Toronto’s Debt
Consolidation Specialists

  • We Will Solve Your Money Problems

    Let our experts help you out

  • We Will Reduce Your Debt

    Avoid the headache of a high overhead

  • We Will Get Rid of Your Stress

    Get your life back so you can relax

  • Credit cards, loans, etc
  • Mortgage, car loan, etc.
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We Can Help You With:

High Credit Card Debt Reduction / Collection Calls / Debt Consolidation/ Foreclosure Debt Solutions / Student Loans / Pay Day Loans / Income Tax Debt / Wage Garnishments / Credit Consultation Loans

OUR SERVICES

We’ll protect your home, business and car while reducing your debts by as much as 75%. That’s the power of getting the right debt help.

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Debt Consolidation

Manage your debt properly.Learn More »
debt relief

Consumer Proposal

A great alternative to filing for bankruptcy.Learn More »
debt relief

Income Tax Debt

Let us help you avoid hefty government tax fines.Learn More »
debt relief

Credit Repair

Put the pieces back together.Learn More »
debt relief

Bankruptcy

We can help you bounce back from bankruptcy.Learn More »
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Credit Counseling

We’re here to talk.Learn More »

Credit Counseling Experts

Do you often have difficulty paying your bills? Are your earnings never enough? If your answer is yes to any of these two questions, you very likely have a bad credit rating and serious credit issues. Struggling with debt can easily keep you from progressing in life and also make your financial issues harder to handle. As the issue worsens, you might find that you are losing control over everything. It might even get harder for you to review your financial statements. At this point, it is easy to lose track of your debt.

One fact you need to understand is that you don’t have to face all your financial problems alone. We offer tailored credit services thanks to our understanding of the industry as well as the importance of getting professional guidance when trying to get a hold on your finances. This is the core of credit counseling.

You, however, need to be cautious when working with a credit counselor. Debt counseling specialists don’t have the power to eliminate bad debt or wipe clean bad credit history. This is not the work of a credit counselor since eliminating your debt or clearing your bad credit history is not possible. We are not in the business of making unrealistic promises. Our work is to find practical solutions to your financial problems. It is these solutions that will get your closer to good credit history and no debt. It doesn’t matter how big your debt is; we are qualified to tailor solutions that will change your unique financial position. All that we ask of you is to commit fully to our process.

3 phases of credit counseling

Credit counseling does not take place overnight. It is a long process that demands commitment. Once you make up your mind to go through the process, there are three phases that you will have to go through.

1. Financial assessment

Understanding your financial status fully is the first step of credit counseling. Our team will help with a comprehensive assessment of your finances starting with your income, expenses, assets, and debt. This is done to get all the numbers and tiny details. The assessment is very important and detailed. We ask that you be open with our credit counselor in this phase. If the counselor doesn’t understand fully how your life runs, coming up with a solution that is practical and customized to solve your debt will not be possible.

Financial assessment is an uncomfortable stage for most people. It appears more like an invasion of privacy. It can also lead to panic once the magnitude of your financial problems dawns. However, this is an unavoidable phase.

2. Debt solutions

Financial assessment sheds light on the things that ought to be done to come up with an effective solution. We have lots of experience handling various types of debts and debt situations. This experience helps us come up with the best solution for handling debt.

3. Money management

Poor money management is the root of money problems. The focus in this final step is to build our client’s capacity to handle as well as manage financial matters independently.

Why our counseling services?

  • We will solve your financial problems
  • We offer relief from stress
  • We will educate you on money management

Debt Consolidation Services

Are you having trouble paying back your debts? Are your debts a huge burden to you and your family? Our team of experts will help come up with a suitable debt solution that suits your unique needs. We can help you come up with a sound saving plan that suits your situation while at the same time eliminating both debt and stress. We are a leader in Canada’s debt relief and work with clients facing all manner of financial problems.

We offer a wide selection of services to people having trouble handling their debts and managing finances. Our team can help with budget planning by creating debt management plans that match your needs. Our team of credit counselors will further negotiate with creditors to strike a deal that allows you to pay manageable monthly payments.

When do you need to contact us?

Our debt consolidation services are available to you whenever you need them. Most of our clients are those going through financial hardships as a result of death, loss of employment, injury, divorce and a range of other reasons. We have served clients going through all manner of financial difficulties. We also allow you to hire our experts if you need help after creditors threaten to file lawsuits against you. If you are being harassed by creditors, we are here to help. Give us a call today and let’s get started.

