Canadians have the highest consumer debt profile in the world coupled with rising living costs, record housing costs and rising interest rates. It’s a recipe for a disaster on a national scale.
Now is the time to take control of your finances and rid yourself of crippling debt by using all the tools available.
We work with some of the Canada's leading debt partners and can offer you a debt solution to help you write off your unaffordable debt.
Our first job is to listen. There is no one size fits all solution, it all depends on your individual circumstances. Once we know your situation we can explain the different options available to you.
How you decide to move forward is up to you. There are solutions for everything, some simple, some more complex – once you know the options available you can choose what suits your personal situation.
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About Canadian Debt Support
How We Can Help
We work with some of the Canada's leading debt partners, and can offer you a debt solution to help you write off your unaffordable debt.
Our first job is to listen. There is no one size fits all solution, it all depends on your individual circumstances. Once we know your situation we can explain the different options available to you.
How you decide to move forward is up to you. There are solutions for everything, some simple, some more complex – once you know the options available you can choose what suits your personal situation.
About Canadian Debt Support
How We Can Help
Canadians have the highest consumer debt profile in the world coupled with rising living costs, record housing costs and rising interest rates. It’s a recipe for a disaster on a national scale.
Now is the time to take control of your finances and rid yourself of crippling debt by using all the tools available.
Canadian Debt Support is an independent website created to help users find a solution to their debt problems. Our service is free to use and you are under no obligation to accept any of the recommendations you receive. Calls may be recorded for training and quality purposes. Please check with your service provider for details. On completion of our form, we may introduce you to a debt solutions provider. We use the contact details you have given us on the form to make this introduction. An adviser may contact you by telephone, SMS or email. During that call, the adviser will discuss your options in more detail to see if they can help.
Frontier Digital Inc does not directly administer debt management or insolvency products nor claim to hold any professional designation in this regard. Your initial conversation with any partners we refer you to should always be free.
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Canadiandebtsupport.com is owned by Frontier Digital Inc. Registered Address: Suite 170, 422 Richards St, Vancouver, British Columbia, Canada, V6B 2Z4
Put simply, if a lender looks at your situation and thinks there is a chance you won’t be able to pay any of your debt, they would rather agree to a reduced figure than get nothing. This is the essence of a Consumer Proposal – a qualified Licensed Insolvency Trustee negotiates a settlement figure on your behalf that is structured into a monthly payment you can afford.
In this way the lender still gets something and you get the opportunity to clear your debt. This will show on your credit score for 3 years after completion though, so it isn’t necessarily a no-brainer. It can’t be done for student loans or if you have a lot of equity in your home that could be used as leverage for a secured loan. Consumer Proposals frequently reduce debts down by up to 75%.
Can I really reduce my debts by that much? Why would my lenders accept that?
Don’t be fooled in to thinking there is a magic wand to stop lenders chasing. They will stop when they are happy that there is a solution in place that they agree to. The sooner you address the problem and meet with an adviser to put together a plan, the sooner your lenders will stop chasing you.
My lenders are constantly chasing me, can you make them stop?
It depends. Your initial consultation with a Debt Solution provider should always be free. They will assess your case and work through the options one by one. If your case can be solved through good advice, budgeting and better financial planning, they will probably invite you back for a more detailed meeting where they will put a plan in place – they will likely charge a fee for this like any professional service would. If you qualify for a Consumer Proposal then you will need a Licensed Insolvency Trustee to submit your proposal. They will charge for this and incorporate it in your payment, but your debt will have been drastically reduced and you won’t be paying outrageous interest any more.
Will it cost me anything?
Most debt solutions will allow you to keep your assets. However, there are some options such as bankruptcy that may require you to give up some or all of your assets. Your adviser will always recommend the best solution for your personal circumstances.
Will I lose my assets (car, house, etc)?
Debt solutions do not require you to pay anything more than you can comfortably afford, this is one of the main aims of all debt solutions. We understand your standard of living is more important than what lenders may be demanding you pay. Any solution should aim to work towards being debt free in a reasonable time frame at a rate you can afford.
I am on a low income, can I still clear my debts?
Solutions can be found for the following debts: Credit cards, Unsecured personal loans, Payday loans, overdrafts, catalogue debts, property tax arrears, ICBC arrears, CRA arrears.
What debts can you help with?
Debt consolidation involves taking out one big loan to pay off many small loans (or credit cards, etc). The new loan will have a lower interest rate so whilst you still pay back all of your debt, you will pay significantly less in interest.
What is a Debt Consolidation?
A consumer proposal is essentially an offer you make to all your unsecured creditors. You usually agree to a single, fixed monthly payment. Your overall debt is reduced so you pay back an agreed percentage of your original debt.
What is a Consumer Proposal?
Frequently Asked Questions