Debt Consolidation Hamilton

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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

Do you find it challenging to pay your monthly bills? Do you feel you never earn enough cash? If your response to these questions is “yes,” there’s a good chance you have serious credit issues and a bad credit rating. Struggling with short-term and long-term debts can keep you from making significant progress in life and consequently make financial-related issues more challenging to address. As financial issues worsen, you might realize that you are losing control over your finances. Reviewing your finance information becomes difficult, and at this point, it’s easy to lose control over your debts.

The good news is that you do not have to face your financial challenges alone. York Credit Services offers tailored credit services, thanks to our experts’ in-depth understanding of the financial industry and the importance of getting professional counselling when trying to gain control of your finances. Indeed, this is the core of credit counselling.

However, you need to be very cautious when working with a credit counsellor. First, it’s important to know that debt counselling specialists do not have the power to wipe clean your bad credit history or eliminate all your bad debt. This isn’t the responsibility of a credit counsellor because eliminating debt or clearing bad credit history isn’t possible.

Additionally, York Credit Services is not in the business of making false or unrealistic promises. Instead, we work tirelessly to help our clients find practical solutions to their financial challenges. These unique solutions are intended to help you get closer to paying down your debt and getting a favourable credit score. No matter how big your current debt is, our financial specialists are qualified to create tailored solutions that will help change your financial position. All you need to do is to commit fully to the entire process.

phases of credit counseling

Professional credit counselling doesn’t happen overnight. Indeed, it is a lengthy process that requires full commitment. The moment you make up your mind to get credit counselling or go through the entire process, there are three important phases that you must go through. These include:

1. Financial assessment

Knowing your financial status is an important and initial step of an effective counselling process. Our team of credit counsellors will help you perform a comprehensive assessment of your current finances, beginning with your income, assets, debts, and expenses. Next, a financial assessment is done to get the correct numbers and details of your current financial status or position. This assessment activity is important and must be very detailed. All we ask is that you be open to your credit counsellors during this phase because if your counsellor doesn’t understand your current financial situation, creating a practical solution will be almost impossible.

While it may sound like an invasion of your financial privacy, the financial assessment exercise doesn’t have to be an uncomfortable stage for you. Sometimes it can lead to panic, particularly if you’re shocked at the magnitude of your current financial problem. So, take it easy and allow your credit counsellor to take you through the entire process.

2. Debt solutions

A detailed financial assessment can shed more light on various things that should be addressed when creating custom debt solutions. In addition, our financial advisors have many years of experience handling different types of debts and implementing various debt solutions. This level of experience helps create custom and practical solutions to help you address your growing debt issue.

3. Money management

Improper money management is often the root of most money-related issues. Therefore, this final step focuses on building our clients’ capacity to manage their financial-related matters independently successfully.

WHY OUR COUNCELING SERVICES?

WE HELP ADDRESS YOUR FINANCIAL CHALENGES

GET RELIEF FROM FINANCIAL-RELATED STRESS

LEARN PRACTICAL MONEY MANAGEMENT SOLUTIONS

Debt management plans that match your needs

Do you find it challenging to pay down your debts? Do you have a huge debt burden? At York Credit Services, our team of financial experts will help you create a suitable debt solution tailored to your unique financial needs. We can help you create a well-thought-out savings plan that suits your financial situation while at the same time helping you pay down your debt and stay stress-free. York Credit Services is one of the most trusted agencies in Canada that works with clients facing different kinds of financial challenges.

We provide a broad selection of financial-related services to help Canadians having trouble addressing their debts and managing their financial matters. For example, our financial advisors can help with budgeting by helping you create a debt management plan tailored to your unique financial needs. Additionally, our credit counsellors can further negotiate with your creditors to strike a deal that lets you pay your debt down by making manageable monthly payments.

CONTACT US WHENEVER YOU NEED US

The good news is that our debt consolidation services are always available to our clients whenever they need them. Most of these clients are people going through different kinds of financial challenges as a result of injuries, loss of employment, divorce, death of a loved one, and other reasons. So far, we have served many clients going through all manner of financial challenges. We also allow our customers to hire any of our experts if they need help after creditors threatened them with lawsuits. So, if your creditors are currently harassing you, do not hesitate to schedule a consultation call with us. We can help.

How we can help

York Credit Services can help you handle the following:

  • Figure out the total amount of debt you owe.
  • Inform you whether you qualify for any debt settlement.
  • Help you figure out how much money you can safely set aside to pay down your debt.
  • Help you create a settlement plan that’s tailored to your current lifestyle and needs.
  • Help you learn the drawbacks of a debt settlement plan and different ways you can work around it.
  • Inform you about various debt relief options that you can take advantage of.

