Nanaimo Debt Consolidation

As the Nanaimo area gets busier and busier the traffic has become worse. Do you regularly find yourself getting frustrated being stuck in traffic or missing a traffic light? Getting stuck with your finances and debts is another sure fire way of building frustration. This can lead to an increasing amount of stress which can further lead to poor health consequences such as difficulty sleeping or depression.  As life unfolds, sometimes our finances can get to a place where they seem stuck. You can get into a cycle of making minimum payments on multiple debts. One way to change that is to find someone to help you with Nanaimo debt consolidation.

It only takes a few choices, ones that you would like to take back, that gets debt snowballing in a bad direction. The best example of that is credit card debt or pay day loans; the high interest associated with that kind of debt can be impossible to catch.  Somehow you have to stop the momentum in order for the balance to go down. In this case, debt consolidation services might be right for you.

The next step is to find a Nanaimo debt consolidation loan. We often suggest this to people as the first option to explore to improve their finances. If successful, your finances will improve because of several factors:

• The overall interest rate will hopefully be lower
• You will have one payment instead of multiple different payments
• The amount of money you pay out each month could be lower

Debts That can be Consolidated

Debt consolidation services in BC can be useful in grouping together a number of different types of debts such as:

• Credit cards
• Bank loans
• Payday loans or instalment loans
• ICBC arrears
• Student loans

Difficult to Qualify

Unfortunately, qualifying for a debt consolidation loan is not always so easy. We suggest that you try first with the bank or credit union that you are currently dealing with as they are familiar with you.

Pro tip: Someone will always loan to you. However, you may not want to deal with them because the interest rate might be too high. Really focus on what the interest rate will be on the new loan and the amount of your monthly payment. If you are not comfortable with the amount of the interest rate, or the size of your payment, then do not proceed.

Some of the reasons we hear from people as to why they could not qualify include:

1. Their income was too low
2. They needed a co signer and could not find one
3. The amount of debt was too high
4. The payment on the consolidation loan was going to be too much per month
5. They owed income tax debt to Canada Revenue Agency

If you are turned down for a debt consolidation you may be wondering what you can do next.

Canadian Debt Forgiveness Programs

The internet can be a murky place filled with false promises. There is no restriction as to who can hold out the promise to help you reorganize your finances. Who can you trust? Here are a few factors to consider about the organization you are dealing with for Nanaimo debt consolidation services:

• Are they licensed by the Federal Government?
• Do they belong to a professional body like the Chartered Professional Accountants of Canada?
• Do they require money right away?
• Are you able to meet with them face to face if you so desire?

Contact Us – We are Here to Help

The most popular way to consolidate debt in Nanaimo, and all across Canada, is by using a Consumer Proposal. This is a Federal Government program available from coast to coast that must be administered by a Licensed Insolvency Trustee (that’s us!) We are also CPAs who are available to meet with you via phone or face to face. There is no cost to our initial meeting where we can help analyze your finances and let you know if a Consumer Proposal (or Bankruptcy) is right for YOU!