Debt Consolidation in Edmonton

Are you considering debt consolidation in Edmonton to lighten the load of your multiple monthly payments and lessen the amount of interest you have to pay? Obtaining a debt consolidation loan from a bank or credit union might make sense as it allows you to combine several payments into one smaller, more manageable amount that is the same each month. This method is often used for people with credit card debt, and may work to simplify your finances.

However, most people in financial difficulty do not qualify for consolidation loans. In many cases, you have to have an acceptable credit rating and steady income stream to qualify. Your monthly expenses will also be compared to see if they are at a reasonable level with your monthly income. It’s important to note that you still have to pay the debt off in full and you need to be careful with variable interest rates, which can hike up your payments and cause the debt to become unmanageable.

Do You Have Poor or No Credit? We Can Help

Debt consolidation loans simply will not work in all situations. If you have poor or no credit and need to find another solution, turn to A.C. Waring & Associates Inc. Our debt consolidation in Edmonton will still combine several outstanding debts into one single debt, but it is done in a formal arrangement called a Consumer Proposal, not a loan.

We feel confident that the economic problems of the past few years in no way reflect your general willingness to fulfill your financial obligations. That’s why we’re proud to offer solutions to help those with poor or no credit. Our professionals will answer your questions and explain the options available to you.

Let A.C. Waring & Associates help you discuss if debt consolidation via a Consumer Proposal is the right choice for your financial relief. Call today to discuss your options at 1-800-463-3328 or 780-424-9944 for Edmonton and the surrounding areas.

Debt Consolidation via Consumer Proposal

Filing a consumer proposal might be your best option, if:

  • Your debts are over $5,000 but not over $250,000 (not including your home mortgage)
  • You have a regular source of income and are able to make some monthly payments
  • You’re unable to repay all of your debts on time
  • You want to avoid the rigors regarding income and asset rules when filing bankruptcy
  • You are unable to obtain a consolidation loan from a bank because your debts are too high
  • You are in danger of losing assets such as your home or car
  • Your income would be subject to surplus income payments in bankruptcy
  • You need to deal with your debt without adding another loan and interest to your issues
  • You will not be able to choose which debts are included
  • You must still deal with secured debts, such as your home mortgage and car loan
  • You cannot eliminate your child and spousal support obligations and arrears, student loan obligations (subject to the 7 year rule), government overpayments (e.g. unemployment insurance) or court ordered fines and debts from fraudulent activities
  • The court can nullify the consumer proposal if you default more than, or equal to, three payments (where payments are made monthly or more frequently) or (if less frequently) 3 months after being in default of any payment that is not remedied within the prescribed time limit.

Need Debt Consolidation in Edmonton? Consult with A.C. Waring & Associates

If you are ready to take charge of your finances, schedule a consultation with A.C. Waring & Associates. You have options and we are here to explain them to you in clear, understandable terms. Our licensed insolvency trustees are here to help with debt consolidation solutions in Edmonton that make sense for your unique situation.