DEBT CONSOLIDATION IN ONTARIO

What is debt consolidation?

Debt consolidation is the combining of all your unsecured debt (credit cards, payday loans, etc.) into one monthly payment. This can be done in three main ways; borrow money from a bank or a private lender, take on a Debt Management Program, or seek debt relief through a Consumer Proposal.

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David Sklar & Associates Inc.
5.0
Based on 692 reviews
HN
23:00 06 May 21
I would say my experience with David Sklar was spectacular, they made it really easy for my through the whole process and now 9 months later my bankruptcy is discharged.i would recommend David Sklar to anyone.
A M
14:39 04 May 21
I had a nagging defaulted student loan that was holding me back. There were a few smaller issues that were compounding. The lockdowns really forced me to look into building back my credit and starting fresh.Ashley at David Sklar & Associates at the Keele and Finch location was a blessing. She was thorough in her explanations and answered any concerns I had. She gave me the options and let me decide what was best. After conferring with her, I decided bankruptcy was the best option. She made the process of filing for bankruptcy easy.There's nothing to be afraid of. Stigma attached to bankruptcy but you can reset if you work hard to make it happen.I highly recommend speaking with Ashley if you have any concerns about debt solutions.
Pilar
21:05 28 Apr 21
I highly recommend David Sklar & Associates Inc. They helped me with my finances along with the help of Ashley Carter whom assisted me thoroughly throughout the process of my Consumer Proposal. She is very friendly, professional and updated me occasionally through emails. With her tremendous help, I am very thankful to have accompanied someone like her!
Fribeda Fronda
19:14 27 Apr 21
In behalf of David Sklar & Associates, Ms. Ashley Carter had been working tremendously and diligently to make people’s lives easier and stress free. Through this debt free program, my husband and I had been relieved from the headaches and worries of our financial standing before. Ashley, a soft spoken lady was very approachable and listened to our concerns. She explained to us very clearly the good things that will happen to our best interest. I believe that she is a great asset to the company and an excellent counsellor. My husband and I can’t thank you enough, Ashley, for all your help during those times when we needed it most. As of now, we are enjoying life in our seventies, though how simple it is we are happy because we have the assurance that sooner we will be debt free. Thank you so much Ashley for your kindness and for always being there for us. May God bless you more especially with good health.
Dalia Berger
13:49 27 Apr 21
I was so impressed with the professionalism , the speed, the attention, the compassion, and the efficiency your office of David Sklar provided for me, you provided me with necessary information, you helped me solve a big problem I had , you were always available to answer my questions, I can’t thank you enough ,Will always recommend you to anyone who could use your services, thank youDalia Berger
Jay Caja
04:19 15 Apr 21
The support I received was thorough and timely and the help that I needed with Credit Proposal was addressed in a single interaction. Thank you so much!
stefania cicchino
13:54 27 Mar 21
We worked with Jackie. She is very professional and very caring. She is quick to respond and really cares about helping the people in front of her. I went with my uncle, who was scared of the whole process and mentally delayed. Jackie took her time with us and made him feel at ease. She carefully explained things multiple times and was very encouraging. She was a shining light in a difficult process.
Christine Lowe
16:44 12 Mar 21
Jackie is very professional, kind, supportive and super helpful. She was able to help me get back on track. Great service and I will definitely recommend them.
Belen Trava
19:01 11 Mar 21
Jackie provided me excellent service, was very helpful, and she made feel very secured and she listened to all my concerns.i was speechless with excellent service.
nicole lowartz
17:02 11 Mar 21
Had a great experience and successful result working with Carol at David Sklar & Associates! I was well informed and received great guidance after just the first conversation! She handled everything and helped me build a budget that is realistic and that i can really stick to! I highly recommend Carol and her team at David Sklar. Give them a call!
Kirah32
02:07 03 Mar 21
I've used these services twice and they have always been understanding, supportive and informative. They give you hope when you feel like there is none. I've referred multiple people to them and they've all had the same professional experiences. Jackie Stanley was amazing and got the job done. Thank you!
Kristine San Gabriel
15:14 02 Mar 21
Dealing with any kind of debt can be stressful. Jackie is amazing! Professional, warm and extremely helpful to say the least! She made sure to answer all of our questions, address any concerns and made this whole process as smooth as possible.
Clayton Surujbally
17:09 18 Feb 21
Working with David Sklar has been an easy and detailed process. I am especially thankful for the personal services provided by Jackie Stanley as she has been very informative and always ready to answer any questions or concerns in a timely manner. I highly suggest working with Jackie if the opportunity presents itself.
Chris Thompson
17:11 07 Feb 21
On February 2 l made the somber driveTo David Sklar and associates.I had known this location from having drovePast it many times over the years.I made a appointment using the phone numberOn their door in Pickering, OntLater that day l had a consultation withTrina Powell.Immediately upon meeting with her l wasBecomming more relaxed with the proceedings.Trina, was very down to earth, and very professional.We all have our calling, l can only gather sheHas found hers, and she is very good at herJob, and career.I met with her again two days later but on thisVisit l felt more relaxed, and self assured of myDecisions, having already met with Trina.Thank you! Hat's off to you.I also had a phone zoom call with MarkTo whom as well was very easy, and comfortableTo talk to,Thank you, Mark.The team at David Sklar and associatesShould take great pride, and comfort when theyHelp people, like me and probably so many others.Thank you.
Desiree Balkaran
17:09 07 Feb 21
I have dealt with this company before many years ago when I did my bankruptcy , and found to be very trustworthy, professional, and right at ease. No judgement, very understanding and very supportive. So of course would come to then again when this time did the debt consolidation. The staff is friendly and goes over all the details with you and answers all your questions so you know exactly what to expect and make an informative decisison. I aslo like how if I had any questions could leave a message or email the company and how promptly they answer me back. Thank you David Sklar & Associates for getting me back on the right track and living a life of debt free again. I have my freedom back thank you for all your help and support. Amen 🙏
Elizabeth Thomas
09:18 04 Feb 21
I am so grateful to Rhoda Lewis for an amazing opportunity to start fresh, she is very knowledgeable, professional and very friendly. I felt so comfortable from the moment I walked into her office, I definitely would recommend Rhoda to anyone who is looking for help. I love and appreciate you very much for helping me. After all these years I still kept in touch with you via email just to say thank you. Thank you again so very much and continued blessings.
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Our licensed Insolvency Tuestee’s in Ontario can explain all of your options

