Debt Consolidation in Barrie

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We Can Help You With:

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

OUR SERVICES

helping you consolidate your debt

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.

debt relief

Debt Consolidation

Manage your debt properly.Learn More »
debt relief

Income Tax Debt

We will help you avoid hefty government tax fines.Learn More »
debt relief

Credit Repair

We will help you put the pieces back together.Learn More »
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Credit Counseling

We are here to get rid of all your stress.Learn More »

Tailored credit CONSOLIDATION services

We can combine your various unsecured debts and create one bill to pay them off with a single loan. With the economic crunch over the past couple of years, a lot of adults today with good jobs are finding themselves burdened with student loans, car payments, medical bills and credit card payments, among others. With time, all these debts can become overwhelming, and it is not surprising finding a missed payment here or there. This is how bad debt begins to build up. The more you lose control over the payments, the more difficult it becomes to satisfy all payments as required every month and still live a comfortable life. This is when debt consolidation comes to the rescue.

There are several ways in which debt consolidation works to reduce or get your debt under control. You can get into a debt management plan, get a debt consolidation loan or opt for debt settlement. We need you to understand that none of these are quick fixes for your debt problems. However, they are long-term solutions that will ease the burden and help you regain your financial stability while getting out of debt. These processes will help you lower your interest rates, lower the number of monthly payments to make, improve your credit score and ultimately help you get out of debt faster.

phases of credit counseling

The debt consolidation process you choose to implement depends on a couple of factors. First, you will speak to a credit counsellor who will ask in-depth questions about your finances and determine the amount you owe. Debts of less than three thousand dollars can be taken care of using a zero-percent interest credit card while transferring balances from the high-interest rate credit cards. However, bigger debts will require much more detailed interventions like personal loans and refinancing your mortgage. The Barrie credit counselling session can shed much light on the options you have and your next best move in the debt consolidation process.

1. FINANCIAL ASSESSMENT

You must understand the gravity of your situation before you attempt to resolve your debt issues through debt consolidation or debt relief programs. That can only happen with the help of professionals who can help you maintain objectivity and clarity as you analyze your financial habits and responsibilities. Our counsellors will explore your income, assets, debts, and regular expenses. We go through this process to get detailed numbers and avoid missing out on crucial details that can help us to choose the right solutions.

You will be involved in this process, and you may have to disclose to our team how you run your life regularly. We will then use that information to develop a personalized and practical plan to eliminate your financial problems.

It is important to note that this stage is not very pleasant for most people. A lot can go wrong, ranging from feeling like your privacy is being invaded upon to panicking when hit with reality. However, you have to remember that it is a mandatory phase that you cannot ignore.

2. DEBT SOLUTION

The comprehensive assessment of your finances and obligations will help us devise the most productive solutions. It helps us identify the proper measures to take so we do not gamble with your financial status. Our mastery of debt relief will ensure we do not fail you.

3. MONEY MANAGEMENT

The solutions we give will be useless if you do not learn how to manage your funds better to avoid too many debts in the future. That is why our final step is teaching you the new money management skills that will keep you from being overwhelmed by debt or seeking services from loan professionals again.

Why our counseling services?

We will solve your financial problems

We offer relief from stress

We will educate you on money management

Debt management plans that match your needs

Are your debts increasing instead of reducing? Have you been struggling with repayment, with the burden becoming greater than it already is? You do not have to worry anymore because York Credit counsellors are here for you. We know how to approach every situation to ensure we apply solutions that will succeed. We do not just work on reducing your loans; we also train you on how to remain debt-free. That is one of the reasons why we are a leading credit relief company in Canada.

The numerous services we provide are suitable for people with various needs. We will help you plan, budget, and join appropriate programs to ensure you never get into such debt again. Whatever you need, whether it is to strike a deal with the lender to allow you to make affordable payments, we will help you out. No need to wait – give us a call today.

How we can help

We can assist you in several ways that include:

  • Find out if you can use a settlement.
  • Find out the total loan amount, especially from different lenders.
  • Calculate how much you can pay comfortably regularly.
  • Figure out the ideal settlement in line with your needs.
  • Show you how to overcome the challenges associated with debt settlement.
  • Share the debt relief options available that you can take advantage of.

WE CAN SOLVE YOUR DEBT PROBLEMS

We would like to take care of the first thing to help you know exactly how much you owe. Usually, 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 favourable terms from creditors. Next, our team of credit counsellors will review your monthly income and expenses before working out a favourable payment plan. You will also be given other practical solutions to help reduce the financial burden.

Our team works with you to find the most favourable debt management solutions. We are not in the business of making promises we can’t keep and thus consider and recommend settlements that are fair to you based on your financial state.  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.

