If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
Consolidating your debt is a good choice for those who have a satisfactory credit rating and sufficient income to pay back their debt in full. Individuals with higher debt, a lower credit rating or low income should consider pursuing a Consumer Proposal or bankruptcy.
As this is not a formal legal process, you choose the debts which you would like to pay down with the new consolidation loan.
Depending on how quickly you take action and begin paying off your debt, debt consolidation should have little or no effect on your credit rating. However, late payments, failure to make minimum payments or being sent to collection can negatively affect your credit rating. The longer you wait to repay your outstanding debt, the more your credit rating will be negatively affected.
If debt consolidation isn't a viable option for you or if you were rejected for a consolidation loan, there are several other options available. It is always best to talk to a professional to find out which solution is right for you. Contact an MNP Ltd. office or your local Licensed Trustee for more information.
There may be a fee involved to open a file for your consolidation loan, in addition to regular loan payments.
If you suddenly lose your source of income or are simply unable to pay your consolidated loan, you may need to explore other options such as bankruptcy or a Consumer Proposal. For more information, contact an MNP office or ask a Licensed Trustee to find out which solution is best for you.
The institution that granted your consolidated loan may cancel any credit cards or close lines of credit you have to make sure that you don't continue to accumulate debt. This decision is made by financial institution providing the loan.
Our team of Licensed Insolvency Trustees will help you
explore the debt relief options available to you and
together we will find the solution that best fits your
situation. Set up your FREE, no obligation consultation
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with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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