Debt Consolidation in Brampton

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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

TAILORED DEBT CONSOLIDATION SERVICES

If you are like most people with multiple debts, consolidating your debts into one monthly payment can help to easily repay them. If done properly, debt consolidation offers many benefits, including reducing stress, saving money, and simplifying life. It is easy to miss a few payments when dealing with numerous debts at the end of the month. If you are struggling to repay your debt and imposing undue pressure on yourself or your family, York Credit Services can help.

We provide a wide range of financial management services to help you plan your finances and manage your debts appropriately. We take a comprehensive approach to the debt consolidation process. We are staunch proponents of personal financial responsibility, and we are committed to helping you keep your finances in order. We work with hundreds of creditors around the country. Our credit counselors will negotiate with creditors to allow you to make reasonable monthly payments without forcing you to make painful sacrifices.

phases of credit counseling

Our credit counseling services provide our clients with guidance on money management, consumer credit, budgeting, and debt management. Our credit counseling services aim to help you get your finances on track without having to file for bankruptcy. Our credit counselors will negotiate with creditors on your behalf and urge them to reduce your interest rates and late payment fees. We will take you through the following credit counseling phases:

Financial Assessment

The first phase of our credit counseling process involves a thorough analysis of your current financial situation. Our credit counselor will seek details regarding your income, assets, debts, and expenses. You should be transparent at this point and disclose all your relevant financial details to the credit counselor. The financial assessment enables the credit counselor to obtain information to create a practical solution for your debt crisis. The financial assessment phase may feel uncomfortable, and most people often feel like they are revealing too much personal information to the credit counselor. Even if this phase may feel like an invasion of privacy, our credit counselors have good intentions, and all they aim at is to get your finances on track.

Debt Solutions

After the financial assessment phase, we will have ample information regarding your financial situation. This will help us to craft the best debt solution that suits your financial situation. There are several debt management solutions or ways of resolving your debt issues. We will help you understand the debt solutions available to you. We have helped many clients get out of the debt crisis; you can count on us to recommend the best debt solutions.
We will recommend the best approach to handle your debts. Some of the typical debt solutions include credit consolidation, paying the small debts, and negotiating with creditors. How will you benefit from our debt solutions?

  • Peace of mind – you will not face constant harassment from creditors
  • Great savings – we will negotiate with creditors for a reduction of interest rates and late payment fees
  • Faster loan repayment period
  • Debt consolidation – it is easier to pay one debt than multiple debts

Money Management

The last phase of our credit counseling process is money management. Proper money management techniques will help you avoid many financial problems, including wrong credit and bad investment decisions. After all, poor money management is the reason why many people get into financial and debt crises in the first place. Money management skills will help you handle all the aspects of your finances.

Debt Consolidation Loan

Debt Consolidation Loan

Are you struggling to make multiple payments to creditors every month? A debt consolidation loan could be a viable option for you. This type of loan can be given by your bank, a credit union or any other finance company in Brampton that’s willing to consolidate different credits into one loan. The main advantage of a debt consolidation loan is that it gives you only one payment to worry about every month. It makes managing debt a little bit easier since you don’t have to make multiple payments to creditors each month. If you’re trying to get out of debt faster, a debt consolidation loan would be a suitable solution. You may be able to pay all your outstanding debts within a short period of time. Most people take 2 to 5 years to pay off their debt consolidation loan.

Benefits of the debt consolidation loan

One of the greatest advantages of the debt consolidation loan is that it allows you to pay off your debts with a single payment instead of making multiple payments to creditors. Additionally, you get smaller interest rates and lower fees. This loan enables you to make small payments each month that you can afford and save on interest rates especially if you have high credit card balances. However, you may not qualify for this loan if you don’t have adequate collateral.

Second mortgages

Taking a home equity loan or a second mortgage could be another option to consolidate your debts. Your bank will simply give you the financing that is based on the portion of the home that you own. The option to refinance your mortgage is only viable if you’ve gathered adequate equity on your home. The amount of loan you qualify for will depend on how much home equity you have. This loan is referred to as a second mortgage since the initial financing you took to buy your home was the first one.

Why take a second mortgage?

Taking a home equity loan or a second mortgage could be another option to consolidate your debts. Your bank will simply give you the financing that is based on the portion of the home that you own. The option to refinance your mortgage is only viable if you’ve gathered adequate equity on your home. The amount of loan you qualify for will depend on how much home equity you have. This loan is referred to as a second mortgage since the initial financing you took to buy your home was the first one.

Taking a line of credit or overdraft

Another option to offset your debt in Brampton is to apply for a secured or unsecured line of credit. These are often referred to as overdrafts. When an overdraft is issued, you have until the end of the month to pay for the amount you’ve spent to settle debts. Having access to lines of credit allows you to get lower interest rates as well as flexible payment terms. You’re able to pay for the line of credit at the pace that you find fit.

Major drawbacks to having lines of credit of overdrafts

One main disadvantage of this type of consolidation is that it can end up putting you in more financial hurdles. If you don’t have the discipline to pay the amount required at the end of every month, it would be extremely difficult for you to get out of debt. Additionally, you may end up paying higher minimum monthly payments depending on how the prime rate fluctuates. This can put a financial strain on you since the lines of credit or overdrafts must be paid every month. It’s important to discuss your unique situation with a debt relief expert to get proper advice.

