If high-interest debt is catching up with you, Kevin Thatcher & Associates knows how to help. Debt consolidation may be a great option for getting back on track and avoiding filing for bankruptcy.
If you recognize any of these signs of financial insecurity then you should explore debt consolidation as a path to your debt-free life:
Debt consolidation is when a person combines several outstanding debts into one monthly payment. There are many consolidation paths to choose from (consolidation loan, credit counselling, a proposal) and depending on the option you choose you can lower your interest rate or get complete interest relief.
In Ontario there are 3 debt consolidation paths available to consumers. You can consolidate debt by:
It can be sobering to take the pulse of your finances. For some, it’s an eye opener – and not in a good way. By consolidating your debt in a loan or making a deal with your creditors, you can lighten your load of financial commitments and speed up your arrival at a debt-free life.
This list may have you asking: What is the right option for me? This is a fantastic question as each path has its strengths and weaknesses. Although we always have free consultations available, let’s looks at how each system works to try and come up with the safest and best options for your situation.
Debt consolidation loans happen when you borrow funds from a single institution that will allow you to pay off more then one debt.
You will likely recognize terms such as: credit card balance transfer, debt consolidation loan, or home equity loan. These are great options if you are just having an issue organizing the debt but have sufficient income (i.e. you don’t need a reduction of your overall debt).
A debt repayment plan can either be organized by a credit counselling agency or you can contact your creditors yourself and try to negotiate a new plan that will make payments more reasonable. Sometimes a credit counsellor or even a creditor may be able to allow an interest free period or interest rate reduction.
Sometimes a debt consolidation loan may not be your best option when it comes reducing your debts. When you are finding you debt load overwhelming a consumer proposal may achieve debt reduction and a lower monthly payment in a more manageable way.
Exploring a debt consolidation loan options is an important first step first but if you don’t meet the qualifications, or can’t afford to repay your debt in full, you should talk to us about a consumer proposal.
The result is you saving money by either offering less than the total amount or not having to pay the original (often high) interest that comes with debt such as credit card balances and other financial commitments. While this may seem a bit technical, what it comes down to is control – letting you get a better handle on your debt and giving you more financial breathing room and lower your monthly payments.
The difference, of course, is that a trustee’s debt consolidation eliminates interest and often you only pay back a percentage of what you owe. The result is you saving money by either offering less than the total amount or not having to pay the original (often high) interest that comes with debt such as credit card balances and other financial commitments.
While this may seem a bit technical, what it comes down to is control – letting you get a better handle on your debt, making sure it’s a situation you can afford, giving you more financial breathing room, and lower your monthly payments.
Do you want to explore further? Not sure if you could benefit from going through a debt consolidation process tailored to your unique situation by one of the experts at Kevin Thatcher & Associates?
Extremely professional service by Mr. Thatcher and his team. Mr. Thatcher and his team were always available and quick to answer any questions concerning bankruptcy. I would highly recommend this company to anyone that would require his services!
I have worked with Kevin and his office for many years and would recommend his services to anyone who is having financial difficulties. He is very professional and has spent many years helping people get out of tough debt situation.
The staff at Kevin Thatcher & Associates are incredibly understanding, non-judgmental people who honestly advised me of all my options before I chose to go bankrupt. I was surprised at how easily they broke down the process for me step-by-step so I was able to meet all the requirements.
I just wanted to thank everyone at Kevin Thatcher and Associates for their help. I was at wit's end and couldn't cover most of my bills. I was afraid to answer the phone ever as it might be another collector calling! I was so depressed.
I was looking for a bankruptcy firm and was recommended Kevin Thatcher and Associates. I initially spoke with his pleasant and knowledgable staff(Anna) over the phone. I was very impressed by her and her soft approach being in a difficult situation.
Very kind, caring and helpful group at Kevin Thatcher and Associates.
I was in a real bind with a lot of debt from credit cards and payday loans but I met with Kevin and his staff were very understanding of my difficulties paying. I paid for 21 months under these federal income rules, but was way cheaper than if I did nothing.
Staff is extremely kind and knowledgeable! They took a stressful situation and made it more manageable, so thankful for their expertise.