Consolidating your debt canada
A debt collector may not: Report any problems you have with a debt collection company to your State Attorney General's Office, the Federal Trade Commission (FTC), and the Consumer Financial Protection Bureau (CFPB).Many states have their own debt collection laws that are different from the federal Fair Debt Collection Practices Act.If you owe the money or part of it, contact the creditor to arrange for payment.If you believe you do not owe the money, contact the creditor in writing and send a copy to the collection agency informing them with a letter not to contact you.As federal courts have exclusive jurisdiction over bankruptcy laws, cases must be filed in federal bankruptcy court.The easiest way to manage your debt is by consolidating high interest balances into a low-interest loan or line of credit – which reduces interest payments and the number of bills you have to pay every month.
If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.
But you should first consult a qualified credit counselor.
You may be able to lower your cost of credit by consolidating your debt through a home equity loan or home equity line of credit.
By consolidating all of your debts into a personal loan you can spread out your payments over a term of 5 years with fixed payment amounts.
For your added convenience, payments can be made on a weekly, bi-weekly, semi-monthly or monthly basis.