Is Debt Relief Canada legitimate?
The only Canadian government debt relief program is a consumer proposal. A consumer proposal is a formal, legal debt settlement program available under the Bankruptcy and Insolvency Act. It is a safe, reliable debt relief program that allows you to avoid bankruptcy.
Is Consolidated Credit a good idea?
Is Debt Consolidation a Good Idea? Debt consolidation is usually a good idea for borrowers who have several high-interest loans. However, it may only be feasible if your credit score has improved since applying for the original loans.
What does consolidated credit do?
Consolidated Credit oversees the program, acting as an advocate for you and your creditors. They negotiate to reduce or eliminate interest charges on your debts and stop future penalties. As a result, you can get out of debt faster, even though you may pay less each month.
How does Consolidated Credit Work Canada?
What is Debt Consolidation & How Does It Work in Canada? Debt consolidation is where someone obtains a new loan to pay out a number of smaller loans, debts, or bills that they are currently making payments on. In doing this they effectively bring all these debts together into one combined loan with one monthly payment.