WE HELP OUR CLIENTS SOLVE DEBT-RELATED CHALLENGES

Our initial step is to help you understand how much debt you owe. This is done by walking you through various credit card statements and reviewing your outstanding balances. One of our financial advisors will then discuss the different phases of the debt settlement process and ensure that you get favourable terms from your creditors. Indeed, our team of professional credit counsellors will review your monthly expenditure and income before creating a favourable debt payment plan for you. They will also teach you other practical solutions that could help reduce your current financial burden.

At York Credit Services, we work with you to figure out the most practical debt management solutions. Keep in mind that our team of credit counsellors and financial advisers will consider and recommend various settlement options that are fair to you, depending on your current financial position. As we mentioned earlier, we are not in the business of making false promises or those we cannot keep. Our aim has always been to enable our clients to save as much as they can while achieving financial freedom. We help them achieve this by reducing or eliminating interests and fees. We can also recommend you the right adviser whenever you need one.

BEST FINANCIAL SOLUTIONS FOR YOU

At York Credit Services, we are here to help you get the most beneficial financial solution to get you out of debt and help you achieve financial freedom. Every person has unique financial goals and various options to achieve those objectives. We can help you evaluate those options and choose the best one based on your financial situation. We can accomplish this through the following strategies.

  • Reviewing your current financial situation 

We will look with you to evaluate your current income, debts, and expenses and determine different ways of increasing your savings. Based on this information, we will fabricate various debt solutions for you and help you choose one that best suits your situation.

  • Develop a financial management plan

Our financial advisors’ primary goal is to help you get your finances on track. As a result, it is possible to avoid unnecessary expenditures through effective planning and improve your debt repayment while still making significant savings. The financial plan will help you create, influence your spending habits, and maintain a lifestyle you can afford. Indeed, we will help you manage your current living expenses and monthly bills as well.

  • Explore ways to reduce interests 

Your creditors can be very frustrating, particularly when you are late on payments. The numerous calls and follow-ups can easily hinder you from enjoying your life. However, it is possible to avoid such calls if you can successfully lower the interest rate associated with the credit services you seek. Minimizing these interest rates may also mean making low payments. Our financial advisors can help you uncover various ways of saving as much as possible on your debts interest rates.

  • Help you build your credit        

Have you ever realized that a low credit score compromises your chances of borrowing and could increase your payment rates? By building your credit information and improving your current credit score, you will be in a position to pay lower interest rates and even find more lenders who can offer you an option to consolidate your debts. Also, rebuilding your credit score could help you manage your budget better and make significant savings so that you can get out of debt.

  • Help you fight the right programs

Most debt consolidation programs are available to people with different financial needs. For example, suppose you feel that your debt is getting out of hand. In that case, you may want to consider a debt consolidation program that allows you to put all your current debts together, even if they are from varying sources. That means you will be making a single payment rather than several small payments that may be challenging to track. Our financial counsellors will help you understand the benefits and downsides associated with a specific debt consolidation program long before you sign up.

York Credit Services is here to help Canadians understand the different alternatives they have to improve their debt and credit score situations. Indeed, we will give you detailed information that could help you make informed financial decisions. We also help you understand various challenges that financial bondage can bring and the fact that it can be very challenging to make the right financial decision unless you have proper financial counsel. Note that our debt counsellors are highly experienced and certified. We will assign you one of these financial counsellors to help you regain control over your finances regardless of your current debt level.

5 WAYS TO CONSOLIDATE DEBT IN HAMILTON – HOW YOUR CREDIT CAN ASSIST

One way of getting debt help is to approach your credit union, finance company, or your bank and request them to offer you a loan. This type of financing can be used to pay off your debts and merge them into one big loan.

What are the benefits of debt consolidation?

The primary benefit of this method of addressing your debts is that it gives you one loan to worry about. Additionally, you can end up making significant savings because that one loan is usually provided at a low interest rate compared to the debts you just merged. However, keep in mind that you may not qualify for a debt consolidation loan unless you have security. Also, you may need to have a good credit rating to get this type of loan.

Another option to consolidate your debts is acquiring a second mortgage, using a home equity loan, or refinancing a mortgage. It is possible to get a loan based on the part of your home that you already own (equity). A lender can simply allow you to take a second mortgage which can be considered a new consolidation loan. Keep in mind that the initial loan you took to purchase your home is considered the first mortgage.

Reasons to get a second mortgage. 

Consolidating your debts using a second mortgage comes with several benefits. For a start, you’re likely to get low-interest rates. The lender may also give you a flexible payment plan that you can easily fulfill. However, keep in mind that you may not qualify for the second mortgage, particularly if you have not gathered sufficient equity in your property. Also, you can be required to pay extra fees for setting up the second mortgage, which could make this type of loan more expensive.

