Debt Reduction

Debt Reduction Options to reduce debt.

About Note about Foreign Debt Settlement Companies

Consumer Alert for Canadians researching Debt Settlement companies:

Recently, changes in U.S. consumer protection policy has forced many "debt-reduction" companies to close their doors. Unfortunately, many of these "debt-reduction" elements have begun targeting and marketing to Canadian consumers seeking help with their debt. Canada Debt Settlements Inc. encourages all Canadian consumers to be vigilant when exploring their debt-reduction options.Some helpful, key questions will allow the consumer to better understand with whom they are dealing:

  1. Are you licensed to work in Canada?
  2. Is you company incorporated in Canada?
  3. Are you licensed by the respective consumer protection branch in my province?
    • If so, what is your license number?
  4. Where is your office located?
  5. Is there a refund policy, and which Ministry governs you?
  6. Can I see some testimonials?
    • look at source location if testimonial(s) available

When seeking relief from debt, it can be very tempting to engage with an organization that has all of the answers. However, ensuring that you are dealing with a provincially-licensed and bonded company will provide you with recourse, should any problems arise.

Debt Snowball Method of Debt Repayment

The debt snowball method of debt repayment is a way for households to eliminate their debt while providing quick results and motivation to continue with the debt reduction plan. The basic strategy is to put any extra debt payments into your lowest balance account first. Although it is commonly recommended to pay your highest interest accounts first, this method may help you stay focused on your debt management plan due to the fact that within a short period of time your smallest balances are generally paid out and less monthly bills are coming into the household.

A few things to note before we go too far into this debt reduction solution...

  • This solution will not work for everyone, and is not recommended if you are struggling to make your minimum payments. If you are struggling with making your minimum payments every month please contact us for a free no-obligation consultation
  • Debt Repayment should not be put ahead of retirement savings

What's included in Debt Reduction Services?

Once you have been accepted into our debt reduction program we will handle all of the following for you:

  • ALL COLLECTION CALLS will be handled by our offices.
  • All payment arrangement negotiations will be handled by our licensed debt-negotiation experts
  • We will work for YOU and only your interests
  • We will NEVER charge you a fee or any form of up front charge - unless we can show you a significant debt savings and you choose to enroll in a program.
  • All consultations are free of charge and you are under no obligation. Please feel free to contact us to discuss your personal debt reduction options all you have to lose is debt.

Consumer Proposal - How can it lower my monthly payments?

Consumer proposals can be highly effective in reducing overall monthly payments and easing the pressure of the regular monthly payments. They also reduce the overall debt. Consumer proposals are a type of light at the end of long tunnel. But homework must be done prior to filing as it is an R7 or R9 Orderly Repayment and will reflect so for the term the proposal and there years thereafter. As discussed, even a decline will be registered against the credit bureau as the same rating.

Canada Debt Settlements - Debt Reduction Options

Debt Reduction is a comprised of several different options.Reduce debt with the advantages of canadian debt settlement Greater Toronto Area Markham Ontario Once you have spoken with a licensed representative we will be able to recommend the best solution to reduce your debts. The correct solution, when it fits the bill and your individual circumstances, should be able to provide you a debt reduction and some form of simplified or reduced monthly payment arrangement. Debt-reduction should be your program of choice when you do not have the means to settle your accounts with a single lump sum payment. Debt Settlement is a very innovative and efficient option and should be considered as a serious alternative to bankruptcies, consumer proposals and credit counseling in the event that you are able to raise a lump sum in an effort to pay your creditors a significant portion of your owing balance in one payment.

Risks of Secured Consolidation Loans

Where the applicant has accepted a secured consolidation loan (secured against equity or other assets), the lender may reposses or liquidate in the event that the loan payments fall behind. There is very little "gray area" with respect to these types of loans.

Where the applicant has attained a co-signer to strengthen the application, the co-signer will be as susceptible to the same credit & legal risk as the primary applicant as they take on the same amount of liability to ultimately pay back the low-interest consolidation loan.

Will a Consolidation loan reduce my debt?

There is NO principal debt reduction in a consolidation loan.

The fact remains that every application for credit affects your beacon score negatively, moreso when the application is declined. If the applicant is a property owner with sufficient equity or holds other assets (i.e. GICs, RRSPs, bonds, etc...), the bank may offer to secure the loan against these assets, and essentially hold them as collateral until the consoldation loan is paid. These are known as Secured Consolidation Loans, where in exchange for a low-interest loan, the lender will secure that amount against an asset of the loans value.

Request a Call & Online Quick Evaluation Form

debt reduction savings with debt settlements CanadaThank you for your interest in the services of Canada Debt Settlements Inc. We are happy to assist you in any way possible.

At any time please feel free to contact us directly: 1-877-475-3939

We protect your credit, your privacy, and your rights at all times - we are here to ensure that your debt repayment consists of the minimum required to satisfy your creditors considering your situation. We work for YOU and only YOU... never the creditors.

At all times you remain in control of the process, and we stand behind our work 100% - if you can't obtain a debt savings with us you will never be charged a fee - Guaranteed.

Bankruptcy Exemptions by Province

When a person files an Assignment in Bankruptcy, a portion of their take-home pay may be payable to the Trustee for the benefit of all creditors. The actual amount payable depends on several factors, such as the take-home pay of the family unit, the number of people in the family and whether the family has non-discretionary expenses such as child care or child support. Any questions you have with respect to surplus income can be addressed with us if you require clarification.

Bankruptcy information for Creditors

Creditors will be provided with, among others, the following two documents:

  • Statement of Affairs — The bankrupt's financial statement or balance sheet of assets and liabilities showing the estimated value of assets and the names and addresses of creditors and the amounts owed. This is usually presented at the beginning of the process.
  • Statement of Receipts and Disbursements — A statement detailing the receipt and disbursement of funds, interest received, fees charged by the trustee, all dividends distributed to creditors and particulars of property that is not sold. This is usually presented at the end of the process.
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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+

Call now for your free no obligation consultation 1-877-475-3939