Debt consolidation, in Winnipeg and throughout Manitoba, means you repay your multiple creditors with a single loan that you have one monthly payment for. The interest rate is usually lower than on your existing debt, and you have the simplicity of just one payment. If your bank refuses you for a debt consolidation loan in Winnipeg or elsewhere in Manitoba, we can discuss other options to get out of debt.
If you are approved for a debt consolidation loan, your bank or financial institution will pay off your debts. In return, the financial institution will issue you a debt with a single monthly payment at what is likely a lower interest rate than your previous debts. Your eligibility depends on things like your credit rating, your total amount of debt, your income, and in some cases the security you can offer.
A debt consolidation loan can:
Combine your debts into one low monthly payment
Help simplify your budget
Save you hundreds or thousands of dollars of interest
Help you to pay your debt faster
As we are not a financial institution, Grant Thornton Limited cannot provide the debt consolidation loan to you. However, the professionals at Grant Thornton in Winnipeg can help you find out if this is an appropriate option for you.
If you think (or know) that you will not be able to qualify for a debt consolidation loan in Winnipeg or throughout Manitoba, you could consider a Consumer Proposal. A consumer proposal is a federally-legislated process to consolidate your debt into one simple payment and/or to repay only a percentage of the amount owing. A proposal gives you a fresh start, without having to go bankrupt.
Our debt help professionals can suggest your various options and help you to select the one that is right for you. We will customize your plan to help you meet your unique long-term financial goals.
We can also provide solutions for other problems that may have resulted in you being declined for a debt consolidation loan. Our advice is based on your personal financial situation and discussing which debt solution is the best fit for you.