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Here is a scenario: You have 3 credit cards.
- First major credit card is maxed out.
- Second credit card is getting up there.
- You have a car loan to support
- You have university tuition to pay off (or student loans)
- You have taxes you are behind on.
- You are only paying down interest now, and have no means to tackle the principal.
- You are feel its getting tight and you have no breathing room.
If you keep only paying the interest, things will not get better.
You have options.
- Try to negotiate new terms with each creditor. Don’t ignore or avoid them. For example, if you owe 10K on MasterCard, see if you can negotiate a 3K payment and close the card. Discuss how this will affect your credit rating. If you can’t negotiate on your own, you may need us. If you do, we can help you.
- If you own a home, you can remortgage your home and bundle the debt into your mortgage. Make a list of everything you owe. If you don’t know where you are starting at, in terms of exactly what you owe, you’ll end up in a bad place. Best to face your fears and know your numbers. To be the CEO of your life, you always need to know your numbers.
The bank will send someone to your home to evaluate the house and see what the maximum loan they can issue you. They will ask for your tax returns. They want to know if you could manage the loan they are about to issue you. The good news is, in most cases, your payment will end up being much more manageable then paying off the interest on all your high interest credit cards.
Note of caution: If you are successful in re-mortgaging your house, the chances of you ending up in the same place (owing high debt) is very likely. It will take some self-discipline from you to change your money management blueprint. In other words, you’ll have to change the way you do things if you want a different result. If you need help with your money management or your financial planning, we can help. With 30 years of experience as Financial Advisors, we never judge you for where you are at now. You could have suffered from a job loss, from a divorce, from illness, or a bad economy. This happens to many good people. Our job is to move the needle on your dreams. Our goal is to help you create a new money blueprint that drives you from where you are now, to where you’d like to be.
- Though it sometimes feel like a black hole of debt, all is not lost. There is an actual strategy where we can help you pay off your debt, rebuild your credit score, and get you in a good place.
3 Easy steps for debt consolidation in Edmonton and Calgary
- Push here to download a Pre-Qualifying Form. If you have over ten thousand dollars of debt, you may qualify. Return via email.
- Once we receive your Pre-Qualifying form, a Financial Debt Solutions Professional will set up a 15 minute phone Interview to better understand your circumstances.
- If you qualify, we will then set up an in-person meeting at our office. This is where our team presents our recommendations based on your specific situation. Everyone is different. Our job is to advocate for you. If you choose McGuire Debt Solutions as your advocate, we will then set up a second meeting. This is where you bring all your bills and documentation. We complete your file and set an agenda to bring your file to a resolution.
Our job is negotiate the best repayment schedule for your debt. While any repayment program will negatively affect your credit score short term, our job is to help you learn how rebuild your credit. We start immediately. You’ll be surprised to learn how fast you can be back on track.
If you have been declined for a re-mortgage by a traditional bank, we have a relationship with mortgage brokers who will go shopping with secondary lenders who are used to dealing with high risk. We also have a network of private lenders if traditional channels don’t work.
If you know you are at a point of no return and debt consolidation is no longer an option, we can help you declare bankruptcy. The best advice we can give you as a financial advisor, is to stop delaying the unavoidable. It’s like ripping off a band-aid. The quicker we do this, the less pain you will feel.
The truth is, you may find this to be the win-win you need right now. Don’t feel bad. Whatever situation, or circumstances that propelled you to this tight spot, it may be helped. Let’s begin working towards your new outcome and what you wish to create in your life. There is always freedom to be found in starting a new.
Whether you need debt consolidation, a new mortgage, a second mortgage, an advocate or help with declaring bankruptcy, you will need to take your FIRST STEP in putting this hardship behind you:
1st Step: Download this no-obligation application and let’s start a conversation. There is no fee for your first 15 minute appointment. There is no fee for your first interview. It’s our job to see if you qualify and if we can help with your debt consolidation.
Remember, we are here to serve you and be your advocate. Whatever situation or circumstance you have lived through, our job is to help you move the needle on this. You’ll feel 100% lighter by taking action. We can stop the countless intrusive calls, lighten your stress, and help you sleep at night. More importantly, we can help put you back on track in more ways than simply helping you with debt consolidation.