- Help Center
- Debt Repayment Options
- Debt Consolidation Loan
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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
What are the disadvantages of a debt consolidation loan?
There are 3 main disadvantages of a debt consolidation loan.
- Debt consolidation loans normally require a co-signer and/or security
- There's no potential to renegotiate the terms of debts
- Financial institutions often refuse to consolidate debts owed to other institutions