Have a solid credit history that qualifies them for a consolidation loan.
Debt consolidation
Get expert advice on how to restructure your financial situation and avoid bankruptcy.
What is debt consolidation?
Debt consolidation is a financial solution designed to help you simplify and manage your debts more effectively. It involves grouping several debts into a single one, thereby reducing the number of monthly payments and, in many cases, obtaining a lower interest rate.
Debt consolidation may be an appropriate option for people who:
Are able to meet loan repayments, covering 100% of their debts, plus an interest rate that may vary according to their credit history.
Most of their debts have an interest rate of 12% or more.
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How does debt consolidation work?
If you’re overwhelmed by debt and struggling to keep your finances under control, you need a clear understanding of how debt consolidation works.
• Contact your creditors
Explain your financial situation and explore the possibility of reaching an agreement that suits both parties. Many creditors are willing to cooperate and find flexible solutions.
• Consider the possibility of a consolidation loan
Contact a bank or other financial institution for a loan to pay off all your existing debts. By consolidating your debts into a single loan, you’ll simplify management and reduce your financial burden.
• Evaluate voluntary deposit options
In Quebec, voluntary deposit is an option administered by officials of the Ministère de la Justice. Under this system, you deposit the garnishable portion of your salary each week at the local courthouse, which is then distributed to your creditors every three months.
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Advantages of debt consolidation:
• A single monthly payment makes financial management easier and reduces the likelihood of missing a payment.
• Access to a lower interest rate, which can translate into significant savings over the long term.
• Simplify the financial management process.
• Save money by avoiding additional interest payments and late fees.
Other solutions at your disposal
Making a budget
Making a budget will help you better plan your expenses in relation to your income. Making a budget and reviewing it regularly is an excellent exercise in achieving financial security.
Consumer proposal
If you prefer to avoid bankruptcy, another option is available to you: a consumer proposal. You’ll be able to negotiate the repayment of your debts at a reduced percentage and benefit from more time to make your payments.
Bankruptcy
If you or your family are experiencing financial difficulties, you may consider declaring bankruptcy to discharge all your debts to creditors.
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