How we can help

Our company can help you with the following:

  • Figure out how much debt you have
  • Let you know if you qualify for any settlement
  • Help you know how much you can comfortably raise to pay a percentage of your debt
  • Help you find a settlement plan that is perfect for your lifestyle and needs
  • Educate you on the drawbacks of debt settlement and how you can overcome them
  • Make you aware of debt relief options that are available to you

We help you solve debt problems

Our first step is to help you know exactly how much you owe. We do this by walking you through your credit card statements and examining the outstanding balances. We then discuss the different phases of settlement processes and make sure you get favorable terms from creditors. Our team of credit counselors will review your monthly income and expenses before working out a favorable payment plan. You will also be given other practical solutions to help reduce the financial burden.

We work with you to find the most favorable debt management solutions. Our team only considers and recommends settlements that are fair to you based on your financial state. We are not in the business of making promises we can’t keep. We keep our word. Our target has always been enabling our customers to save as much as they can. We achieve this by reducing or even eliminating fees and interests. We are also happy to recommend to you the right legal professional when the need arises.

Why choose us

  • We work fully for you
  • We are committed to easing your financial burden
  • We offer tailored solutions to improve credit score
  • We only recommend payment plans that fit your budget
  • We protect you from creditor harassment
  • We are licensed and fully insured

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IAPDA

WHAT ARE YOU WAITING FOR?

The experts at York Credit are here and ready to help. What are you waiting for? Let’s start talking!

5 Ways to Consolidate Debt in Canada – How York Credit Can Assist

When you want to get debt help, one of the approaches would be to visit your bank, credit union or finance company and request them to give you a loan. This form of financing will be used to pay off all outstanding debts and bring them together into a single big loan.

Benefits Of Taking This Type Of Loan

The main advantage of this method is that it gives you only a single loan to worry about. Again, you’ll end up saving money because the loan is usually offered at a lower interest rate. You can even pay off the debt within a certain amount of time, usually between two to five years and the fees charged are usually low.

However, in most cases, you can’t qualify for this kind of loan without security. You also need to have a good credit rating to get this loan. If you get an unsecured loan of this kind, expect to pay really high interest rates.

The other option to consolidate your debt is by getting a second mortgage, refinancing a mortgage or using your home equity loan. In simple terms, you get a loan based on the portion of the home that you own (your equity). The bank simply allows you to take a second mortgage which is the new consolidation loan. The first mortgage is the initial loan you took to buy the home.

Why Get A Second Mortgage?

Using second mortgages to consolidate debt comes with several advantages. For a start, you are likely to get very low interest rates. The bank is also likely to give you flexible payment arrangements that you can fulfill.

You may not qualify for a second mortgage if you have not gathered enough equity in your home. Additionally, you can pay additional fees for setting up the second mortgage which makes this type of loan expensive to process.

You can qualify for a secured or unsecured line of credit or overdraft in order to offset your debts. You will then have to make a minimum payment at the end of each month to cater for the amount you’ve spent to settle debts. With lines of credit, you can enjoy the lowest interest rates and flexible monthly payment options. You can pay for the line of credit as slow or as fast as you want to.

Lines of credit and overdrafts can have major drawbacks too. For a start, if you do not discipline yourself to pay a certain amount each month, you will never get out of debt. You could also find yourself making higher minimum monthly payments than what you expected when the Bank of Canada prime rate goes up.

Debt can also be consolidated by using your credit cards. In this case, you simply consolidate all your credit card balances into one with a lower interest rate. You can then make a set monthly repayment for the card. The card will have a minimum monthly payment but you can choose to pay more than that to pay off your debt faster.

The good thing with using credit cards to consolidate debt is that you can get one with a low promotional interest rate. It’s also going to be easier for you to keep track of all your debts and make timely payments when they are all in one place. Additionally, you get to enjoy the flexible monthly payments. You can pay higher than the minimum amount and if you experience any emergencies, you can go back to the minimum payment.

Consolidating with credit cards has some drawbacks too. For a start, you may not qualify for a low rate card due to poor credit rating. Additionally, if you take a card with a low promotional interest rate, it may expire within a few months and you’re back to high interest rates. Most importantly, if you fail to change your spending habits, you’ll end up extending your debt and taking many more years to clear it up.

