Credit consolidating with no credit
There are long term consequences to your credit rating when you have debt written off against you. To find out more of the pros and cons of consolidating debt using debt settlement services, click here.
A legal type of debt consolidation is available in Canada through a Bankruptcy Trustee.
To find out if a DMP is a good debt consolidation option for you, one of our Credit Counsellors would be happy to look at your situation with you.
If a DMP is a good option for you, they will explain how it will consolidate your debts into one , how the interest rate is lowered or waived by your creditors and how we will help you successfully complete your Debt Management Program.
Speak with one of our qualified Credit Counsellors to determine if you should also speak with a Bankruptcy Trustee.Depending on how much equity you have in your home, you might be able to borrow against it and use the cash you get to pay off debt.There are mortgage rules in Canada about using your home equity to consolidate debt.However, by doing that, you run the risk of never paying your debt off.Rather than using credit that never really has to be paid off to consolidate your debts, our experienced Credit Counsellors will help you look at all of your options.