How to consolidate your debts

HOW TO CONSOLIDATE YOUR DEBTS

A financial hardship can happen to anyone. You can find yourself with an unmanageable debt load as a result of a sudden job loss, income reduction, health problems, or marital breakdown.   As a result of a high debt load, your life can turn into a never ending cycle of missed payments, collection calls, and the constant anxiety of how to make ends meet.

When debt has become overwhelming it might be a good idea to merge all of your debts into one single debt to help you reduce the interest being paid. Most credit cards usually charge interest rates ranging from 12% to 25% or more. The term “debt consolidation” includes a wide range of options. Below, we will describe 2 different ways you can consolidate your debt:

Debt Consolidation Loan

A debt consolidation loan is a single loan from a bank or a private lender that will allow you to pay off your total debts (credit cards debt, payday loans, etc.) at once. You will then have to repay the lender 100% of the debts paid, plus interest, and fees. Eligibility for the loan usually includes having an acceptable credit rating, stable income, and you must be able to demonstrate that you have the capacity to make regular repayments on your outstanding balance, while considering your living expenses. Some banks and private lenders may require a co-signer or security (collateral) such as your home for the loan. Interest rates are lower than credit card loans, and usually range from 6.0% to 10.0%.  With high interest rates and fees, a debt consolidation loan can still cost you a considerable amount that may not fit your budget.

Consumer Proposal

A consumer proposal is another option to consolidate your debt into one monthly payment; without any interest charges. It is a legally binding agreement between you and your creditors, and would be paid over a 5 year period, or less. You would only pay a portion of your original debt owed usually paying back between 25%-30%.  The amount to be paid back to your creditors would be a reasonable amount that is suitable to your financial situation. Once your proposal is accepted by the majority of the creditors (by dollar value), all other creditors are legally obligated to accept the proposal.

As soon as you file a consumer proposal all interest charges, collection calls, wage garnishments, and any legal actions will stop. A consumer proposal can only be filed by a Licensed Insolvency Trustee, who will negotiate with your creditors on your behalf.  A consumer proposal is a great debt relief option which allows you to have a fresh financial start with payments that suit your budget and allow you to keep your home, car, and other assets that are important to you.

If you feel your debt load is too much to handle and you are overwhelmed by your current financial situation, a consumer proposal may be an option for you.  At Sheriff Sole & Madej Inc. our commitment is to find the best solution for you. Call us at 1-844-482-3328 to book a free confidential consultation. We offer services in 12 convenient locations throughout the Greater Toronto area with staff members that speak over 7 different languages.

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Raymond Joseph
Raymond Joseph
20:35 03 Aug 20
1st, I was made aware of an outstanding balance, one month before my discharge. Ultimately, I had to go into debt once... again to get my discharge. 2nd I met all of the requirements and 10 months later, I am still waiting for my discharge. This had a negative impact on a job application and may cost me a good job. Very disappointing experience.read more
liz bliz
liz bliz
21:35 07 Jul 20
I have no words to say thank you to Cagla Bayam, and her team . Cagla spoke to me ,about my real choices and explain... ,in just a way that i understand everything,she make me understand and believe theres is a hope for recover and start over.I know it will be few more years but at least ,i know i have a direction to go,and i am learning as i go ,I have being going in every direction confuse ,neglecting my own health trying to pay debts . 3 jobs trying to pay fast without results. till the point of question life. Every collector were screaming,witch get me more stress. I felt really lost .So i see an ad off Sheriff Sole & Madej Inc and I apply I thought it was scam at first ,because she was listening,not imposing her words,no pressure, no rush, believe me as I type, I talk a lot even more when i am stress ,and there she was with all the patience in the world . It was too nice to be true.I keep telling her "I hope you real " But it is true,they are real professionals, she can help you or guide you. I want so bad to be debt free and able to have a day off. I recommend and encourage anyone that feel lost in debt to Email or call them, specially this branch in north york ,well this is the one i experience. I did this review because this was a door to be debt free that i though it will never open and that it wasn't for me. I am in the road to be debt free.and I hope anyone who read this is too Thank you so much. Everyone stay saferead more
Z N
Z N
22:43 23 Jun 20
Alexandra Morataya is hands down the most unprofessional person I have come across. She screwed up royally and instead... of owning up to it she ignores you and leaves you hanging for over a month. Tried getting ahold of Todd Sheriff and he too ignores messages. Looking into a lawyer as my credit score has gone down tremendously and for 2 months payments haven't come out due to their screw up. I wouldn't suggest this company/firm.read more
Raymond Joseph
Raymond Joseph
14:18 10 Jun 20
Due to poor monitoring and advice, I am left In debt after a bankruptcy. Incompetency has my discharge incomplete, 8... months after qualifying. What was supposed to be a 24 month solution, turned into a 5 year ordeal.read more
NexToronto WordPress & Internet Marketing
NexToronto WordPress & Internet Marketing
16:44 19 Dec 17
If you're having debt problems and want piece of mind call Sheriff Sole & Madej Inc. They are extremely helpful and... very professional.read more
Michael Meyer
Michael Meyer
07:14 01 Oct 17
If you are having debt problems, call them. They will help you get rid of all your debts. The best part is that their... fees are already included in the monthly payment.read more
Ed Hammond
Ed Hammond
06:26 03 Sep 17
We can’t thank Sheriff Sole and Madej team enough. Transparent and non-judgmental company. Cristina answered all of... our questions patiently and made this process stress free!read more
Timothy Pass
Timothy Pass
19:08 04 Aug 17
After losing my job I was no longer able to pay my bills and ended up with a huge debt load. Katherine was very... knowledgeable and patient. She answered all my questions and helped me deal with my financial situation. I am now in a proposal and make only one low monthly payment. Thank you Katherine!read more
Adam Hale
Adam Hale
17:31 28 Jun 16
I've been working with Sheriff Sole & Madej Inc. for the past 1.5 years. Before that I spent 7 years going through... different Trustee's & "Debt Guys" in Ontario. Sheriff Sole & Madej Inc. have changed my outlook on Trustee's. They don't make my clients feel uncomfortable. They don't make me look bad when referring them business. They respect us! Those are keys when working together with clients that are usually in a tough spot. Trust me, the creditors will be just fine...read more
Artem A
Artem A
16:58 24 Jun 16
Knowledgeable staff that is a pleasure to work with. Sheriff Sole and Madej provides a welcoming environment for... clients to resolve even the most challenging of credit situations. All available solutions are explained in great detail, and client satisfaction is clearly a priority for the firm.read more
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