Credit cards

Another option to consolidate your debt is to gather all your credit card balances into a single payment with much lower interest rates. At the end of the month, you make a payment that will cover a portion of all the credit cards you still owe. Financial institutions usually offer cards with promotional interest rates which allows you to offset your debt faster when you decide to consolidate the credit card balances. With this method of debt consolidation, you can make timely payments that you can afford each month. You can pay just the minimum amount that’s required each month or even pay more. Should you have a financial setback and you’re unable to pay more than what’s required you can still make the minimum payment to avoid paying fines.

One major limitation of using this method of debt consolidation is that you will not be given a credit card with a low interest rate if your credit rating is poor. On top of that, the promotional interest rate is usually offered for a specific period. Once this period lapses, you will go back to paying high-interest rates. With poor spending habits, it can be impossible to clear your debts. In fact, you may end up in further debt if you lack the financial discipline after using credit cards to consolidate your debts.

Debt management program

Your credit counselor can prepare a proposal and send it to a credit counseling organization to allow you to clear your debts without paying interest. This option will only work if all your creditors agree to the terms of the proposal. Once the agreement has been sealed, you can begin making the required payments. All the payments are made to the credit counseling organization and then directed to your respective creditors.

Should your creditors agree to you joining a debt management program, you may become debt-free in just 3 years. You’ll be able to pay off most of what you owe without any interest. However, this program is likely to have a negative impact on your credit score. If you are considering a debt management program as an option for your financial issues, talk to a debt relief expert who can help you better understand all the options you have. You’ll get all the help you need to lift the burden off your shoulders and get out of debt fast.

Your Credit Repair Options

Looking for the best Brampton credit counseling? York Credit Services is the company to call for all your credit repair needs. Losing tabs on some of your monthly payments is quite common, especially with the multitude of bills from student loans, credit card payments, personal loans, medical bills and mortgages among others. Unfortunately, this is when debts begin to accrue and the further back the payments fall, the harder it is to pay off the debt. This is how bad credit begins to develop.

What is bad credit?

You have probably heard of people talking of bad credit before or have been told that you have a low credit score. Credit score is a tool used by most lenders as eligibility criteria for loans or extending credit. Credit score is calculated based on your past borrowing habits, income and credit status among others. The more debt you have with outstanding payments, the lower your credit risk is. A low credit score is a red flag to lenders as it shows them that you are a credit risk for them. This is why it is difficult to get financing with a low credit score.

Credit scores usually range from three hundred to eight hundred and fifty points and the higher the number of points the better the score. Each lender often has their own determinants of good or bad credit score. However, with most lenders, anything below six hundred is a low credit score and below five hundred is bad credit. There is a difference between a low credit score and a bad credit score but most lenders will consider anything below six hundred as a high credit risk.

We will give you:

Helpful Advice

Solid Financial solutions

Credit Repair Options

You can get out of a back credit

Bad credit is not a permanent situation and it does not have to follow you forever. You may have fallen into tough times due to the bad economy, medical bills or losing your job that led to bad credit. However, through hard work, determination and the help of a Brampton debt relief specialist, you have the chance of improving your credit score with time.

We provide a variety of customized solutions for managing bad credit scores and bad debts to help you improve your financial status and get on the right track. When it comes to credit repair, we cannot guarantee that we will improve your credit score in leaps and bounds; it takes the combined efforts of our team of professionals and your personal dedication to get great results. With our experience in business, we know how to operate the rules and how to approach your credit issues in order to improve your credit rating.

How to fix your bad credit

The first step we will take is to have a credit counseling session where we examine your current income, expenditures and debts, things that affect your credit score. We will also look at your list of lenders, debts, durations and interest rates. It is important to scrutinize this list in case we need to dispute any questionable entries in your credit report. We often find debts that our clients are unfamiliar with yet they are included in the list. All the items will be verified before taking the next step.

DEBT MANAGEMENT PLANS THAT MATCH YOUR NEEDS

Debt and stress go hand-in-hand because when you fall behind in your debt payments, creditors will start calling. If you feel overwhelmed and wondering whether you’ll ever get your finances back on track, we can assist. Our team of experts will create a suitable debt solution that suits your unique financial needs. We are market leaders in debt relief, and we work with all clients going through different financial crises.

Our expert credit counselors will negotiate with creditors on your behalf. We offer a wide range of debt consolidation and management services, helping clients create debt management plans that meet their needs.

HOW WE CAN HELP

At York Credit Services, we will help in the following ways:

  • Determine how much you owe your creditors
  • Help you to find out whether you qualify for debt settlement
  • Help you ascertain the monthly installment that you can comfortably raise to repay your debts
  • Create a debt settlement plan that suits your unique financial situation
  • Take you through different debt relief options
  • Help you understand the implications of debt settlement and how to overcome them

You have a couple of options of things you can do to improve your credit score:

Debt management plan

Getting into a debt management plan can help you manage your finances better than you would on your own. Through debt management plans, you get to work with our finance specialists who will advise you on the best way to budget for your income, approach creditors to waive penalties or debt reduction.

Single payment

Brampton debt consolidation helps you consolidate multiple debt payments into a single payment that is easy and convenient to make with lowered interest rates. Debt consolidation takes away the burden of having to deal with multiple creditors and narrows down everything to financing one payment every month.

Start on a new and clean slate

Bankruptcy is the long route to improving your credit score but it gives you the chance to start on a new and clean slate, especially when you work through the bankruptcy process as fast as possible. You can start over building healthy finances and a good credit score.

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