BEST FINANCIAL SOLUTION FOR YOU

At York Credit, we stress the importance of personalized services because every individual has different financial capabilities and needs. Therefore, we do not provide generalized solutions; we make sure to explore them until we find the one fit for your situation. We will ask that you share your goals with us before suggesting ideas that can make those goals materialize. Our approach includes:

A detailed review of your financial ability

We do not leave anything to chance. We will probe into your expenditure patterns, debts, and income sources. That information will show us the best ways to raise your savings without ignoring loan repayments. It also helps us choose the most suitable debt consolidation plan for your lifestyle.

Choosing a plan 

You will need a proper plan to get you back on track. Choosing the wrong money management plan will not yield the results you need, which is why our team will take time to compare several choices before recommending the right one. Remember, the plan you choose will influence your spending habits, but we try to go with the one that will lead to minimal changes. The plan will also include how to manage your monthly bills and other expenses.

Looking into repayment solutions

The repayment plans we use are meant to help you start and keep up with the payments. We will avail multiple choices so you can use the one that fits your lifestyle the most. At this stage, our goal is to prevent you from filing for bankruptcy.

Focusing on interest to lower payments

Once you start receiving calls from creditors or collectors, your life can take a turn for the worst. One of the best ways of lowering your payments and stopping those calls is by lowering the interest rate, which will allow you to make fewer payments monthly. Our team will work patiently with you to ensure you get the most rewarding interest reduction solutions.

Start the rebuilding process

With reduced payments, the next step will be to start rebuilding your credit score and rating. We will help you start the process of rebuilding your credit score so you can access more lenders with better terms and interest rates. This process also enables you to become better at managing your income so you can save more as you continue with the payments.

Researching debt consolidation programs

Before you accept a debt consolidation program, you have to make sure it matches your needs. Our counsellors will handle that for you and ensure you get as many options as possible. By combining all your debts and making one payment, you will be able to resume control of your finances. However, each has its shortcomings and advantages that we will help you explore before deciding.

Our team will not choose a single program or solution and ask you to accept it. Instead, we make sure you understand what you are getting yourself into by explaining all the possible scenarios and giving multiple choices. Our experience and knowledge will guide you into financial freedom regardless of how deep you are covered in debt.

Taking a Debt Consolidation Loan in Barrie

If you’re struggling to gain financial freedom by getting out of debt, one option would be to get a debt consolidation loan. These types of loans are offered by credit unions, finance companies, and banks across Barrie. With this kind of loan, you have only one payment to deal with every month. It makes managing your debt easier than handling multiple payments to creditors every single month. A consolidation loan allows you to pay off all your outstanding debts after a period, typically two to five years.

Advantages of debt consolidation loans

The main advantage of taking a debt consolidation  loan in Barrie is that you only deal with one payment. The loan is also often given at a smaller interest rate and lower fees. A major drawback to this kind of financing is that you are unlikely to qualify for a debt consolidation loan if you don’t have security. Most banks will also give this loan to those with a good credit rating. If you don’t have any security, the interest rates charged on the consolidation loan are likely to be very high. To figure out if a consolidation loan is a good option for you, speak to our debt relief experts in Barrie.

Second mortgages are another popular option to consolidate debt. In this case, you would refinance your first mortgage or simply use your home equity loan to pay off high-interest debts. The amount of loan you qualify for will depend on the portion of the home that you own, also known as your home equity. The financial institution, typically a bank, will allow you to take a second mortgage in Barrie which acts as the new consolidation loan.

Why take a second mortgage?

This method of debt consolidation may or may not work for you depending on several factors. For instance, if you have high-interest debt, a second mortgage can allow you to save money by offering lower interest rates. Additionally, you may want to take this mortgage if you’re looking for more flexible payment terms. The only major drawback is the additional fees you’ll need to pay for setting up a second mortgage as well as the fact that you can’t qualify for a substantial amount if you haven’t gathered enough equity in your home.

There are secured and unsecured lines of credit or overdrafts given by banks and other financial institutions to help individuals offset their debts. These lines of credit are usually offered at lower interest rates compared to loans and you may also pay them with more flexible terms. Once given a line of credit or overdraft, you will be required to make a minimum monthly payment which caters for the amount you’ve spent to offset your debts. You can decide whether to pay for the line of credit in a short or long time depending on your financial ability.

However, many people have found themselves misusing lines of credit and overdrafts. If you do not have the discipline to get out of debt, you’ll end up using the money to get into further debt. There is also the risk of making higher monthly payments than what you had budgeted for if the Bank of Canada prime rate increases. With lines of credit and overdrafts, you need financial education on how to manage your spending or you’ll never get out of debt.

