Debt Consolidation in Edmonton & Central/Northern Alberta

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Debt Consolidation?

One method people have used to lighten the hardship of multiple monthly bills and lessen the amount of interest required to pay toward debt is to obtain a debt consolidation loan from an institution such as a bank or credit union.

Consolidating your debt allows you to combine several payments – which might fluctuate individually and can be substantially large together – into one smaller, more manageable payment that will be the same month to month. However, most people in financial difficulty do not qualify for loans to pay out existing loans.

Therefore, consolidation at A.C. Waring & Associates Inc, is the process of combining several outstanding debts into one single debt. This is a formal arrangement through the creation of a Consumer Proposal, not a loan.

If you are considering debt consolidation via a Consumer Proposal in Edmonton and difficulties in the past have affected your credit score, you’ve come to the right place! A.C. Waring & Associates will help you work out your issues around your piling of unpaid debts. We feel confident that the economic problems of the past few years in no way reflect your general willingness to fulfill your financial obligations – that’s why we’re proud to offer solutions to help those with poor or no credit. Our professionals will explain the options available to you.

Let A.C. Waring & Associates help you discuss if debt consolidation via a Consumer Proposal is the right choice for your financial relief. Call today to discuss your options at 1-800-463-3328 or 780-424-9944 for Edmonton and the surrounding areas.

Debt Consolidation via Consumer Proposal

Filing a consumer proposal might be your best option, if:

  • Your debts are over $5,000 but not over $250,000 (not including your home mortgage)
  • If you have a regular source of income and are able to make some monthly payments
  • If you’re unable to repay all of your debts on time
  • If you want to avoid the rigors regarding income and asset rules when filing bankruptcy
  • If you are unable to obtain a consolidation loan from a bank because your debts are too high
  • If you are in danger of losing assets such as your home or car
  • If in bankruptcy your income would be subject to surplus income payments
  • If you need to deal with your debt without adding another loan and interest to your issues
  • You will not be able to choose which debts are included
  • You must still deal with secured debts, such as your home mortgage and car loan
  • You cannot eliminate your child and spousal support obligations and arrears, student loan obligations (subject to the 7 year rule,) government overpayments (eg. unemployment insurance) or court ordered fines and debts from fraudulent activities
  • The court can nullify the consumer proposal if you default more than, or equal to, three payments (where payments are made monthly or more frequently) or (if less frequently) 3 months after being in default of any payment that is not remedied within the prescribed time limit.