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What is debt consolidation?


What is debt consolidation?

Debt consolidation is a loan granted by your financial institution to reimburse all your other creditors, Your payments are merged into one monthly installment payable over a maximum period of 5 years. The interest rate is usually 12% per year (or more) but it will not affect your credit rating.

If the financial institution refuses to grant you such a loan or if the required monthly payments are too expensive, the consumer proposal may prove to be a very interesting alternative.

A good option for you if:

  • Your credit rating is good.
  • You have the financial capacity to reimburse a loan for 100% of your debts plus 12% interest.

Good for you if:

  • You have a sufficiently good credit rating to obtain a loan
  • You have enough money every month to pay out the loan with a 12% interest rate.

To learn more about our services:


Requirements for a consolidation loan


Requirements for a consolidation loan

  1. A debt ratio below 40% (Calculate your debt ratio);
  2. A good credit rating, i.e. very few or no late payments;
  3. Stable employment.

Calculate your debt ratio

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My first appointment: What can I expect?


My first appointment: What can I expect?

The first appointment usually lasts about one hour. Other consultations may be required, depending on the complexity of your file or if you so require. These are free of charge.

The goal is to:

  • Determine the cause of your financial difficulties;
  • Calculate your income and expenses;
  • Determine and analyze your debts and assets;
  • Explain different possible solutions (pros and cons);
  • Offer our advice on the best solutions for you;
  • Answer all your questions.

After the first appointment, you will know what your options are, you will normally have resolved your concerns and worries and you will have answers to all your questions.

You will then be able to take the time to think about the path you wish to take.

What should I bring?*

Assets, income and investments
  • List your debts and recent account statements
  • Pay stub or bank statement
  • Alimony ( judgment or agreement )
  • mortgage statement
  • municipal tax bill
  • Act of purchase (if possible)
  • Contract of sale / lease
  • State of recent account
  • Registrations and insurance copies

* Although it is convenient to have these documents in hand for the first meeting, they are not essential and may always be provided thereafter , as required.

What are the benefits


What are the benefits

  • 100% refund of your debts over 5 years
  • Only one payment per month, so easier to manage
  • Interest rate (12%) lower than credit cards
  • Keeping your credit record

is normally the maximum allowed debt ratio to be eligible for debt consolidation.

Calculate your debt ratio


Your questions

The answers to questions you have about debt consolidation.

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