FAQs
How do I know if Canada Debt Solutions is legitimate?
Canada Debt Solutions is a registered organization with the Canada Revenue Agency and the Province of Ontario in Concord, Ontario.
What is a Consumer Proposal?
How is a Consumer Proposal different from Bankruptcy?
A consumer proposal allows you to pay back what is deemed affordable and manageable based on your personal income and expenses, which we will evaluate with great detail and patience. Bankruptcy impacts your credit score and future financial goals, but you may also have to surrender your assets in order to eliminate your outstanding debt.
Does a Consumer Proposal reduce my debt?
Yes, a Consumer Proposal allows us, together with Licensed Solvency Trustees, to negotiate with creditors on your behalf to reduce your debt up to 80 %, giving you the opportunity to repay the new lowered balance with zero interest, fees or additional penalties. There is no minimum payment term. Consumer Proposals must be completed within five years, allowing you to pay off the balance monthly within your means.
Does a Consumer Proposal affect my credit score?
Our motto is One step back, two steps forward. Once you have entered into a Consumer Proposal, it will reflect on your credit history with the Credit Bureau of Canada and Collections. The great thing about a Consumer Proposal is that it will only stay on your credit report up to three years after your last payment. Maintaining a good payment history on unsecured debt while making proposal payments will help to rebuild your credit after the fact. We will also assist you with obtaining a secured credit card and tools for fast and efficient credit rebuilding.
Can my wages be garnished During a Consumer proposal?
No, when entering any debt relief programs, we take extra steps to ensure protection from all forms of garnishment penalties or added interest.
What is debt settlement?
Can my wages be garnished during debt settlement?
No, when entering any debt relief programs, we take extra steps to ensure protection from all forms of garnishment penalties or added interest.
What is a Mortgage Refinance?
A Mortgage or refinancing is when you renegotiate the terms of your existing mortgage loan agreement or take out a second mortgage using the equity in your home.
When would I want to refinance my home to pay off my debt?
You may want to refinance your existing home and take out the necessary equity to pay off your high-interest debts. The upside to this is that you can pay off your balances, maintain your credit score and keep all products safe and open. A second mortgage or refinance has low-interest rates compared to most unsecured debts. Therefore, saves you quite a bit on interest incursion.
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