How To Qualify For a Consolidation Loan

Consolidation loans are generally accepted as the most fundamental solution for high-interest debt and credit maintnance. Usually, these consolidation or "debt pay-out" loans are structured in a manner such that the normal overall monthly minimum payments are slightly reduced, depending on the term of the loan. In situations of high-interest balances and/or recently delinquent accounts, Canada Debt Settlements will always recommend to the client to apply for a consolidation loan prior to other options, where the expectation of an approval is reasonable:

  1. Sufficient income* in relation to overall debt (see Total-Debt-Servicing Ratio)
  2. Reasonable Credit Rating History (see Credit Rating System & Beacon Score)
  3. Clear record of judgments, liens or other credit irregularities

* Most schedule 1 banks (the six major Canadian banks) prefer income based on steady employment, (usually a minimum 2 of years at the employer or within the industry of work), but will consider other sources of income. Individuals that are self-employed would typically submit a Notice of Assessment to confirm their income, though the lending institution may request further documents for verification.

If you are successful in applying for a consolidation loan with your bank or another financial institution - please consider speaking with us to see if there are ways to pay back more debt than what you were able to arrange financing for. We can work with your financing company to receive the deposit to our Trust account in your name for settlement of your debts. We do our best to close all accounts with whatever amount you are able to raise for consolidation with Debt Settlement.

Read on about the Risks of Consolidation Loans in Canada.

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Canada Debt Settlements stands by the commitment and service guarantee that no client will be charged unless we can achieve a debt reduction. As our customer testimonials will demonstrate - we have a unique solution that allows a licensed agency to advocate with your creditors on your behalf. We work for YOU... not the creditor. Call now to speak with an experienced and licensed debt professional. What do you have to lose?

Another Successful Debt Settlement...

I must say that I always ‘do my research’ in every area of life as best as I can so that I make the right purchase the first time. Well, this was not an area I was even remotely able to make a definitive call on since my wife and I never had any previous debt issues.
I researched and met up with many different Debt Resolution/Debt Solvers and tried to work with making monthly lump payments but it wasn’t the correct solution and in the end failed for us. I started researching into solving our Debt problems all over again when I came upon the idea of Debt Settlement…that was the correct solution and something my wife and I should’ve done the year before. The problem was who could we trust to do it and who was the best person for the job. That was our newest problem.
I started making calls and looking up as much information as I could get on the Companies that did this and I was confident that Canada Debt Settlement were the tops in this area so I called and spoke to Boaz. I was actually somewhat shocked as he had answered my questions and explained the way it worked so well I had no more questions the next day. This was a relief as the time frame for us was very tight and to this day I am amazed that everything was settled going right down to the wire on our tight schedule and that Boaz still managed great savings for us in the process. It pulled us right out of debt and had we called Canada Debt Settlement the year before we would’ve saved even more and not carried that Debt burden unnecessarily for an extra year.
If you’re doing your research looking for who is the right one for the job, I can honestly tell you save your time and money and go with Canada Debt Settlements. I would be happy to talk to anyone that has any uncertainty as the expertise and hard work Boaz did for us was truthfully incredible.
S.B. of Mississauga
Received Dec 23, 2013 via email
Total Savings: $18,000+


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