Debt Consolidation In Ontario

Consolidate your debt without loans, let us show you how
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Debt Consolidation options in Ontario.

There are two types of debt consolidation in Ontario: high-interest debt consolidation loans and interest-free consumer proposals.

Many people we meet know about debt consolidation loans but have never heard about an interest-free form of debt consolidation, called a Consumer Proposal, a better way to consolidate your debt.

Have you applied for a loan and been denied?

We do not provide loans. If you’re looking for a loan, we suggest you speak to your bank first to see if you qualify for one. For many Canadians, debt consolidation loans can lead to even more financial stress. High-interest loans and hidden fees could lead to payments that exceed the original debt.

A Consumer Proposal is a federally regulated program designed to help Canadians reduce and eliminate debt without loans and rebuild their financial security.

david sklar debt relief debt consolidation options

While the concept of getting a high-interest consolidation loan to pay off debt quickly may seem like a good idea, it’s a short-term band-aid solution with long-term adverse effects.
There is a lot that lenders won’t tell you.

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David explains how you can consolidate your debts without a loan, Interest-free.

Consolidating debt with a loan is an option for individuals that can qualify for a low-interest loan, from a creditable financial institution.  However, for those unable to qualify for a low-interest loan, consolidating your debt with a consumer proposal may be a better option. 

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Debt Consolidation Loan in Ontario vs. Consumer Proposal

Unlike debt consolidation loans, a consumer proposal combines all of your unsecured debts into one low monthly payment and completely eliminates the high-interest payments you are currently making. 

A debt consolidation loan does not eliminate interest, stop collection calls, wage garnishment, or offer the legal protection a consumer proposal can.

debt calculator

Find out how much you can save with our Consumer Proposal Debt Calculator

Use the slider below to tell us how much you owe and we will show you how much you can save!

$10,000 $250,000

With a consumer proposal at 0% interest, you will only have to pay back:

$3,480/$58 per month

*This calculator is for demonstration purposes only. Your results may vary based on your unique financial situation.

Avoid high-interest lenders

If you find yourself in a difficult financial situation and you have poor credit, finding a low-interest loan may be difficult. For many of our customers, turning to a subprime or high-interest lender is the only way they can
access the funds they need. The Canadian Government has laws in place that prohibit lenders from charging interest rates that exceed 60%.
*However Payday loans are exempt from the 60% interest rate limitation, the annual interest rate on a Payday loan is close to 400% or higher if you miss payments.

Examples of non-bank loans, with high-interest rates:

Cash Advance

Payday loans*

High-Interest Term Loans

High-Interest Lines of Credit

Car title loans

Rent-to-own products

Debt Risk Level

The cost of using high-interest loans at 30%

Loan AmountInterest RateMonthly PaymentTotal Cost
(Over 5 years)
Total Interest
(Over 5 years)

*Interest rates can fluctuate based on the lender.

Our customers

We take great pride in what we do. Hearing our customers talk about how we’ve made a difference in their lives is our greatest reward.

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Debt Consolidation FAQ's

Debt consolidation loans are an attractive solution to people in debt because it’s a quick fix to end collection calls, eliminates the need to pay multiple creditors every month, and some lenders do not usually require credit checks, like a bank would. These may seem like benefits in the short-term but there can be long-term implications.

Third-party lenders often market high-interest debt consolidation loans as easy money. However, what they don’t tell you is that this “easy money” is hard to pay back and can result in a debt spiral that is even harder to get out of.

Some interest rates on these consolidation loans can reach almost 60%—the maximum amount of interest a lender is allowed to charge in Canada, without being considered criminal! If the combined interest rate on your loan is higher than what you are currently paying to your individual creditors, then you might find yourself in more debt than you started with. In many cases people find they have actually increased their payments not decreased them by choosing to take on a consolidation loan.

Debt consolidation is the bundling of all your debts (credit cards and loans) so you have one monthly payment.

Interest rates on some consolidation loans can reach almost 60%—the maximum amount of interest a lender is allowed to charge in Canada, without being considered criminal! If the interest rate on your loan is higher than what you are currently paying to your individual creditors, then you might find yourself with more debt than you started with. In many cases, people find they have actually increased their payments not decreased them by choosing to take on a consolidation loan. We believe that providing high-interest loans to people already struggling with debt is like strapping a weight onto a person who’s already drowning.

Debt consolidation loans appear to be an attractive solution when you’re drowning in debt, because they promise a quick fix that ends collection calls, eliminates the need to pay multiple creditors every month, and some lenders provide these loans without a credit check. While these may seem like benefits in the short term, there can be long-term implications. We see many debt consolidation loans included in consumer proposals.

The truth about high interest Loans

If you choose to take on a debt consolidation loan with an unaffordable interest rate,  you may find yourself unable to make the monthly payments which will negatively impact your credit rating. If you already have a poor credit history the only debt consolidation loans you may qualify for will have an extremely high rate of interest.

Getting into debt is easy. Getting out is a different story.

But it's still possible!

Did you know there is a Canadian debt relief program federally regulated by the Canadian Government, designed to help citizens avoid claiming bankruptcy? This amazing program can only be administered by a Licensed Insolvency Trustee (LIT).

If you’re struggling to make your payments every month and creditors won’t stop calling, we can help.

What our clients are saying.

Based on 831 reviews
Melissa McAllister
I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Luc Valade
Very processional and understanding of my situation. Thanks to all your team.
Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Ray Barkley
They made a difficult situation, easy thank you.
fukinwith doug
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
Adrian Downey
Great customer service and a smooth process to get your finances on track. Informative and thorough.
P Bains
From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
A.L Thompson-Lawrence
I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
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We are David Sklar

Our team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future. We’ve helped thousands of people and we can help you too. 

We know this is stressful, but you're not alone.

It’s going to be okay.
Book your free consultation today. We’ll do the rest.

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Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

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