Depending on your financial circumstances, The Debt Clinic of Canada Inc. offers you services that would result in one or more of the following: reduce your debts by half; consolidate your multiple payments into one smaller payments; eliminate interest; avoid or stop wage garnishment; stop Power of Sale; and avoid eviction. These could be accomplished by employing either one or a combination of the following services:
✓ Loan Consolidation
Should your credit rating is relatively good and you have a stable income, we would assist you in securing a consolidation loan (combining all your debts into one) with smaller payments at a competitive interest rate.
✓ Mortgage Consulting
We will look at the possibility of refinancing your existing mortgage to consolidate your debts, using the equity of your home. This could improve your cash flow for your monthly payment would be reduced. Because this is a secured loan, you would be paying a lower interest rate compared to the interest charge by credit card companies. Should you need a Mortgage Broker, we will refer you to a mortgage broker, who is caring and compassionate.
✓ Debt Negotiation
When loan consolidation and refinancing of your existing mortgage are not possible, we will consider Debt Negotiation, if proposal or bankruptcy could be more of a problem than a solution relative to your equity (assets less your liabilities) and income.
✓ Consumer Proposal
Should your circumstance be ideal for a Consumer Proposal, we will refer you to a Consumer Proposal Administrator who is compassionate, caring, and respectful of the confidentiality of each person’s situation.
After exploring all alternative solutions (explained above) if none was applicable to your circumstance, because you have no or little asset and no income or your income is barely enough to cover your basic needs, as last resort, we would suggest that you may consider bankruptcy. If you agree to our suggestion, we will refer you to a Bankruptcy Trustee who is compassionate, caring and respectful of the confidentiality of each person’s situation.