It is possible to qualify for an unsecured or secured line of credit or even overdraft to offset your debts.  That means you will have to make minimum payments at the end of every month to successfully cater for the specific amount you’ve spent to settle your debt.  Line of credit allows you to enjoy low-interest rates and highly flexible monthly payments.  It is also possible to pay for the line of credit as fast or as slow as you desire.

Overdrafts and lines of credit have some drawbacks as well. For example, if you don’t discipline yourself to pay a specific amount every month, there is a good chance you will never get out of debt. Also, you will find yourself making high minimum payments every month compared to what you expected, particularly when the Bank of Canada’s prime rates increase.

It is also possible to consolidate your debt using your credit card. In this case, you will consolidate all your credit card balances into a single loan with a low interest rate. This will allow you to make a set of monthly payments for one card. Keep in mind that the card will have a minimum monthly payment, although you can choose to pay higher than the set amount so that you can clear your debt faster.

One good thing about using your credit card to consolidate your debt is getting a single loan with a low promotional interest rate. Also, it is going to be easy for you to track all your debts and ensure that you make timely payments, particularly when all your debts are merged into a single loan. You will also enjoy flexible payments every month. Finally, keep in mind that you can opt to make higher payments than the set minimum amount, and if you experience emergencies, you can still make the minimum payment.

Keep in mind that using your credit card to consolidate your debt comes with a few limitations as well. For instance, you may not qualify for a better credit card interest rate to consolidate your debts, particularly if you have a bad credit rating. Also, if you decide to take a credit card with a lower promotional rate, it might expire after a few months, and you will still get back to your high-interest rates. In some cases, particularly if you don’t change your expenditure habits, there is a good chance you will end up extending your current debt and then take more years to pay it down.

A debt management program is aimed to consolidate your debts into one monthly payment that you will be making to a specific credit counselling agency. This agency will then send the cash to prospective creditors. Keep in mind that the credit counselling organization will send the creditors a proposal that clarifies that you are eligible for such a program. They must agree prior to moving forward with it.

In many cases, a debt management program allows you to pay down your dates within three years at a low or no interest rate. But, unfortunately, this option has a negative impact on your credit score until 24 months after you finish the debt management program.

Seek debt consolidation counsel from an expert 

It is important to mention that the process of consolidating debt can be overwhelming, and it is recommended to consult with an expert to uncover various options that may work best for your financial situation. Do not hesitate to schedule a consultation call with us, and we will be happy to help you learn all the options of consolidating the debts you have. Also, do not be discouraged if you find out that you do not qualify for a specific debt consolidation loan you desired.

At York Credit Services, we will help you lift the huge financial burden off your shoulders by providing debt management and other financial solutions that work for your unique financial situation. Whether you need help creating a well-thought-out budget or simply understanding various debt consolidation options based on your financial situation, our financial experts are here to discuss it with you. Do not hesitate to schedule a consultation call.

+ Debt consolidation loan

One way of getting debt help is to approach your credit union, finance company, or your bank and request them to offer you a loan. This type of financing can be used to pay off your debts and merge them into one big loan.

What are the benefits of debt consolidation?

The primary benefit of this method of addressing your debts is that it gives you one loan to worry about. Additionally, you can end up making significant savings because that one loan is usually provided at a low interest rate compared to the debts you just merged. However, keep in mind that you may not qualify for a debt consolidation loan unless you have security. Also, you may need to have a good credit rating to get this type of loan.

+ The second mortgage

Another option to consolidate your debts is acquiring a second mortgage, using a home equity loan, or refinancing a mortgage. It is possible to get a loan based on the part of your home that you already own (equity). A lender can simply allow you to take a second mortgage which can be considered a new consolidation loan. Keep in mind that the initial loan you took to purchase your home is considered the first mortgage.

Reasons to get a second mortgage. 

Consolidating your debts using a second mortgage comes with several benefits. For a start, you’re likely to get low-interest rates. The lender may also give you a flexible payment plan that you can easily fulfill. However, keep in mind that you may not qualify for the second mortgage, particularly if you have not gathered sufficient equity in your property. Also, you can be required to pay extra fees for setting up the second mortgage, which could make this type of loan more expensive.

+ Overdrafts or line of credit

It is possible to qualify for an unsecured or secured line of credit or even overdraft to offset your debts.  That means you will have to make minimum payments at the end of every month to successfully cater for the specific amount you’ve spent to settle your debt.  Line of credit allows you to enjoy low-interest rates and highly flexible monthly payments.  It is also possible to pay for the line of credit as fast or as slow as you desire.

Overdrafts and lines of credit have some drawbacks as well. For example, if you don’t discipline yourself to pay a specific amount every month, there is a good chance you will never get out of debt. Also, you will find yourself making high minimum payments every month compared to what you expected, particularly when the Bank of Canada’s prime rates increase.

