Top 5 Solutions When You Are Declined for a Canadian Debt Consolidation

Applying for a Debt Consolidation Program and ending up getting declined is heartbreaking. It’s like finding the right solution but not being able to take advantage of it. We understand the stress, let us help you go through some of the things that can be done when you are declined for debt consolidation.

First, know that you are not alone, we can help. We help hundreds of Canadians get out of debt every day. Our Government-Approved Debt Consolidation Program can help reduce and eliminate up to 50%-75% of your debts. We are Canada’s trusted name in debt relief, we have hundreds of google reviews. Read our 5-star google ratings and reviews at this link.

If you live in Ontario and have over $10,000 worth of debt, you need to know about this government-approved program and its amazing benefits. Please read thru to learn more.

Many Ontarians choose debt consolidation program as their debt relief option or debt support due to the number of key benefits it provides such as:

ü Combine your debts into one affordable monthly payment

ü Stop Collection Calls

ü Stop Wage Garnishment

ü Stop lawsuits

ü Freeze interests

ü Chance to rebuild your credit

However, sometimes things are out of our control and your debt consolidation application gets rejected.

Below are the things you can do to go about a rejected debt consolidation:

1.  Find the reason for the rejection

You can find the reason for rejection by asking your lenders. They will not decline your application without any valid reason. It is a smart move to know where you fell short so you can adjust and possibly make a counteroffer.

Some of the rejection reasons are:

ü Having a low credit score.

ü Debt-to-income ratio.

ü Debt Value or amount.

ü They are not happy with what they get.

2.  Fix your credit

One of the reasons for rejection is having a low credit score. Lenders look at your credit score anytime you apply for loans or new credit line. This serves as the basis for their risk assessment.

If you have a low credit score due to falling behind badly with your payments, you can go about this by paying all your overdue payments and be on top of the repayments of your debts. Then continue making payments on time for the next couple of months as it should be. This will help your credit score to recover. Paying at least your minimum monthly payments every month consistently can have an immediate positive impact on your credit rating.

3.  Reduce or pay off one of your debts

If you owe too much debt, the possibility is that your lender sees you as a risk. You might have credit card debt, personal loans, medical bills, collection accounts, and personal taxes. This is a concern for the lenders.

If you have hobbies that you can turn into side gigs or alternative income, it can help you earn extra money which you can put towards paying off one of your debt more rapidly. Building a balanced budget thru this method can help attract lenders to approve your debt consolidation loan in the future.

4.  Seek help to improve budgeting and financial knowledge

If you owe too much debt due to your lack of proper budgeting and you lose track of your expenses, it’s about time to start practicing proper money handling. It’s true that we sometimes learn the hard way. But focus on your present situation to help prepare for the future.

Speak to a financial counselor who can help guide you and to understand how to manage your finances. There’s nothing to be shy about your current financial situation, you need to accept it for you to be able to move forward. A financial counselor can give you suggestions and tips on how you can improve your budgeting and spending.

5.  Talk to National Debt Relief Services

We are a debt relief and consolidation company that aims to help Ontarians get out of debt fast and easily. Our personalized debt relief and consolidation program can help eliminate up to 50%-75% of your debt. We will look into all angles of your current financial situation to make sure that we are creating a personalized debt savings plan to help you not only get out of debt but to make sure that our application gets approved, guaranteed!

If you have over $10,000 worth of debt from Credit Cards, Personal Loans, Car Loans, Taxes, HST, 407, Household Bills, Payday loans, and student loans; you are eligible to take advantage of this government-approved debt relief program. Click this link to talk to us and learn more about its great benefits. [Free Debt Savings Estimate]

National Debt Relief Services is committed to preserving your personal information, all communication and correspondences are secured and confidential. We offer Free Consultation, no risks, no commitment, and no obligation. Even if you don’t use our service, you have known must-known information that can help you get out of debt.

We will create a personalized debt relief and consolidation program for any Ontarians experiencing severe debt problems. We helped thousands of Canadians get out of debt, please feel free to read our hundreds of 5-star google reviews at this [link].

Click below to get started and get a free debt savings estimate.

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Toronto, Ottawa, Mississauga, Brampton, Hamilton, London, Markham, Vaughan, Kitchener, Windsor, Richmond Hill, Burlington, Greater Sudbury, Oshawa, Barrie, St. Catherines, Guelph, Cambridge, Kingston, Thunder Bay, Waterloo, Brantford, Pickering, Niagara Falls, Peterborough, Kawartha Lakes, Sault Ste. Marie, Sarnia, Norfolk County, Welland, North Bay, Belleville, Cornwall, Haldimand County, Quinte West, Timmins, Woodstock, St. Thomas, Brant, Stratford, Orillia, Prince Edward County, Clarence-Rockland, Brockville, Owen Sound, Thorold, Port Colborne, Kenora, Pembroke, Elliot Lake, Temiskaming Shores, Dryden