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Debt Counselling in Ottawa

Debt Consolidation Services

Resolve Your Debt Crisis with Expert Help

Are you overwhelmed by debt? Whether you have trouble making monthly payments or simply have too many debts to pay, it can all quickly add up. When it gets to be too much, debt consolidation offers a solution! An approved debt consolidation plan can reduce your debt, stop interest from accumulating, and consolidate all payments into a single monthly payment.

What is Debt Consolidation?

Debt consolidation in Ontario typically involves a lender agreeing to loan you a sum to pay off your debts. In turn, you then make a single monthly payment to this lender to repay the loan. The lender (usually a bank) is looking for:

  • Good credit
  • Good cash flow
  • Low debt
  • Asset(s) to secure

Of course, the entire reason you’re applying for this loan is because you have low cash flow, high debts, and your credit is likely suffering as a result. Thankfully, there are other forms of debt consolidation that you likely already qualify for!

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 form of debt consolidation 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;
  • 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 into overwhelming debt in the first place.

When you commit to working with a LIT, you’re essentially 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 a Licensed Insolvency Trustee firm. Collins Barrow Brown Inc. is a Licensed Insolvency Trustee. They’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.

Get Help Now