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.

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. Speak to a Licensed Insolvency Trustee.

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.