In this case, all your debts are consolidated into a single monthly payment which you will make to a credit counseling organization. The organization will then forward the money to the respective creditors. A credit counselor will send the creditors a proposal that shows you are fit for this program and they must agree before going forward with it.

In most cases, the debt management program can allow you to pay off all credit within 3 years at low or no interest rate. However, this has a negative effect on your credit score until 2 years after finishing the program.

Get Consolidation Advice From An Expert

The process of consolidating debt can be a little overwhelming and you may need to speak to an expert to find out what options are best for your situation. Speak to us at York Credit and we’ll be happy to educate you on all your options of consolidating debt. Don’t be discouraged when you find out you don’t qualify for the consolidation loan you need.

We promise to help you lift that huge weight off your shoulders by offering debt relief that works for your situation. Whether you need help creating a budget or understanding the options based on your financial situation, we are here to discuss this with you. Give us a call today to find out more.

+ Debt Consolidation Loan

When you want to get debt help, one of the approaches would be to visit your bank, credit union or finance company and request them to give you a loan. This form of financing will be used to pay off all outstanding debts and bring them together into a single big loan.

Benefits Of Taking This Type Of Loan

The main advantage of this method is that it gives you only a single loan to worry about. Again, you’ll end up saving money because the loan is usually offered at a lower interest rate. You can even pay off the debt within a certain amount of time, usually between two to five years and the fees charged are usually low.

However, in most cases, you can’t qualify for this kind of loan without security. You also need to have a good credit rating to get this loan. If you get an unsecured loan of this kind, expect to pay really high interest rates.

+ Second Mortgages

The other option to consolidate your debt is by getting a second mortgage, refinancing a mortgage or using your home equity loan. In simple terms, you get a loan based on the portion of the home that you own (your equity). The bank simply allows you to take a second mortgage which is the new consolidation loan. The first mortgage is the initial loan you took to buy the home.

Why Get A Second Mortgage?

Using second mortgages to consolidate debt comes with several advantages. For a start, you are likely to get very low interest rates. The bank is also likely to give you flexible payment arrangements that you can fulfill.

You may not qualify for a second mortgage if you have not gathered enough equity in your home. Additionally, you can pay additional fees for setting up the second mortgage which makes this type of loan expensive to process.

+ Line Of Credit Or Overdrafts

You can qualify for a secured or unsecured line of credit or overdraft in order to offset your debts. You will then have to make a minimum payment at the end of each month to cater for the amount you’ve spent to settle debts. With lines of credit, you can enjoy the lowest interest rates and flexible monthly payment options. You can pay for the line of credit as slow or as fast as you want to.

Lines of credit and overdrafts can have major drawbacks too. For a start, if you do not discipline yourself to pay a certain amount each month, you will never get out of debt. You could also find yourself making higher minimum monthly payments than what you expected when the Bank of Canada prime rate goes up.

+ Credit Cards

Debt can also be consolidated by using your credit cards. In this case, you simply consolidate all your credit card balances into one with a lower interest rate. You can then make a set monthly repayment for the card. The card will have a minimum monthly payment but you can choose to pay more than that to pay off your debt faster.

The good thing with using credit cards to consolidate debt is that you can get one with a low promotional interest rate. It’s also going to be easier for you to keep track of all your debts and make timely payments when they are all in one place. Additionally, you get to enjoy the flexible monthly payments. You can pay higher than the minimum amount and if you experience any emergencies, you can go back to the minimum payment.

Consolidating with credit cards has some drawbacks too. For a start, you may not qualify for a low rate card due to poor credit rating. Additionally, if you take a card with a low promotional interest rate, it may expire within a few months and you’re back to high interest rates. Most importantly, if you fail to change your spending habits, you’ll end up extending your debt and taking many more years to clear it up.

+ Debt Management Program

In this case, all your debts are consolidated into a single monthly payment which you will make to a credit counseling organization. The organization will then forward the money to the respective creditors. A credit counselor will send the creditors a proposal that shows you are fit for this program and they must agree before going forward with it.

In most cases, the debt management program can allow you to pay off all credit within 3 years at low or no interest rate. However, this has a negative effect on your credit score until 2 years after finishing the program.

