We present debt consolidation that could help you
Debts can sometimes become, under certain circumstances, an important financial burden. Cause of stress, insomnia, and illness, not being able to say No more debts, has a major impact on the daily life and quality of life in general. Fortunately, there are solutions to facilitate repayment or elimination and finally say, No more debts, when the situation becomes binding or even uncontrollable.
No more debts – 1.
It is possible, as a first step, to try to negotiate with each of its creditors when they are not very numerous in order to make an agreement with each of them concerning the payments to be made while ensuring that the agreements in question fit in the family’s fiscal space.
Advantage: Simple strategy.
Disadvantage: Creditors must be few in number while having low claims to reach an agreement with each of them that will satisfy both your wallet and the creditors.
No more debts – 2.
To the extent that creditors are more numerous and financial debts are higher, it may be wise to consolidate each of its debts into a single payment while having a standardized interest rate and often more advantageous than those credit companies. In other words, this solution is commonly called debt consolidation- click resources.
Advantage: Only one monthly payment to cover
Disadvantage: Eligibility criteria such as having an acceptable credit history and debt ratio.
No more debts – 3.
If it is impossible to find satisfaction with the first two solutions listed, it is still possible to make an offer to its creditors but this time we are talking about an offer that is intended to be comprehensive while demonstrating your ability to pay off your debts based on your income and current expenses. This solution is a formal process, which means that it takes place under the protection of the Bankruptcy and Insolvency Act.
Advantage: Allows an offer to its creditors without interest, taking into account the ability to repay the family unit.
Disadvantage: The credit will be assigned until the proposal to creditors can be completed in full and will appear on the credit file up to 3 years after the end of the proposal.
No more debts – 4.
The last and last solution is that of bankruptcy. In certain circumstances, insolvency does not permit agreement with its creditors. The duration of the loan and the cost will be determined by the income and the number of previous bankruptcies.
Advantage: Eliminates most of your debts while ending the harassment of creditors
Disadvantage: In the case of a first bankruptcy, the credit rating will be affected for a period of 6 years after the release of your bankruptcy.
It is important to know that you can not get rid of certain debts despite bankruptcy or even so-called informal agreements. Here are some examples:
- fine, penalty, bail in criminal matters, etc .;
- debt resulting from fraud;
- alimony for the benefit of a former spouse or child (ren);
- debt from a student loan where the bankruptcy occurred before the date on which the bankrupt ceased to be a full-time student or part-time student or within seven years of that date;
No more debts … Finally!
Before considering a solution to your debt problem and finally being able to say no more debt, it is wise to consult an insolvency practitioner when the debts become synonymous with permanent anxiety. The trustee in bankruptcy and his advisors can help you find effective solutions adapted to your financial situation. The integrity of the members of our firm and the satisfaction of our customers are at the heart of Rodion Raskolnikov’s core values.