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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5.0
Based on 666 reviews
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
Lioudmila Riagouzova
15:28 09 Dec 20
David Sklar and Associates is an outstanding firm. Jackie Stanley is an excellent, professional and warm trustee. Thank you Jackie.
David Gnesin
14:48 08 Dec 20
Ashley Carter was ver professional and understanding. Clearly she assisted in the best way to deal with our issues and executed them very efficiently.
Alphonse Nguyen
15:58 27 Nov 20
Rhoda had helped, not only myself but also my mother, with our situations and with utmost understanding and compassion. She is very thorough with her work to make sure your case is successful. We highly recommend her expertise if you ever in need of a consumer proposal.
Chris Childs
06:27 17 Nov 20
Firstly I liked the convenient location (Head Office) located on the north side of Fairview Mall, parking was also as never a problem. Took myself some time to really 'Hit rock-bottom' before realizing that I had no choice, But to declare bankruptcy. Skylar & Associates was the first Trustee office that I contacted speaking to Associate Jackie Stains for a free phone consultation. Not knowing much about the process (bankruptcy) I also talked to other Trustee companies before ultimately trusting my 'Gut' by choosing David Skylar & Company's, Jackie. Highly recommended for her friendly, non judgmental approach & explanations regarding the Process. Questions were welcomed. Today I have a hopeful direction to move forward with far less stress & seeing light at the 'end of the Tunnel'!Chris Childs.
Melissa Dowling
01:14 16 Nov 20
Ashley was helpful and efficient. She was clear with my options and made the process quick and painless. I appreciated her friendly and compassionate manner.
Zoran B
15:32 05 Nov 20
Jackie Stanley was amazing , very patient and helpful , she made whole process easy and painless .Thank you for your help JackieZoran Bozic
BigBen Reviews
19:16 28 Oct 20
They helped me in so many ways.. freed me form depression and being overwhelmed. Ashley is a amazing person, very busy but makes time for those who need it. If your stuck in life,call them.
Silvana Cassella
20:56 27 Oct 20
From the moment I made the decision to call David Sklar & Associates, I knew I made the right decision.I didn’t read any reviews, didn’t make my decision based on word of mouth. I simply chose David Sklar & Associates from a Google search, and I’m so glad I did!Spoke to Andrea on my initial call...she could tell I was hysterical from my voice.By the end of that phone call I knew I made the choice, and chose the right company.She referred me to the Mississauga location.That’s when I met Rhoda.After listening to my situation, Rhoda assures me I was making the right move. She explained everything in full detail, and gave me her amazing professional advice.No one wants to be in this predicament, but unfortunately it happens, and YOU are not the only one. Rhoda made sure I understood this.Very empathic, kind, and supportive...always!Fast forward 1 1/2 years, I get my income tax bill. I was shocked to see I “owed” more than I expected. All that time later, I email Mrs Rhoda for some help, and advice. Instant response...Rhoda tells me not to worry, she has included all the excess owed income tax from the past! How amazing is she?!?!Like I said, no one wants to be in this spot. But if you ever find yourself struggling, don’t hesitate! Give David Sklar & Associates a call, and ask to see Rhoda.Best decision I’ve ever made!Thanks David Sklar, and a special thank you to RHODA LEWIS!!
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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.