Debt Settlement/Consolidation
What is debt consolidation?
Debt Settlement/consolidation for bankruptcy is available. You can obtain a loan that allows you to repay many other debts. For example, if you have three credit cards, you may be able to get a debt consolidation loan to pay off the credit cards, so that you only have one payment instead of three each month.
What are the advantages of a debt consolidation loan?
The advantages of a debt consolidation loan are:
- You replace many payments each month with only one payment, which should make it easier to Budget your cash each month.
- Your debt consolidation loan may have a lower interest rate than the rate you are paying on credit cards, so the loan should reduce your interest payments.
- With lower interest rates and/or extended terms, you may be able to reduce your total monthly payments.
Do I qualify for a debt consolidation loan?
To qualify for a debt consolidation loan in Thunder Bay Ontario you must meet the following:
- The bank will require a copy of your monthly Budget to determine if you can meet your loan payments.
- You must be working, or have a source of income to allow you to repay the loan.
- You may require a co-signor or collateral (such as a car or a house).
What is the next step in obtaining a debt consolidation loan in Thunder Bay?
To determine if you qualify for a debt consolidation loan, contact your banker or finance company. The major Canadian banks can be reached on their Bank web sites, or via the yellow pages.
{ 1 comment }
My husband and I lost our jobs within a week of each other in November, 2006. He had worked at the Norampac Mill for 25.5 years and I had worked in the service industry for about 12yrs. Up until then our monthly income was about $4000. We both returned to school in spring of 07 so we lived on his severance and my E.I while we both went to school, he as a heavy equipment operator/truck driver and I as a Personal Support Worker. I have since found fulltime employment with Dilico in Thunder Bay and make about $1800.00 a month but my husband has not been able to find fulltime employment anywhere and cause of this we have used all of our savings, our RSP’s and our 2 lines of credits so we wouldn’t lose anything we have worked so hard for. Well with the savings all gone and our line of credits to the max were not sure what to do. My husband has been to Yes Employment and to Lakehead Employment for direction and help to find employment, he drives to Thunder Bay at least once a week to apply for jobs, he faxes and e-mails his resume numerous times per week and he still has not found employment. We know that jobs in Thunder Bay and surrounding area are hard to come by these days but we have not worked this hard for the past 2 and half decades to lose everything overnight cause we have to claim bankruptsy. The husband seems to think that cause we own our house and vehicles free and clear we have no way of consolidating our lines of credit. We have been to our bank (Royal Bank) to consolidate and because my husband is not working we cannot consolidate. Please give us some ideas of what we can do so we don’t have to lose everything.
Comments on this entry are closed.