Debt consolidation is an excellent solution to help get your debt under control. It provides access to a single loan that is used to pay down all of your combined debt in one payment. You then have a single payment made monthly to the new lender. Often, this type of loan comes with a lower interest rate which is also better for your bottom line. Debt consolidation also makes your accounts payable process easier as you are dealing with a single creditor with a set monthly payment instead of managing many.
If you have depended on financing to help get your business up and running, you are not alone. Although most businesses depend on some form of credit, poor management or unforeseen changes to the market can quickly negatively affect your bottom line. If you continue to allow your debt to accumulate this can lead to a financial crisis for your business. Regardless of your current corporate financial situation, we can assist with corporate debt management solutions designed to help you avoid a crisis and get your business back on track. We can review the corporate debt repayment options available, and manage the process for you so you can start strategizing for a stronger future.
Debt consolidation offers you a simplified way to manage debt. By reducing all your creditors to a single lender you no longer need to worry about managing debt repayment with multiple suppliers and creditors. Instead, with debt consolidation, you work with a new lender to pay off all of your debt in one lump sum on your behalf. Your new lender will work with you to create a payment plan based on the amount of your new loan. Debt consolidation will often provide you with a lower interest rate allowing you to pay off your loan more quickly as less money goes to interest and more to the primary loan amount. This means your monthly payments will be lower as well. Because all of your loans are paid, it will put an end to collection calls, letters and the threat of legal action. It is also an excellent way to help avoid bankruptcy or using a Division 1 proposal.
If you are concerned you will not be able to secure an additional loan due to your current financial situation, we will work with you to ensure you have access to a number of options. We work with highly respected lenders who are available to assist businesses to get back on their feet. We will also help you find the best possible terms to make it easier to manage your debt repayment.
Our team has the experience and know-how to manage your credit management solutions with optimum benefits for your business. We can help you find the best loan option to help you consolidate debt and avoid timely paperwork. We will help you pay off debt and have a single payment plan that allows you to take your business to the next level. Give us a call to set up your appointment at (416) 915-9007 or contact us here.
If you have debt with many different lenders or hold several credit cards, then you can apply for what is called a debt consolidation loan. These loans are designed to help people pay down their debt faster in one easy, lower monthly payment. The loan is paid out to each lender, and then you pay the consolidated loan lender based on a monthly schedule.
It really depends on your situation. A debt management program (DMP) requires the assistance of a credit counseling agency. They prepare the plan for you and negotiate with your lenders to decrease interest rates and come up with a plan that allows you to pay back the money based on how much you can afford each month. You pay the agency a lump sum each month, and they then pay each lender involved in the plan. In this case, you have to close your credit card accounts, and if you miss payments, then the special terms are cancelled. No loan is involved in the plan, and you also have to attend debt counseling. This solution is suited to people who are very far in debt and their credit score is compromised. Debt consolidation, on the other hand, involves taking out one large loan to pay off all of your outstanding debt. The lender pays all your creditors on your behalf. You then have one loan payment made each month until the loan is paid down completely. This is an excellent solution if you still have a good credit rating, want to avoid getting into further debt, and also want to pay down your debt at a lower interest rate.
Charles Advisory Services Inc.200 Evans Ave Unit 8
Etobicoke, ON
M8Z 1J7
Monday – Friday, 8:00 AM – 5:00 PM
