Consolidating debt in ontario
If this is your first bankruptcy and your income is below the surplus income threshold you may only be required to make these payments for nine months.
Our best advice is to book an appointment with an Ontario bankruptcy trustee today to discuss your debt consolidation options.
A debt consolidation loan is a good option if you still have reasonably good credit and have some source of stable income to be able to afford the monthly payments.
If you have poor credit, you may be asked to use your home equity, car or other assets you own as security for the loan.
And yet, at the back of your mind you have some nagging doubts. Depending on your situation – that ‘not adding up’ can mean thousands of wasted dollars and years of heavy unnecessary debt load.To qualify for a Debt Management Program, you need to have sufficient money left after you have paid for the basics of life – to be able to afford the program.The councillors will contact your creditors and try to negotiate an agreement for you.Here is what the debt consolidation lenders don’t put in their ads: Banks To get a debt loan consolidation from a bank – you will have to have a spotless credit history, a steady income, and strong home equity or a co-signer.If you use your home equity and are unable to make the payments – you could lose your home.