Debt Consolidation

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

There are two types of debt consolidation: 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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Debt Consolidation Loan 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.

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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)
$20,00030%$647.07$38,824$18,824
$30,00030%$970.60$58,236$28,236
$40,00030%$1,294.14$77,648$37,648

*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 Debt 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 751 reviews
I made a review in 2017 i will again make a review now 2022. Thank you Jackie for everything that you do for me. Forever thankful. I have paid everything already. On one spring day back in 2017 i was in a lot of stress, dealing with phone calls from the bank. A friend of mine told me to go to David Sklar’s office (its close to my apartment) as she is also paying hers( in another firm). So i did and i was glad i did. Thank you and God speed!
22:49 08/13/22
(From K.M)After a great deal of thought, that actually went on far too long and only created more hardship, I finally called David Sklar and Associates. They immediately set up a mutual time for an in person appointment. I had the greatest fortune to meet with Jerry Janiec!From the moment I met Jerry, I felt at ease and the weight I had been bearing began to lift.Jerry is very personable with a happy, kind, patient and gentle nature. He is very knowledgeable and extremely thorough in all of the information and options that were presented. Jerry was very supportive in the option I chose.I read other reviews on David Sklar and Associates and I whole heartedly agree. If you are struggling and it seems never ending, make the call to these people. I should have much, much sooner.Thank you so very much Jerry Janiec. You truly are a blessing.Sincerely, Karen M.
16:08 08/08/22
Great job. Bibi , marvel and many associated help us to serve the problem . Appreciate to your team David sklar .
15:26 08/05/22
Cori was kind and helpful, anyone interested in learning more about debt options would be fortunate to hear her insights and experience on the subject
13:55 07/26/22
Cori has been a great help in relieving stress caused by debt in my life, she has excellent knowledge in her line of work. Cori has a lot of patience and takes her time with her clients to make sure they understand. It has been a great pleasure working with Cori.
18:15 07/20/22
The service excellence I received was amazing. The staff at friendly and considerate and show empathy when dealing with such a difficult choice.
19:52 07/19/22
Caner uzun.. this place is full of professional lawyers all my debt problems are gone all I had to do is make an appointment go see them boom its that easy thank you all for your help
17:19 07/18/22
My mother introduced me to the company and I signed up and I spoke to Christine Sylver ... Let me tell you .... Christine Sylver is the best licensed debt counselor ever. She helped me from when we starting talking up until now and she's a great individual. I would recommend her and this company to anybody. I can't wait to have me debt cleared and start my life again.
20:21 07/06/22
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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.