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.

Contact us for your FREE no obligation consultation

5.0
Based on 676 reviews
Daniel Domingues
22:19 23 Jan 21
Ashley Carter was very nice to me and professional and she helped me with my issue and she answer my questions in email. She helped me a lot and she gave me less stress.
1 blaze
18:36 21 Jan 21
Jackie Stanley take you step by step in explaining the process professionally, replying on our every question over the telephone or e-mail. We are very satisfied and grateful for her work and effort.
Tree Broker
14:33 20 Jan 21
Jackie and the team at David Sklar and Associates took my very stressful situation and made me feel at ease. I was treated with respect and understanding from the start of my process right through to the end. Prompt email and phone responses made it feel like I was at the top of their priority list.Jackie and the team at David Sklar are the best in the business. I would highly recommend using their services.
Jeremy Y
14:04 20 Jan 21
Has helped me put to gather all my financial debt and find a reasonable offer and deal in making payments towards all my debts as one. Has been patient and kind service one on one. A big thanks to Jackie for helping guide me through my process!
WhoisDriaB
02:09 20 Jan 21
Jackie is an amazing person, she takes her time to make sure you understand everything. Every question I had she was always a email or text away with a quick response. Thank you again
danny adlabi
20:11 19 Jan 21
Jackie Stanley was amazing she was kind and wonderful to work with i am so grateful for her help she set down went over all my questions and my situation and i got all the help i need it
mer irf
19:59 19 Jan 21
Jackie made me feel very comfortable from the minute I walked in. She treated me with humanity and respect. She is also very professional and knowledgeable; she explained very clearly what was involved. Thank you Jackie for giving me the chance to start anew.
Dorianne White
15:06 19 Jan 21
We were so tired of our debt holding us back. We reached out to Jackie at David Sklar and she was so great from day one! She was quick understanding caring! Our experience was excellent! Everything was smooth and easy. What a relief it was with Jackie at David Sklar!Thank You so much 😊
F Volpe
05:07 11 Jan 21
Best thing I ever did! Don't let the messaging out there convince you being unable to manage your debt is shameful and a failing. Cori is amazing! She knows what she's talking about and she will guide through all your options. Everyone I've dealt with at David Sklar has been respectful and friendly. This was life changing help for me.
Maria G.
19:07 03 Jan 21
Cori, she’s very helpful and patient. She treated me with respect. She took so much time to explain to me what’s the best way to resolve my financial problem and teach me how i can save to avoid thesame problem again. Cori thank you so much.
Nilda H.
23:34 21 Dec 20
I highly recommend David Sklar & Associates, especially Rhoda Lewis, she listened with patience, understood my whole situation, advised professionally, she has many years of experience and is very knowledgeable, I felt confident with her work, she handled my case and guided me every step of the way, she reviewed with me in detail, and is very caring. I really trust David Sklar’s team, they really work and help people in a very simple and professional way. I am so grateful for Rhoda’s work helping me through this situation. Now it is like I received a 2nd chance to live free, I can take control and now take care of other things that matter in my life. Thanks for taking away the stress & weight I was carrying on my shoulders. I can now sleep at night. God Bless you for all your work. Thank you.
J H
21:14 12 Dec 20
The staff at David Sklar are professional, respectful and honest right from my first phone call. It made a really embarrassing and difficult situation easier to handle. Now I'm on the way to rebuilding my life for my family.Thank you to the team and especially Ashley from the Brampton location.
Omair pasha
17:32 11 Dec 20
Ashley Carter was great and helpful. Answered every and each questions in detail and politely. Thanks
L. M.
15:29 10 Dec 20
I'm am very pleased that I contacted David Sklar & Assoc. I dealt with Rhoda Lewis, she was very professional and understood my need for their services. Rhoda set up a repayment plan, that was very easy to follow and made everyone satisfied.Going to David Sklar & Assoc. Was the best choice, to make for rebuilding my credit. I recommend David Sklar & Assoc. to anyone who needs help with debt relief.
evangia cawley
17:51 09 Dec 20
From consult to resolution the service was highly professional. I felt heard and understood. There was no judgement. Jackie always responded to my questions in a timely manner. Most of all, Jackie went all out to see that I got the best care and advise she could find.
Jackie
16:20 09 Dec 20
So grateful to the whole team at Sklar for the opportunity to start fresh after a very difficult time of job loss. They went the extra mile for me and have been stellar! J
Next Reviews

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.