Debt consolidation is a type of loan granted by a financial institution to repay all your creditors. This option does not require you to declare bankruptcy or make a proposal. All your debts are combined into one monthly payment, often payable over a few years. Interest rates on debt consolidations tend to reach 12% (or more) per year and do not affect your credit rating.

If the financial institution refuses to grant you such a loan or if the required monthly payments are too high, a consumer proposal may prove to be a better solution.

Be aware that no institution is required to grant you a consolidation loan. This loan is difficult to obtain as someone in financial difficulty, especially if your credit has already been affected by your debts.

André Gabbay & Associés is made up of many experienced professionals specializing in accounting, bankruptcy, insolvency, taxation, and debt consolidation. They are ready to listen to you and assess your situation, informing you of all possible solutions to your unique situation.

Call or send us a message today for a free and confidential consultation.