Debt Consolidation Programs and Services
Get Out of Overwhelming Debt with Expert Help
If you’re overwhelmed by debt and aren’t sure what to do, don’t worry—we can help. Getting out of debt will help you reduce stress, so take the first step and get an objective evaluation by our credit counsellors. You may qualify for a debt consolidation plan, which can help reduce the amount of money you owe, stop interest from accumulating, and combine all payments into a single, manageable monthly payment.
What is Debt Consolidation?
Debt consolidation combines your unsecured debts into a single sum with a single payment and lower interest rate. Consolidation gives you a way to get your income tax, HST, credit card, payday loan, utility bill, and unsecured loan debt back under control.
Consolidating your debt begins with a loan. This loan is used to pay off your debts, and instead of paying back multiple creditors, you make a single monthly payment. This monthly payment is often lower than the combined total of your previous monthly debt payments, and you also get a reprieve from interest accumulating on your debts.
Benefits of Consolidating Your Debts
- One lower monthly payment that you can afford
- Interest accumulation slows or stops completely
- Payback is less than what you owe—principal reductions of 70% are common
- Qualified, compassionate debt counsellors work with you and your creditors
- Avoid bankruptcy and rebuild your finances
Do I Qualify?
If your monthly debt payments before rent or a mortgage take up more than 20% of your income, you are likely in financial trouble. Unfortunately, your financial challenges may make qualifying for a debt consolidation loan at a bank or financial institution a challenge. There are other solutions, thankfully!
At Collins Barrow Brown Inc., we welcome all clients who are searching for a solution to their debt troubles. We’ll work with you to understand your situation. Your consultation with us is judgement-free and confidential, and we will never pressure you to make a decision you’re not comfortable with. We simply make recommendations and help you when you choose to take action.
Consolidate Your Debts with a Consumer Proposal
While you may not qualify for a debt consolidation loan, you likely qualify for a consumer proposal. A consumer proposal is a federal government program to consolidate and reduce your debt that will:
- Stop interest from accumulating on your unsecured debts;
- Consolidate your debts into a single affordable monthly payment;
- Stop harassing collection calls;
- Stop wage garnishments;
- Put a halt to CRA collections;
- Help you rebuild your credit; and
- Reduce your overall debt.
Consumer proposals are administered by Licensed Insolvency Trustees (LIT), who are government-regulated and paid through a fee arrangement included in your proposal’s single monthly payment.
Not Your Average Debt Consolidation Plan
Unlike a debt consolidation loan, a consumer proposal isn’t a quick cash payment to solve debt issues. Your LIT takes a comprehensive look at your finances and assets and makes recommendations accordingly. And unlike a bank, a LIT works to help you correct the bad financial habits that got you in overwhelming debt in the first place.
When you commit to working with a LIT, you’re committing to a debt-free life. If accepted and paid on time, a consumer proposal guarantees you will be out of debt in 5 years—or less!
Get Started Today
If you’ve been overwhelmed by debt and collections calls, and need debt consolidation help or advice, then it’s time you got in touch with Collins Barrow Brown Inc. We’ll help you determine the best course of action and will walk you through every step of the consumer proposal process to ensure you get back on track!
Our passion, our mission, is your health and well-being!
Get Help Now