Debt consolidation is only one of the many options available when seeking debt relief. In some cases, a debt consolidation loan is not the best option for controlling your debt. There are other options like a consumer proposal or bankruptcy that may be a better choice for you.

David Sklar & Associates does not provide debt consolidation loans. If you’re looking for a loan, we suggest you speak to your bank first to see if you qualify for one.

A CONSUMER PROPOSAL MIGHT BE RIGHT FOR YOU

Many people find that a consumer proposal is a better option for debt relief than a debt consolidation loan. This is largely because, with a consumer proposal, you will be free and clear of all your debts in 5 years or less — without interest.

A consumer proposal is a legally binding agreement that will protect you from creditors, stop collections calls and wage garnishments, and allows you to keep your assets. A debt consolidation loan does not offer this protection and can still leave you exposed to collection call harassment.

When you speak to one of our licensed debt professionals, we will explain all the benefits and disadvantages of each solution, so you can make the right decision.

Unlike debt consolidation loans, a consumer proposal completely eliminates the high-interest payments you are currently making and can significantly reduce the amount you owe to your creditors. Our goal is to help take away your stress, not give you more.

We work within your budget to structure payments based on what you can afford. You are under no obligation to sign anything after your consultation. Take the time to learn about your options and then decide if this is the direction you want to take.

The Truth About High Interest Loans

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 then 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.

A Safer Interest Free Solution

The Licensed Insolvency Trustees(LIT’s) at David Sklar & Associates are regulated by the government of Canada and do not work on commission like some of the third-party lenders do. Our staff are committed to helping you choose the best debt relief solution for your situation. Not all debt solutions lead towards a positive outcome. Some debt solutions can lead you further into debt and desperation. From our perspective, providing high interest loans to people already struggling with debt, is similar to handing someone a 50-pound weight, who is already drowning.

When reviewing all of the debt solution options available to you, we encourage you to consider how opting for a reliable government regulated, legally binding debt relief program like a consumer proposal can better set you up for future financial independence. Remember, easy money usually comes with strings attached.

Examples of High Interest Loans:

The average interest rate on credit cards in Canada is 19%. The Canadian Government law is that lenders are not legally permitted to charge interest rates that exceed 60%. There are various types of non-bank loans, all of which have high-interest rates:

  • Payday loans*
  • Installment loans
  • Car title loans
  • Rent-to-own products

 

*Payday loans are exempt from the 60% interest rate limitation, therefore the annual interest rate on a payday loan is close to 400% or higher if you miss payments.

Loan AmountMonthly PaymentInterest RateTotal Cost
(Over 5 years)
Total Interest
(Over 5 years)
$20,000$647.0730%$38,824$18,824
$30,000$970.6030%$58,236$28,236
$40,000$1,294.1430%$77,648$37,648

*Interest rates can fluctuate based on lender.

Speak to a Licensed Insolvency Trustees before you make a decision

Before considering a high – interest loan like a payday loan or installment loan, consider the truth and implications behind these providers’ misleading promises.