Debt Relief Ontario
Discover the debt relief options that can accelerate your journey towards a debt free life.
- Freeze interest and charges
- Low monthly payment
- Safe, secure and confidential
This helps us understand your financial situation.
Debt relief programs available in Ontario
There are a range of debt management programs that can help you.
If you’re dealing with levels of unsecured debt you can’t afford to repay, it can cause incredible stress. The good news is that there are debt relief programs available in Ontario that can provide you with the assistance you need to regain control of your financial situation.
These programs are designed to help individuals and families facing overwhelming debt by offering viable solutions to reduce or eliminate their debt burden.
Finding the right debt relief program is a process that requires careful consideration. Every individual’s financial situation is unique – that’s why we are committed to providing personalized assistance to help you find the most suitable debt relief program for your needs.
How we can help you with your debt
You’re on your way to resolving your debt problems, this is what will happen next.
Fill out the form and arrange a call back with one of our debt experts.
We will then run through all of the options available to you and advise you on which is the best option for you.
We will then help you put the debt solution in place that will help you get back on track.
Reduce your debt by up to 80%
- Licensed Insolvency Trustees
- In-person, phone or video
- 75 offices across Canada
Your Ontario debt experts
For over 45 years, we’ve helped over 200,000 Canadians get out of debt.
- Free, no-obligation, consultation
- Personalized debt solutions
- Reduce your debt by up to 80%
- Eliminate debt, interest, and collection calls
- Experienced Licensed Insolvency Trustees
Frequently Asked Questions
What is debt relief?
Debt relief refers to various strategies and programs designed to help individuals and families struggling with overwhelming debt. These solutions aim to reduce the burden of debt, negotiate with creditors, and provide a path towards financial stability.
Debt relief options in Ontario include debt consolidation, debt settlement, consumer proposals, and bankruptcy.
What is a Consumer proposal and is it right for me?
A Consumer proposal is a formal debt settlement arrangement regulated by the federal government. It allows you to make one affordable monthly payment to your creditors based on your income and assets.
This option may be suitable if you have a stable income and want to avoid bankruptcy. To determine if a Consumer proposal is right for you, it is recommended to consult with a Licensed Insolvency Trustee who can assess your situation and provide personalized advice.
Can I set up a debt management plan by myself?
No, a Consumer Proposal needs to be set up with a Licensed Insolvency Trustee (LIT). LITs are licensed professionals authorized by the government to administer debt relief programs and guide individuals through the process.
They have the expertise and legal authority to negotiate with your creditors and develop a suitable debt management plan based on your financial circumstances.
Are there government debt forgiveness programs available in Canada?
Yes, there are government debt relief programs available in Canada. However, debt forgiveness programs are rare and typically limited to specific circumstances, such as extreme financial hardship or specific types of loans, like student loans.
In Canada, debt relief grants or programs provided by the government are generally not widely available, however, it is possible to write off a portion of your total debt using a Consumer Proposal. You should consult a Licensed Insolvency Trustee if you’re wondering whether this is the best option for you.
Will using debt relief services damage my credit rating?
Using debt relief services can have an impact on your credit rating. Debt relief options like Consumer proposals and bankruptcy will be noted on your credit report for a certain period of time – three years since the date it’s marked ‘satisfied’ in the case of a consumer proposal.
However, it’s important to remember that if you’re already struggling with overwhelming debt and missed payments, your credit rating may already be affected.
Working with a reputable debt relief company can help you rebuild your credit over time once you regain financial stability.
Would a debt consolidation loan be better than a Consumer Proposal?
The suitability of a debt consolidation loan versus a Consumer Proposal depends on your individual circumstances. A debt consolidation loan combines multiple debts into a single loan with one monthly payment. It may be a suitable option if you have good credit and can secure a loan with favourable terms.
A Consumer Proposal, however, offers a formalized debt settlement arrangement, allowing you to reduce your overall debt amount and make affordable monthly payments. Consulting with a Licensed Insolvency Trustee can help you determine the best course of action based on your specific financial situation.
How much does it cost to use a debt repayment program?
The cost of using a debt repayment program varies depending on the program you choose. For example, debt consolidation loans may have interest charges and fees associated with the loan. In the case of a Consumer Proposal, you will need to pay fees to the Licensed Insolvency Trustee (LIT) for administering the program.
The cost structure will be explained to you by the LIT during the consultation process. Additionally, some programs may offer the option to repay the debt using a lump sum payment if you have access to the necessary funds.