+ Credit card

It is also possible to consolidate your debt using your credit card. In this case, you will consolidate all your credit card balances into a single loan with a low interest rate. This will allow you to make a set of monthly payments for one card. Keep in mind that the card will have a minimum monthly payment, although you can choose to pay higher than the set amount so that you can clear your debt faster.

One good thing about using your credit card to consolidate your debt is getting a single loan with a low promotional interest rate. Also, it is going to be easy for you to track all your debts and ensure that you make timely payments, particularly when all your debts are merged into a single loan. You will also enjoy flexible payments every month. Finally, keep in mind that you can opt to make higher payments than the set minimum amount, and if you experience emergencies, you can still make the minimum payment.

Keep in mind that using your credit card to consolidate your debt comes with a few limitations as well. For instance, you may not qualify for a better credit card interest rate to consolidate your debts, particularly if you have a bad credit rating. Also, if you decide to take a credit card with a lower promotional rate, it might expire after a few months, and you will still get back to your high-interest rates. In some cases, particularly if you don’t change your expenditure habits, there is a good chance you will end up extending your current debt and then take more years to pay it down.

+ Debt management program

A debt management program is aimed to consolidate your debts into one monthly payment that you will be making to a specific credit counselling agency. This agency will then send the cash to prospective creditors. Keep in mind that the credit counselling organization will send the creditors a proposal that clarifies that you are eligible for such a program. They must agree prior to moving forward with it.

In many cases, a debt management program allows you to pay down your dates within three years at a low or no interest rate. But, unfortunately, this option has a negative impact on your credit score until 24 months after you finish the debt management program.

Seek debt consolidation counsel from an expert 

It is important to mention that the process of consolidating debt can be overwhelming, and it is recommended to consult with an expert to uncover various options that may work best for your financial situation. Do not hesitate to schedule a consultation call with us, and we will be happy to help you learn all the options of consolidating the debts you have. Also, do not be discouraged if you find out that you do not qualify for a specific debt consolidation loan you desired.

At York Credit Services, we will help you lift the huge financial burden off your shoulders by providing debt management and other financial solutions that work for your unique financial situation. Whether you need help creating a well-thought-out budget or simply understanding various debt consolidation options based on your financial situation, our financial experts are here to discuss it with you. Do not hesitate to schedule a consultation call.

Frequently Asked Questions

Who qualifies for a debt management program?

Any Canadian owing $8,000 or higher in unsecured debts and has an eligible source of income. Contact any of our representatives for more detailed information about eligibility criteria.

What debt types are included?

Nearly any type of unsecured debt is included in our debt relief program. Some of the common debt types we can help with include payday loans, credit card balances, credit lines, taxes owed to CRA, installment loans, student loans, foreclosure debts, EI overpayments, phone companies & utility bills, court judgments, personal loan, and more. However, we cannot help with debts, including child support, fines imposed by the courts, and alimony.

By how much will my debt be reduced?

On average, we can manage to get a client’s debt reduced by 60% or more. Although the exact amount of reduction will depend on your specific situation, we can help secure a reduction that ranges from 50% to 75% in many situations. It’s also important to mention that the interest will be stopped instantly.

Can you stop wage garnishment and collection calls?

Yes. Once you enter our debt relief program, all collection calls will definitely stop. In addition, wage garnishment can also be cancelled within 48 hours.

Will it affect my credit rating?

Most clients will see their credit history and score improve upon resolving their debts via debt relief programs. Although certain programs often affect one’s credit score, the negative impact of such programs can successfully be resolved with credit repair solutions that are available to all our clients.

Do you offer credit repair services?

Yes. We offer credit repair help to all of our customers, which allows them to reestablish better credit ratings within a reasonable period. Consult with any of our credit specialists for detailed information about our credit repair services.

Must I file for bankruptcy?

No. Most debts can be resolved, and you don’t need to file for bankruptcy. Although we still help our customers file for bankruptcy, this option is best reserved for severe cases of debts and only recommended as the last resort. We will help you explore all other options first before filing for bankruptcy.

What if I owe CRA for payroll deductions, income tax, or GST/HST?

These debts can be successfully resolved through our debt relief programs. Frozen accounts, wage garnishments, or any CRA action will be stopped as soon as you join our debt relief programs.

Can you help with corporate debts or small business debts?

Yes. York Credit Services offers debt relief help for small business ventures, and referrals to restructuring professionals are available for corporations.

What's the cost of your services?

Generally, our fee structure is based on outstanding debt and may vary depending on a client’s unique financial situation. Note that there are no upfront fees, and every payment you make will be fully explained before any commitment. Consult with any of our associates if you would like to review your financial situation.

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

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