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May
25
Canadian Debt Consolidation Beware
Filed Under Relish Random
Canadian Debt Consolidation
Are you struggling to pay your various debts? Do you have collectors calling you up all day long to collect their dues? Have you received the court notice asking you to pay up your dues or else face legal action?
If the answer to any of the above situations is yes, it means you are driving deeper into the debt. Don’t despair. Help is at hand with Canadian Debt Consolidation. Here we tell you what it is all about and how to go about it.
- What is Canadian Debt Consolidation? A Canadian Debt Consolidation is a method in which your various high interest debts are merged into one single loan having low interest rate. As a result, your total monthly payment decreases. E.g. if you have a credit card debt @ 21%, a car loan @ 18% and a mortgage @ 15%, you can consolidate them in a single loan of 10%. This will decrease your monthly payments and put more money in your pocket.
- How can I apply for Canadian Debt Consolidation? You can apply for Canadian Debt Consolidation either online or by contacting various debt consolidation agencies. You have to fill out a form mentioning your details, the list of creditors and the quantity of debt. After you submit the form, a Debt Repayment Representative will contact you and work out a repayment plan with you. Then they will contact your various debtors and negotiate with your creditors to reduce your interest rates and lower or forfeit various fees. As a result, you get a single bill each month, with an amount far lower than your current total. However you do not send the payment to the creditors, but to the debt consolidation agency, who then distributes the amount amongst your various creditors. This process will make you debt-free within 3-6 years.
- What is the catch? Although the process is simple, you have to be careful while selecting a debt consolidation agency. There have been some scams reported, wherein the agency took the money from the debtors but did not hand it over to the creditors. If it happens to you, remember you are in big trouble. So take utmost care before selecting the agency.
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Excellent info, I liked it.
Being from the states, I never thought there would be that much difference between US and Canadian debt settlement.