Another consolidation option is the use of credit cards. It’s simple how it works. You consolidate all your credit card balances into one card that offers a lower interest rate. This allows you to set a payment that you can make every month for the card. If you decide to offset the debt faster, you can choose to pay more than the minimum monthly payment. Credit cards that are offered at a low promotional interest rate can be used to consolidate debt. This gives you an opportunity to keep track of your expenses since you’re only making a single monthly payment. You also get more flexible payments to make which means in case of an emergency you just have to pay the minimum payment.

However, you may not qualify for a credit card at a low-interest rating if your credit rating is very low. Additionally, if you take the card that has a low promotional interest rate, it may expire within a few months. This means that you get back to paying high-interest rates which could have monthly repayments that are beyond your budget. Most importantly, a credit card requires a change of financial habits. If you continue with similar spending habits, you may just end up extending your debt for a long time to come.

Once you choose the debt management program route, you will be making payments to a credit counseling organization. This organization will, on your behalf, speak to your creditors by sending them a proposal that shows you are fit for the program. Your creditors must agree before you join the program. With this program, you may be able to offset all your debts within just 3 years and at a low-interest rate. The major disadvantage is that your credit rating will be affected until 2 years of completing the program.

Consult an expert for consolidation advice

Debt consolidation is a complex and sometimes overwhelming process that you may not want to undertake alone. It’s important to speak to an expert who will guide you on the options available and what’s best for your situation. Should you need someone to educate you on all your debt consolidation options in Barrie, York Credit is ready to assist. Don’t be discouraged when you’ve found no solution to offset your debts. We can help you figure out which debt relief options work for your unique situation. We are here to discuss all the options. Get in touch with us today.

+ Taking a Debt Consolidation Loan

If you’re struggling to gain financial freedom by getting out of debt, one option would be to get a debt consolidation loan. These types of loans are offered by credit unions, finance companies, and banks across Barrie. With this kind of loan, you have only one payment to deal with every month. It makes managing your debt easier than handling multiple payments to creditors every single month. A consolidation loan allows you to pay off all your outstanding debts after a period, typically two to five years.

Advantages of debt consolidation loans

The main advantage of taking a debt consolidation  loan in Barrie is that you only deal with one payment. The loan is also often given at a smaller interest rate and lower fees. A major drawback to this kind of financing is that you are unlikely to qualify for a debt consolidation loan if you don’t have security. Most banks will also give this loan to those with a good credit rating. If you don’t have any security, the interest rates charged on the consolidation loan are likely to be very high. To figure out if a consolidation loan is a good option for you, speak to our debt relief experts in Barrie.

+ Second mortgages

Second mortgages are another popular option to consolidate debt. In this case, you would refinance your first mortgage or simply use your home equity loan to pay off high-interest debts. The amount of loan you qualify for will depend on the portion of the home that you own, also known as your home equity. The financial institution, typically a bank, will allow you to take a second mortgage in Barrie which acts as the new consolidation loan.

Why take a second mortgage?

This method of debt consolidation may or may not work for you depending on several factors. For instance, if you have high-interest debt, a second mortgage can allow you to save money by offering lower interest rates. Additionally, you may want to take this mortgage if you’re looking for more flexible payment terms. The only major drawback is the additional fees you’ll need to pay for setting up a second mortgage as well as the fact that you can’t qualify for a substantial amount if you haven’t gathered enough equity in your home.

+ Line of credit or overdraft

There are secured and unsecured lines of credit or overdrafts given by banks and other financial institutions to help individuals offset their debts. These lines of credit are usually offered at lower interest rates compared to loans and you may also pay them with more flexible terms. Once given a line of credit or overdraft, you will be required to make a minimum monthly payment which caters for the amount you’ve spent to offset your debts. You can decide whether to pay for the line of credit in a short or long time depending on your financial ability.

However, many people have found themselves misusing lines of credit and overdrafts. If you do not have the discipline to get out of debt, you’ll end up using the money to get into further debt. There is also the risk of making higher monthly payments than what you had budgeted for if the Bank of Canada prime rate increases. With lines of credit and overdrafts, you need financial education on how to manage your spending or you’ll never get out of debt.

+ Credit cards

Another consolidation option is the use of credit cards. It’s simple how it works. You consolidate all your credit card balances into one card that offers a lower interest rate. This allows you to set a payment that you can make every month for the card. If you decide to offset the debt faster, you can choose to pay more than the minimum monthly payment. Credit cards that are offered at a low promotional interest rate can be used to consolidate debt. This gives you an opportunity to keep track of your expenses since you’re only making a single monthly payment. You also get more flexible payments to make which means in case of an emergency you just have to pay the minimum payment.

