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Debt Settlement/Consolidation: Bankruptcy
Loans Edmonton Alberta Thunder Bay Ontario
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.
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