With several offices located across Atlantic Canada, we are able to provide guidance to consumers who are looking to solve their debt problems. Once an agreement has been made with each creditor, they will be asked to contact us instead of the client with any questions or concerns until the debts are fully paid. The client will be required to make one monthly deposit that we will disburse to each creditor on their behalf.
Essentially, debt or loan consolidation is the process of merging outstanding debts such as multiple credit card balances or personal loans into one single loan.
This allows you as a borrower to determine when you want to pay off the loan with one fixed monthly payment rather than confusing multiple payments and different rates. In a lot of cases, you can also reduce your interest rates, especially in the case of holding multiple high interest credit card debts.
One slip and a forgotten payment can end up costing your wallet and credit score. Decades can be spent trying to pay these back with minimum monthly payments, debt, loan or credit consolidation can save you time, money and hassle.
Another possibility is a debt consolidation program, such as a debt management plan or consumer proposal.