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Represents a procedure that allows you to repay several or all of your creditors in one payment. In addition to streamlining your debts in a single payment, debt consolidation has the primary goal of significantly reducing the average interest rate applicable to all of your debts. Payday loan consolidation at is an option that can be particularly interesting if you have unpaid payday loans at high-interest rates. This debt solution generally allows you to reduce the monthly payments required so that your monthly budget is no longer in deficit.  

The debt consolidation procedure 

The debt consolidation procedure has many similarities with another effective procedure for dealing with debt problems: the consumer proposal. This procedure involves making an offer to your creditors whereby you offer a lump sum payment to settle all of your indebtedness. However, the amount offered will always take into account your monthly budget, after the payment of all basic necessities.

If your monthly budget does not allow you to pay a large amount, this could result in only a portion of your total debt being repaid to creditors, which debt consolidation does not allow. The consumer proposal will generally provide for a single monthly payment and you will be able to keep most of your property, including your home and car. Another benefit of the consumer proposal is that there is no interest applicable on the amount offered to creditors.

Debt consolidation is not done by magic and it is important to have a specialist who will guide you, explore other alternatives and confirm if debt consolidation will be the most appropriate to help you end your debts. hassle.

It should be noted that only an authorized bankruptcy trustee can administer a consumer proposal while debt consolidation can also be done through a financial institution. Therefore, it is important to consult an insolvency practitioner, such as a trustee in bankruptcy, when a person is facing financial difficulties. The trustee will be able to explain the range of procedures available to you in order to efficiently and economically solve your debt problem. At Rodion Raskolnikov, our experienced team of advisors and trustees stand out for their human approach. The integrity of the members of our firm and the satisfaction of our customers are at the heart of the values of our company.

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