TRUSTED SOURCE FOR DEBT HELP IN OTTAWA AND KINGSTON
Credit counselling to help manage your credit card debt and spending habits
Filing Consumer Proposals on your behalf
Corporate Insolvency and restructuring for businesses
Help managing Student Debt and outstanding loans
And many more personal services to help you avoid bankruptcy or manage it appropriately
Schedule a free consultation or keep reading to learn more about how we can help!
CHOOSE THE ROAD TO A NEW BEGINNING: ASK FOR HELP TODAY
TYPES OF DEBT HELP AVAILABLE
Debt consolidation is when the bank pays off your creditors allowing you to owe only one lump sum payment each month to the bank until the loan is paid off. In order to be eligible for this option, you must have a solid credit rating and enough income to prove you will pay them back. This debt help option usually offers a lower interest rate and more time to make payments without overwhelming stress. Although it does not completely eliminate your debt, a consolidation loan often makes it easier for people experiencing financial hardship.
Credit counselling involves working with a professional advisor to develop a 3-5 year repayment plan based on all the debts you have acquired. If your creditors agree to the terms, you only need to pay the credit counsellor on a monthly basis, who will pay the creditors on your behalf. Alternatively, you can choose a debt settlement, where you will negotiate an amount of the debt to pay off to your creditors.
Bankruptcy should only be considered as a last resort and if you have exhausted all other debt help options. Contrary to popular belief, this decision will not ruin your life. Bankruptcy can be beneficial to the individuals who file because it provides debt relief and can provide a new beginning.
It may seem obvious when you look objectively, but signs of financial problems are not always clear to people heading down this difficult road. Often enough, people don’t realize how dire a situation is until they are faced with the harsh reality of a pending bankruptcy or find themselves with a very low credit score that will impact their ability to buy a house or even rent an apartment.
One of the major indicators is spending more – whether it is on legitimate expenses or more frivolous purchases – than you earn through your salary and other sources of income.
Many individuals with looming debt often rely heavily on their credit cards, as well as borrowing money. If you are only able to make minimum payments on your monthly bills, it will be harder to ignore the interest rates that will eventually cost you even more money in the long run. Naturally, if creditors begin to call you or utility companies cut off your electricity, it is also time to address the realities of your financial situation and ask for help.
We’ve collected several of our blog posts to help you learn more about the ins and outs of credit cards and debt that will help you decide if it’s time to schedule a consultation with our team for a more personalized approach:
CONTACT US TODAY TO SCHEDULE YOUR FREE CONSULTATION!
D. & A. MacLeod Company Ltd has provided assistance to many clients across Eastern Ontario, and we can help you decide what options are right for you. We have multiple locations to serve you and we provide debt help in Ottawa, Kingston, Smith Falls, Kanata, Pembroke, and Cornwall, and Brockvill.