Get Consolidation Advice From An Expert

The process of consolidating debt can be a little overwhelming and you may need to speak to an expert to find out what options are best for your situation. Speak to us at York Credit and we’ll be happy to educate you on all your options of consolidating debt. Don’t be discouraged when you find out you don’t qualify for the consolidation loan you need.

We promise to help you lift that huge weight off your shoulders by offering debt relief that works for your situation. Whether you need help creating a budget or understanding the options based on your financial situation, we are here to discuss this with you. Give us a call today to find out more.

OUR SATISFIED CLIENTS

We take reducing our clients’ debt seriously

After my husband was laid-off from his job, our debts quickly grew to over $80,000. We were worried about losing our house and already thought of selling it. The professionals at York Credit Services, helped us make sense of our situation, saved our house and reduced our debts to just $16,000.

Jennifer & Kyle M.

Toronto

When my property was foreclosed on, it sold under value and I was still on the hook for $110,000 to the bank. I contacted York Credit Services and they were able to secure an 86% reduction, to be paid out in monthly payments with 0% interest! Thank you.

Dimitri L.

Toronto

As a self-employed contractor, I ended up owing $44,000 to Canada Revenue Agency and $24,000 in credit card debt. The CRA already began garnishing my wages. After hiring York Credit Services, the wage garnishments stopped, and my total debt load of $68,000 was reduced to $11,700!

Anthony M.

Toronto

“We are committed to reducing your debt and getting you back on the right financial track.”

Frequently Asked Questions

Who can qualify for a Debt Relief program?

Anyone who owes $8,000 or more in unsecured debt and has a source of income can qualify. Please contact one of our representatives for more information.

What type of debt can be included?

Virtually any type of unsecured debt can be included in our debt relief programs.

Here are some common debts we can help with: Credit card debt, payday loans, credit lines, installment loans, taxes owed to Canada Revenue, 407 ETR, any professional fees (dentists, lawyers, etc.), student loans, phone companies and utility bills, foreclosure debt, EI overpayment, court judgments, and even personal loans.

The only debts that we cannot help with are child support, alimony and fines imposed by the courts (such as traffic tickets).

Why choose York Credit Services?

York Credit has a team of dedicated professionals with years of financial and credit experience. We have helped countless clients reduce their debt, and regain control of their finances. All of our credit specialists hold both, the CCCS (Certified Credit Counseling Specialist), and the CDS (Certified Debt Specialist) designations, from IAPDA, with our senior counsellor also certified by CAIRP as a BIA Insolvency Counsellor, which allows us to perform counseling under the Bankruptcy and Insolvency Act.

All of our credit specialists are certified and trained in dealing with unique situations. Rest assured that anyone of our associates is a qualified expert that can help with any situation

By how much will you reduce my debt?

On average, we reduce our clients’ debts by over 60%. While exact amount of a reduction depends on the specific situation, generally we are able to secure a reduction in the range of 50%-75%, in virtually all situations. Additionally, all interest will be stopped immediately.

Can you stop collection calls and wage garnishment?

Yes, upon entering a debt relief program, all collection calls will stop, and wage garnishment can be cancelled in as little as 48 hours.

Will my credit rating be affected?

Majority of clients will actually see their credit situation improve upon resolving their debts through a debt relief program. While certain programs do affect credit rating, any negative effects of such programs can be resolved through our credit repair solution, which is available to all of our clients.

Can you help me repair my credit?

Yes, we do offer credit rebuilding assistance to all of our clients, and are generally able to reestablish credit rating in a reasonable time period. Please consult one of our credit specialists for more information.

Will I have to file for bankruptcy?

No, any debt situation can be resolved without having to file for bankruptcy. While we do assist in bankruptcy filings, as a service, it is only reserved for the most severe of situations, and only recommended to clients as a last resort option. We explore all other options to try and prevent a bankruptcy.

What if I owe Canada Revenue Agency for income tax, HST/GST, or Payroll deductions?

All of the above debts can be resolved through one of our debt relief programs. Any Canada Revenue action, such as wage garnishment, or frozen accounts, will also be stopped upon entering the program.

Can you help with small business or larger corporate debts?

Yes, we offer debt relief assistance for small businesses, and a referral to a restructuring professional is available for larger corporations.

What are your fees?

Our fee structured is based on the total amount of debt outstanding and vary with each unique situation. There are never any upfront fees and all payments are fully explained prior to any commitment. Please speak with one of our associates if you like to review your situation.