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What Is Debt Consolidation?

Debt Consolidation Toronto

Debt Consolidation means different things to different people.

For some people it means getting a new loan at a lower interest rate and using those funds to pay off all or some of their existing debts that they are carrying at a higher rate of interest.
Objective:  Lower Payments.

For others, it means a new loan to pay off all, or several, existing loans and consolidating monthly payments into one.
Objective:  Easier money management.

R-Plan Consolidation solution offers you the LOWEST RATE and ONE PAYMENT per month for all of your debts.

Questions You Need To Ask Yourself


  • Will you qualify for the debt consolidation loans?  If your debt load is high or you cannot afford the payments, you will be refused.  Did you know that every time you apply for a loan and are rejected, the lender reports this to the Credit Bureaus?  This makes your credit score even worse. An R-Plan solution does not report your request to the credit bureaus.
  • What if you can consolidate at the bank but the monthly payments do not fit into your budget?
  • Will you need a co-signer? Why would you want to involve a family member or friend in your debt stress?  An R-Plan Consolidation is in your name only.
  • Will you have to give the lender security over your car or household goods?  Why would you put your assets at risk?  An R-Plan Consolidation protects your assets. 

Debt Consolidation A.Farber CanadaAn R-Plan Consolidation Solution - Main Features:


  • Covers all credit card debts (and other debts, too!)
  • One Monthly Payment through a Regulated Trust Account
  • No interest charges or hidden penalties
  • No additional fees
  • Immediate relief from harassing and stressful creditor calls
  • Debt reduction available

For a free, no-obligation consultation, please click here. Or, call us toll-free by dialing 1 (844) 507-7526 to speak with one of our debt consultants today.


Debt Consolidation Loans

Most people are confused when they hear the terms debt consolidation loans, debt settlement, credit counseling or proposal. They all have the same objective of tackling your debt problems by developing a plan to pay off your debt. The major difference is that two of these options ( consumer proposal and debt settlement) involve paying off a portion of what you owe in full settlement and the other two ( debt consolidation and credit counseling) involve repaying your debt in full but generally with a lower interest rate. debt-consolidation-loans

  • If you choose the option of debt consolidation Canada these are the key features:
  • Your objective is to take all of your loans which have high interest rates ( 19% to 29%) and replace them with a loan at a lower interest rate of say 15%.
  • Instead of paying various creditors every month you will now only have to make one payment to the company that extended the consolidation loan to you.
  • As the interest rate is lower, the total monthly payment should also be lower
  • However, unlike the other options mentioned above you will still have to pay off the entire amount of the debts you originally owed
  • In addition, unlike a consumer proposal, interest on a debt consolidation loan will continue to accumulate every month even though it is at a lower rate.
  • It may not be that easy to get a new loan to pay off existing loans. All debt consolidation loan companies will want to review your financial affairs, much like applying for a new mortgage, to ensure that you can accommodate the monthly payments to them within your household budget. Or they may require some additional security like a second mortgage on your house.
  • If you have been missing payments or only paying minimum amounts every month that means that your monthly after tax income is probably insufficient to make the new monthly payments on a consolidation loan
  • Once you have paid off the credit card companies, you will still have access to your cards for future use but you should ensure that you pay off the new balances in full every month otherwise you will start to accumulate new debts at a high interest rate.
  • If you have other creditors who you have not been repaid with the proceeds of the consolidation loan such as utility companies or cellular companies then they may continue to harass you for payment or institute legal proceedings to collect the amounts owing.

Before you decide on which course of action is the one that best solves your debt problem you should consult a professional.If you make the wrong choice it may result in you paying more than you are able to or have to and it may extend the period which it takes to restore your credit.

A Trustee, licensed by the federal government, has a professional obligation to review all of your options with you and recommend a solution that fits your circumstances. There is no charge to you for this initial review