Debt consolidation loan in canada
A loan sufficient to clear off the debt s that you owe to different creditors at the same time is known as a debt consolidation loan. in other words, in stead of havin g different loan s of differin g terms, size and creditors, you will be havin g one sin gle loan from the in stitution that you borrowed it from. Besides givin g you the convenience of gettin g rid of your debt s through a one time payin g option, debt consolidation generally will gain you some money.
This is due to the fact that generally the in terest you have to pay on your consolidated loan will be lower than that you would have paid otherwise.The bank or the fin ancial in stitution where you approach for debt consolidation loan will take care of your debt s and clear them off as you make a prefixed monthly payment to them in return.
Types of debt s eligible for consolidation: Most consumer loan s, debt s lin ked with credit cards and loan s similar to them are eligible for debt consolidation in canada. loan s like mortgage loan s are, however, in eligible for a debt consolidation , normally. It would be advisable though to confirm with your fin ancial in stitution of the eligibility of the debts you have to be consolidated.
Qualified debt: Your credit history effectively will be the decidin g factor as to whether or not you qualify for debt consolidation in canada. The in stitution would also check your in come level so as to make sure of your ability to repay the loan , before approvin g it. You may normally need to produce proofs of your latest paychecks for this.
Advantages and drawbacks of debt consolidation loan in canada
Whom to contact: You may avail help from any of the followin g organizations in canada to clear your doubts about debt consolidation and to get in formation regardin g your creditor.
Nova Scotia i debt or assistance program
Service Nova Scotia and municipal relation
Tel: (902) 424-5200
Saskatchewan Provin cial Mediation Board: Workin g under the guidance of the Saskatchewan justice department
Regin a Saskatchewan
canada Tel: (306) 787-538
Saskatoon- tel: (306) 933-6520
Fax: (306) 933-7030
Charitable and non-profit organizations:
Credit Counseling canada (CCC): CCC is a national association of non-profit credit counselin g providers of all the provin ces and territories in canada.
Ontario association of credit counselin g services (OACCS) : OACCS is a charitable organization providin g credit counseling services.
Tel: 1-888-7-in -debt
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