Repay your debts at a lower interest rate

Also called Debt Consolidation, this is the process of taking out one loan to pay off two or more unsecured debts.
If you’re struggling with multiple credit cards for example, a consolidation loan can be used to pay off those bills, leaving you with only one monthly payment and flexibility to plan your finances.

  1. Prompt resolution of your financial problem. A situation in which you need urgent money can arise in a matter of minutes, while requiring a rapid response.
  2. A simplified procedure for processing the payday loans and cash advances. Today, you can get quick cash without going to a physical Den lender. All registration can take place online.
  3. A good alternative to bank loans if your credit history is not as good as you would like.
  4. You should not have any amount of money on your bank account to pay the interest initially.

If you are unfamiliar with how the credit reporting system works or if you would like guidance in understanding and improving your credit standing, please contact a non-profit credit counsellor at Consolidated Credit by calling 1 (844)-871-1426 for a free, no-obligation consultation or complete a form: click here for a free consultation.

Credit counsellors can help to assess your situation, clarify errors on your report and outline the best options to rehabilitate your credit through repayment of debts at lowered interest rates. This will enable you to qualify for new credit in the near future.

Who Should Consider Debt Conselling

  • You receive a regular source of monthly income from any source (including ODSP; CPP/OAS)
  • Struggling (missing/juggling payments) mostly with unsecured personal debt including:
    • Credit Cards
    • Personal Loans
    • Payday Loans
    • Installment Loans (Mogo, National Money Mart, CitiFinancial, etc.)
    • Retail Store Credit Cards
    • Disconnected Utilities In Collections
      • Cell Phone/Cable/Internet
      • Gas/Oil
      • Hydro
    • Student Debt In Collections (older than 6 years after being enrolled FT)

Benefits of a Debt Management Program (DMP) w/ Consolidated Credit:

  • Lowered interest rates (in most cases 0%-5% interest rate)
  • Lowered monthly payments to creditors
  • Gain clear understanding of debts owing (Consolidated Credit can perform a “soft-pull” and verify how accounts are being reported and the balance/status of each)
  • Counsellors will work through a detailed monthly budget and provide an assessment of the most appropriate debt-repayment strategies based on the situation

Disadvantages of a Debt Management Program w/ Consolidated Credit:

  • Any unsecured account(s) consolidated in a DMP will be permanently closed in order to achieve the reduced interest rate(s).
  • RBC and Canadian Tire Mastercard are “full-budget creditors” meaning they will review the prepared budget and credit file to ensure all unsecured creditors have been included on the DMP before they agree to be included and that no budgeted expenses are unrealistic for a hardship circumstance.
  • Scotiabank will review the same to ensure that all of their unsecured products have been included prior to agreeing to our proposal.