However, you may not qualify for a credit card at a low-interest rating if your credit rating is very low. Additionally, if you take the card that has a low promotional interest rate, it may expire within a few months. This means that you get back to paying high-interest rates which could have monthly repayments that are beyond your budget. Most importantly, a credit card requires a change of financial habits. If you continue with similar spending habits, you may just end up extending your debt for a long time to come.

+ Debt management program

Once you choose the debt management program route, you will be making payments to a credit counseling organization. This organization will, on your behalf, speak to your creditors by sending them a proposal that shows you are fit for the program. Your creditors must agree before you join the program. With this program, you may be able to offset all your debts within just 3 years and at a low-interest rate. The major disadvantage is that your credit rating will be affected until 2 years of completing the program.

Consult an expert for consolidation advice

Debt consolidation is a complex and sometimes overwhelming process that you may not want to undertake alone. It’s important to speak to an expert who will guide you on the options available and what’s best for your situation. Should you need someone to educate you on all your debt consolidation options in Barrie, York Credit is ready to assist. Don’t be discouraged when you’ve found no solution to offset your debts. We can help you figure out which debt relief options work for your unique situation. We are here to discuss all the options. Get in touch with us today.

Debt consolidation is one of our specialties

We can combine your various unsecured debts and create one bill to pay them off with a single loan. With the economic crunch over the past couple of years, a lot of adults today with good jobs are finding themselves burdened with student loans, car payments, medical bills and credit card payments among others. With time, all these debts can become overwhelming and it is not surprising finding a missed payment here or there. This is how bad debt begins to build up. The more you lose control over the payments the more difficult it becomes to satisfy all payments as required every month and still live a comfortable life. This is when debt consolidation comes to the rescue.

There are several ways in which debt consolidation works to reduce or get your debt under control. You can get into a debt management plan, get a debt consolidation loan or opt for debt settlement. We need you to understand that none of these is quick fixes towards your debt problems. However, they are long term solutions that will ease the burden and help you regain your financial stability while getting out of debt. These processes will help you to lower your interest rates, lower the amount of monthly payments to make, improve your credit score and ultimately help you get out of debt faster.

The debt consolidation process you choose to implement depends on a couple of factors. You will speak to a credit counselor who will ask in-depth questions about your finances and determine the amount you owe. Debts of less than three thousand dollars can be taken care of using a zero-percent interest credit card while transferring balances from the high interest rate credit cards. However, bigger debts will require much more detailed interventions like personal loans, refinancing your mortgage and so on. The Barrie credit counseling session can shed a lot of light on the options you have and your next best move in the debt consolidation process.

What do I need to qualify for a debt relief program?

Your unsecured debt must be at least $8,000, and you must have a source of income. More information is available for you when you contact any of our representatives.

Must I have a specific type of debt?

Anybody with unsecured debt can enroll in a debt relief program. Examples include credit cards, 47 ETR, professional and student loans, EI overpayment, and pending taxes.

The only debts not included are those imposed by court orders, such as traffic ticket bills, alimonies, and child support payments.

What kind of results can I expect from you?

We have an average positive rate of 60%. At the very least, we will reduce your debt by 50%, but that percentage can go up to 75%. The results will depend on your exact circumstances. We will also stop interest immediately after you come to us.

Do you have the ability to stop collection calls?

As soon as we enroll you in a debt relief program, we will follow up to make sure collection calls end. Expect cancellation of wage garnishments in 48 hours.

Will my credit be repaired?

Our team provides reliable credit repair services. However, you must remember that it takes some time before the credit rating is re-established.

Is filing for bankruptcy a good alternative?

Not necessarily. There are many other options you can try before you file for bankruptcy. We always advise that you only consider it a last alternative, but we will help you with the process when it comes to that. We are here to assist you in exploring all the other solutions first.

What can I do if my debts are unpaid taxes?

Call our representatives, and we will help you find a suitable debt relief program that can help you resolve the situation. We will stop action by the Canada Revenue Agency, such as frozen accounts when you enroll for the program.

Do you deal with small business loans or large corporate loans as well?

Yes. We have referral programs for restructuring professionals that can help you with either situation.

How much will I pay to access your services?

Our fees vary depending on each situation, but we will make them clear in the beginning before you sign any contract. You will only pay after getting the services and not upfront. Our associates will explain more when you express your interest in working with us.

How does bad debt affect my credit rating?

Resolving pending debt issues will improve your credit rating. Similarly, incurring much debt or enrolling in some debt relief programs can also have a negative impact on your credit rating. However, the effects caused by some debt relief programs can be relieved by our credit repair solutions. Reach us for more details.

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

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