Frequently Asked Questions

Questions

When is the best time to consolidate my debts?

Are there any fees I have to pay?

How long does it take?

I am not a home owner. Can I still be approved?

How much money can I save?

Will debt consolidation erase my bad credit history?

I have a low credit score, can I still get approved?

What is the difference between debt settlement and debt consolidation?

What documents do I need to provide?

Answers

When is the best time to consolidate my debts?
The best to time to consolidate your debts is as soon as soon as possible so you can start saving money right away. The longer you wait carrying high interest debts, the longer it will take you to pay off your principle balance, which will result in higher overall costs.

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Are there any fees I have to pay?
Another great benefit of the debt consolidation program is that all your closing costs are included and absorbed in your new approval. We make it easier for our clients so that nothing is coming out of their pockets and they are not paying for any upfront fees. Everything will be included in your new debt consolidation loan.

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How long does it take?
We can complete your debt consolidation loan in as little as 2 weeks. The debt consolidation process will be completed within 2 to 3 weeks, as long as you can provide us with all the required documents upfront. The quicker you can provide us with the required documents, the quicker we can close your debt consolidation loan.

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I am not a home owner. Can I still be approved?
This type of debt consolidation loan is designed for home owners. The refinance debt consolidation loan basically uses the equity in your home to manage your debt load and pay off your debts. If you are not a home owner, there are other programs that may assist you.

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How much money can I save?
By completing our free debt analysis, we can advise you on how much money you can save every month. Our consultants will be happy assist you. Monthly savings vary among clients, since everyone has different financial situations. Give us a call to see how much money you can save.

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Will debt consolidation erase my bad credit history?
Your past credit history will always be on your credit report. Your previous credit situations cannot be erased, but debt consolidation will definitely help you improve your credit score. By paying off your debts to a zero balance, it will increase your credit ranking. It will also greatly speed up your loan pay off, which will help you manage your debt load with ease.

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I have a low credit score, can I still get approved?
Many clients have different financial situations. There are many different lenders who have programs designed for people with poor or slightly damaged credit scores. Your debt consolidation loan may be approved even with bad credit. Please call us to speak to one of our consultants who will be happy to discuss your financial situation.

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What is the difference between debt settlement and debt consolidation?
“Debt settlement” is the option of credit counselling and consumer proposal. You have to be very careful with this type of service. People don’t realize that lenders and banks consider debt settlement similar to bankruptcy. This type of service can have a negative impact on your credit rating. “Debt consolidation” is the process of combing your debts into one loan, which lowers your monthly payments. Restructuring your debts will make your debt easier to manage. Debt consolidation is the safest and the most commonly used way to manage your debt load.

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What documents do I need to provide?
The documents that we require in the debt consolidation program are:
1. Employment Confirmation: Letter of Employment & Recent Pay stub
2. Mortgage Statement
3. Void Cheque

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