and experience, but you still have the final say.
We are always truthful when discussing the options with our clients. We do not make fake promises or mollify our clients. Instead, we offer the best chance of saving more money through fewer interests and fees.
Our Satisfied Clients
SCARBOROUGH DEBT CONSOLIDATION LOAN
A debt consolidation loan allows you to pay off all your outstanding debt and get a single big loan that you can clear within a specific period. These loans are often offered by banks and credit unions throughout Scarborough. If you have multiple outstanding debts that you’d like to bring together and make a single payment every month that’s easy to track, this could be an option for you.
Advantages of debt consolidation loans
One major advantage of this type of loan is that it only gives you one payment to worry about. You are most likely going to save money because the loan is offered at a lower interest rate. You can even pay off the debt within a shorter time, say two to five years and pay lower interest rates. The fees charged to set up a debt consolidation loan are also usually very low. The major drawback is that you may not qualify for this kind of loan if you don’t have security. You will also need to have a good credit rating in order to qualify for a debt consolidation loan. Speak to our debt relief expert to advise you on the options you have for consolidating debt.
Another option to consolidate your debt is to take a loan that uses your home as collateral to pay off multiple creditors and remain with a low-interest loan to pay each month. One major advantage of a second mortgage is that you can borrow a significant amount. You’re able to offset large loan balances with a second mortgage if you’ve gathered adequate equity in your home. Additionally, the interest rates offered on second mortgages are usually low since your home acts as collateral. You may even qualify for some tax credits when you take a second mortgage depending on how much you qualify for.
Drawbacks of second mortgages
With a second mortgage, remember that you’re putting your home on the line. Should you miss payments, you risk taking your home through foreclosure which has negative impacts for you and your family. If you’re looking for financing to cater for entertainment or basic living expenses, a home equity loan is not the best option. This loan can be expensive since you have to pay extra fees for appraisals, credit checks, and other closing costs.
While it’s always important to have more than what you need to cater for your expenses in your checking account, sometimes mistakes and surprises happen, and your account runs dry. An overdraft line of credit on your checking account allows you to access funds when you have an emergency or need to cover expenses to avoid bouncing checks or missed payments. When you use the line of credit, you will pay some interest on the amount you borrow. Often, the interest rates charged on lines of credit are much lower than the traditional credit cards.
There are several drawbacks to using overdraft lines of credit. In many cases, individuals have found themselves unable to sustain the interest rates accrued after taking an overdraft. In simple terms, having access to a line of credit allows you to keep spending in emergencies which is sometimes dangerous. Since you know that you have overdraft protection, you may be tempted to spend way beyond your means every month. It’s still important to keep track of your checking account and know when you’re running low on funds. These lines of credit can be expensive if you use them too often.
You may consolidate high-interest credit card debt to a different card with a lower interest rate. If you choose to go this route, all the credit card balances you have from multiple creditors will be shifted to a different card with more reasonable fees. Many banks have balance transfer offers with low fees and sometimes offer a grace period to help individuals tackle the principal amount of the loan. This APR is likely to rise after the introductory period lapses. This means that you will pay higher monthly fees after the introductory period is over.
When you qualify for a credit card balance transfer at a low-interest rate, you can pay more of the principal of your loan. This lowers your debt in the long-term and gives you flexible monthly repayments. However, you need to remember that credit card transfers are considered new credit applications. They could potentially lower your credit score in the short term. To determine if this is a debt relief option that you should pursue, speak to a debt relief expert. Our experts would be happy to discuss with you the options you have to become debt-free sooner than you expect.
Sometimes your financial strain is caused by a lack of income that prevents you from fulfilling your obligations. If this is the case, you can approach a credit counselling organization to assess your situation. They may recommend joining a debt management program. This program allows you to pay off your debts faster with little if any interest rates. Your credit counsellor works on a proposal and submits it to your creditors then engages in negotiations to secure the best terms for your loan. You can only begin making payments once all the creditors in the program have agreed to the stated terms.
Benefits of a debt management plan
One of the main advantages of entering this program is that you’ll no longer have to deal with numerous debt payments or due dates. Additionally, the credit counsellor can negotiate with your creditors and you’ll end up paying low-interest charges. In some cases, you may end up paying no interest at all. The best part is that the credit counsellor offers you all the support and advocacy you need to get back on track with your financial goals. These experts work on your behalf to ensure you get the best possible terms from your creditors.
CREDIT COUNSELLING SESSION
During a credit counselling session you should expect the credit counsellor to ask a load off private information about your finances. The counsellor will need to know about your current income, spending habits, number of debts and any interaction that you ever had with debt collectors. You may need to back up this information by providing personal credit card statements and proof of income among other documents.
It is extremely important to be very open and honest through the credit counselling process. The information you provide will guide the counsellor in giving you the most suitable options to solving your financial problems. The credit counsellor may recommend anything from joining a debt management program, getting debt relief, creating a consumer proposal or applying for bankruptcy, which is usually the worst-case scenario. Giving accurate and updated information is important to the budget and action plan that will be created by the credit counsellor after the counselling session.
How We Can Help
Credit Counselling Process for Debt Consolidation in Scarborough
A budget and action plan is crucial to the credit counselling process. Making bad financial decisions or falling into unfortunate financial situations is what led to having bad credit in the first place. A budget and action plan should be set in place as a guideline to avoid making the same mistakes in the future, helping you stick to the plan and also helping you achieve specific financial goals of the end of the process. Our credit counselling services are not only designed to help you reduce or eliminate debt but also to improve your financial status now and in the future.
Getting into a debt management program is ideal when you have various creditors, which makes it difficult to follow up on all your payments. At York Credit Services we will manage your debt by receiving one convenient monthly payment, which we will distribute to your various creditors. Depending on your financial situation, your debt management plan can be implemented through Scarborough debt consolidation or consumer proposal.
“We are committed to reducing your debt and getting you back on the right financial track.”
How Our Counselors Can Help
BENEFITS OF SESSION
If you are committed to the credit counselling process and complete all of your sessions your financial problems will be over in no time. The kind of advice that you’ll receive will help you in your journey to better financial management and financial stability. You can even start thinking of achieving greater financial goals like starting a new business or buying a new home.