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Keith Caverly

Debt Consolidation Thunder Bay

Debt consolidation is designed to simplify the process of addressing your financial challenges. The goal is to settle any high-interest debts that you might be having difficulty paying and to focus on a single unified or ‘consolidated’ debt, preferably with a lower interest rate.

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Debt Consolidation Thunder Bay

Everyone faces financial difficulties from time to time. If it feels like your financial struggles are making it hard to get on with your life, Keith Caverly & Associates can help. Keith Caverly is a Thunder Bay-based Licensed Insolvency Trustee (LIT) offering a variety of debt relief services to clients in North Ontario. Contact us today to schedule a free, no-obligation consultation by phone or video chat. We will listen to your problems and discuss the some of the debt solutions at your disposal, possibly including debt consolidation loans.

What is a Debt Consolidation Loan?

Debt consolidation is the process of taking out a single, large debt to cover numerous smaller debts. The goal is to settle any high-interest debts that you might be having difficulty paying and to focus on a single unified or ‘consolidated’ debt, preferably with a lower interest rate. During your free consultation, our team will explain the advantages and disadvantages of debt consolidation. Thunder Bay residents, and anyone experiencing financial difficulties in Northern Ontario, is encouraged to call us today.

Will I Qualify for a Debt Consolidation Loan?

Not everyone who wants a debt consolidation loan will be able to receive one. These large loans are generally offered by established financial institutions, meaning only applicants with steady incomes and decent credit scores will be accepted. If you are unable to secure a debt consolidation loan, you may want to consider another debt solution, such as a Consumer Proposal or filing for bankruptcy. These solutions, which we will happily explain during our consultation, are in many cases preferable to debt consolidation.

What Happens After I Receive My Debt Consolidation Loan?

Debt consolidation is designed to simplify the process of addressing your financial challenges. The idea is to settle the various debts you are paying in order to focus on a single, unified debt. If you are not able to make your consolidated debt payments, we will help you explore other options, including bankruptcy or a Consumer Proposal.

Will a Debt Consolidation Loan Affect my Credit Rating?

That all depends on how quickly and reliably you are able to pay off your consolidated debt. If you can make regular payments and your debt is settled quickly, your credit rating may not be affected; if you are unable to make your payments, you may see your credit rating deteriorate.

What are the Benefits of a Debt Consolidation Loan?

While many of our clients opt for Consumer Proposals or bankruptcy rather than debt consolidation, Thunder Bay residents have also been known to see beneficial results from their debt consolidation loans. One of the primary benefits of this debt relief strategy is that you may be able to avoid damage to your credit rating if you can quickly and reliably pay down your loan. The other primary benefit is that you will no longer have to focus on multiple debts with varying interest rates; you will be free to focus on paying off your unified loan.

What are the Drawbacks to Debt Consolidation?

There are pros and cons to every debt solution. The drawbacks to debt consolidation include the fact that you will have to pay 100 per cent of your balance, which may not be the case with a Consumer Proposal or bankruptcy. You will also have to pay interest on your debt. Learn more today by speaking with a Thunder Bay Licensed Insolvency Trustee.

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THE ANSWERS TO YOUR QUESTIONS

Some Frequently
Asked Questions

• Keep your car, home and RRSPs*
• Stop harassing creditor calls immediately
• Get the largest debt reduction that is fair

GET A FREE CONSULTATION

Book Your FREE confidential, no obligation PHONE or VIDEO consultation today.
email us at keithcaverlylit@gmail.com

 

For more information please
contact us at 807-285-2525

Fill in the form below to request a consultation, or call us today at 807-285-2525 to discuss your case

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