Hooters McGavin ([info]mtlchick) wrote in [info]poor_skills,
@ 2006-12-28 06:24:00
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Current location:@ work
Current mood: bored
Entry tags:canadian related, debt

Canadian debt consolidation
Hello all,

After the recent post about CCCS and getting out of debt, I was beginning to wonder if the same thing wouldn't help me. However, I am a Canadian (in Quebec - in case that makes a difference) and so most of the tips I've found on here don't apply.
I did Google but I came up with a lot of different places and no reviews or opinions.
Can anyone recommend a good debt consolidation firm? Or even a good book on the subject that's focused on this side of the border? Also, of note, I'm young and employed (again, if that makes a difference in advice).

Thanks :)


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[info]kristy2078
2006-12-28 04:19 pm UTC (link)
Maybe you could call a few local banks and ask for information. I am sure they have this sort of information for their customers.

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[info]dawn_guy
2006-12-28 06:09 pm UTC (link)
http://www.moneyproblems.ca/ is a useful resource site for Canadians with financial problems.

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[info]bruiseblue
2006-12-28 08:40 pm UTC (link)
MBNA does consolidation loans, (or they call them that, but I don't think they really are that) but most Canadian banks don't - it seems to be an american thing.

Canadian banks are concerned that you'd only spendup the credit cards again, so when they assess you for a loan, they take your current debt into account- that, doubled with the consolidation loan, puts most people into a huge debt-to-income ratio and so they won't give you the money.

I looked into this in depth a couple of years ago - it might be different now. But then, most banks would let me apply for a personal loan, but advised that I'd be denied with my then-current debt load. Even if I told them I would use that money to pay off student loans, not credit cards....

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[info]bruiseblue
2006-12-28 08:41 pm UTC (link)
Unless, possibly, you have collateral, such as home equity...

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