Debt can be an incredibly stressful and overwhelming issue to tackle for thousands of individuals and families across Ontario. Not knowing how to make the payments or simply living paycheque to paycheque can cause no end of stress and anxiety, and it can truly take the enjoyment out of life. At Spergel, it is a feeling we know all too well. We have helped over 100,000 Canadians to gain debt relief, and our experienced team of Licensed Insolvency Trustees are here to help you too. Thankfully, the Ontario government recognizes the gravity of this problem for many residents of the province, and offers a couple of effective debt relief programs to help those in need. In this article, we share details on how you can benefit from an Ontario debt relief program and how you can gain support if you are facing financial hardship.
Which types of debt can an Ontario debt relief program support with?
No matter which kind of debt you have – unsecured or secured – there is an Ontario debt relief program to help. At Spergel, we can hep you to find the right debt solution to substantially reduce or clear your debt. We can support with:
- Student loan debt – provided you finished your studies at least seven years ago
- Credit card debt
- Tax debt
- Payday loan debt
- Mortgages
- Car loan debt
- Lines of credit
Equally, if you are being threatened with a wage garnishment, or being harassed by collection calls, we can put an immediate stop to them when you file an Ontario debt relief program including a consumer proposal or bankruptcy.
What is the best Ontario debt relief program for you?
Different forms of debt relief are good for different types of financial circumstances. What will work for one individual in Ontario may not work for another. At Spergel, our experienced Licensed Insolvency Trustees are here to help you out of debt, and we treat every individual with compassion and understanding. We will review your financial circumstances and advise you on the best pathway to debt relief. Licensed Insolvency Trustees are the only professionals in Canada legally able to file all forms of debt relief, so we are well placed to help you. Here are some of the most popular forms of Ontario debt relief program:
Filing a consumer proposal
A consumer proposal is a legal form of debt settlement. Working with a Licensed Insolvency Trustee, you will suggest an affordable monthly repayment figure to your creditors, and your trustee will work to negotiate on your behalf. If accepted, it can reduce your debts by up to 80%. All you need to do is commit to paying your manageable monthly repayments for a period of up to five years. As well as simplifying your debts, consumer proposals have the advantage of allowing you to keep your assets and stops creditors from being able to contact you. At Spergel, we have a 99% acceptance rate on any consumer proposals we file, which means you have a 99% chance of reducing your debt by up to 80%.
Filing bankruptcy
Bankruptcy is the best pathway to a fresh financial future. It is an Ontario debt relief program whereby you surrender any non-exempt assets you might have to your Licensed Insolvency Trustee in exchange for the clearance of your debts. Your trustee will then sell these with any proceeds going towards your creditors. As well as having the advantage of clearing your debts, bankruptcy also enables you to keep some essential items including your home and vehicle to a certain value. Unlike other bankruptcy firms, at Spergel you are assigned your very own Licensed Insolvency Trustee to walk you through the entire debt relief process, instead of passing you from person to person.
Debt consolidation loan
If you do not have a substantial amount of debt, but have multiple debt you would like to simplify, a debt consolidation loan could be a good option for you. It is a new loan that you take out to condense all your other separate debts into one. Debt consolidation loans have the advantage of simplifying your debt, and also often reduce the overall amount of interest that you pay on your debts. Although you need to pay the full balance on your loan, it can help if you need help with restructuring your debts, and can sometimes offer more favourable repayment terms.
Why you should get support with your debt as soon as possible
The sooner you reach out, the sooner you can gain peace of mind with your debts. Here are a few reasons to tackle your debts by gaining support from Spergel as soon as you can:
- Repay your debts with simple, manageable monthly payments
- Save thousands of dollars in interest
- Look at debt relief options and gain financial stability
- Learn financial management so you can pay your bills and living expenses more comfortably
Our client reviews
We have been helping Canadians gain debt relief through an Ontario debt relief program for over thirty years. We are here to help you too. You can book a free consultation, and one of our experienced Licensed Insolvency Trustees will review your financial circumstances and help you to find a debt relief option that is right for you. We can then help you along your journey, offering support wherever you need it. Don’t just take our word for it – our clients often let us know how we have helped to change their lives for the better.
To learn more about an Ontario debt relief program, book a free consultation with Spergel. Our expert Licensed Insolvency Trustees will review your financial circumstances and help you to choose the right form of debt relief for you. We treat every individual with compassion and understanding. Reach out today – you owe it to yourself.
What to read next
- Free Canadian government grants to pay off debt: do they exist?
- Debt Management Program (DMP) – all you need to know
- Consumer proposal Toronto – all you need to know
- Mortgage help in Canada: programs available to those struggling to make mortgage payments
- Payment holiday on mortgage – what to do if you are struggling
