A debt consolidation loan in Thunder Bay gathers your debt into a single amount so that you can repay multiple creditors through one monthly payment. The interest rate is often lower than what your existing creditors offer. If your bank turns you down for a debt consolidation loan, we can help you with other options to get out of debt.
If you choose to participate in a debt consolidation loan your financial institution will pay your creditors. In exchange, the financial institution will offer you a single monthly payment at a potentially lower interest rate. Your eligibility depends on your overall credit rating, the total amount of your debt, your income and in some cases the security you can offer.
A good debt consolidation plan can help you:
explore all of your debt consolidation options to deal with your debt and regain financial stability
streamline your debt into one affordable monthly payment
more effectively manage your budget
save hundreds or event thousands of dollars in interest
repay your debt more quickly
While we cannot provide a debt consolidation loan to you, the professionals at Grant Thornton Limited in Thunder Bay and NW Ontario can help you find out if this is an appropriate option for you.
If you do not think you will be able to qualify for a debt consolidation loan, you may want to consider a Consumer Proposal. A consumer proposal is a legal process, a debt consolidation option whereby you make an offer to your creditors to modify your payments or to repay only a percentage of what you owe. A proposal allows you a fresh start without going bankrupt.
Our debt help professionals can lay out all your options for you and help you find the right solution. Your plan will be customized to meet your personal, long-term financial goals.
We can also address other problems that may have prevented you from getting a debt consolidation loan. Our advice is based on your unique financial situation and finding out which debt solution works best for you.
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