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Serving Manitoba and the Northwest Territories. Offices in Brandon, Winnipeg and Yellowknife.

Debt Consolidation Loans

Are you looking for help with your debt and looking for a debt consolidation loan? Finding it difficult to understand the differences between all the debt consolidation options in the marketplace? Consider working with a Licensed Insolvency Trustee!! They can negotiate a payment plan with your creditors that you can afford and help you avoid a high interest loan.

Consolidation loans

Consolidating debt into one manageable payment is generally a good plan, from a cash flow perspective, and for your own sanity. Even when there is enough cash flow to make payments on debt, the chance that one payment gets missed, forgotten, or mis-applied, increases. Simplicity is key! In addition, consolidating your debt can provide you with some leverage in negotiating your interest rate. Typically the more you ask to consolidate, the better interest you could receive. However, if your credit already has a few black spots, or some ‘not-so-pretty’ loans in collections, you might find yourself at the mercy of the ‘last-chance’ lender. Often referred to as bad credit loans, these lenders consider their risk to be higher than average, and therefore charge a premium for their services.

From the Comfort of your Home

Lately, the online loans market has offered convenience, flexibility, and anonymity that many debtors are looking for when seeking a debt consolidation loan. A few clicks, and your debts are consolidated, but what is the cost? Many of the online options available are simply an extension of traditional brick-and-mortar lenders, who are able to do business with lower overhead. With the continuing reach of high-speed internet, they are now able to reach remote markets, by ramping up their online presence. However, when looking for a loan online, be careful to consider where your lender is located. Many companies offering debt consolidation or credit consolidation are located in provinces or territories with different regulations than the one where you reside. Some service providers may not even be Canadian, which can create complex legal issues when it comes to enforcing the contract you have with them.

Are there any Safe Options for Debt Consolidation?

Personal loans, lines of credit, or a mortgage loan are products that are often offered at traditional lenders such as banks and credit unions. While generally a safe option, it is always wise to review your financial situation with a Licensed Insolvency Trustee when you find that you have questions about debt. As a Licensed Insolvency Trustee, we offer free consultations to review your financial situation. We will discuss all your options, including the effect of a consolidation loan with a traditional lender, to help you make an informed decision.  Fill in our Contact form, and we’ll reach out to you to discuss your situation, usually within a few hours. Have an urgent question? Text us at 204-809-8946.