If you’ve got a number of debts piling up and need a better way to handle it all, you’ve come to the right place!
In this article, we’ll be bringing you the best places to avail of debt consolidation solutions and counseling in Ottawa to take care of your needs. We’ll also be talking about the different strategies for debt consolidation, the average interest rates, and answers to some FAQ at the end.
Strategies for Debt Consolidation
First up, let’s take at look at some of the most common ways to consolidate debt:
- Home equity loan- This is also called a second mortgage. You can take this route if you have a good amount of equity in your home since it offers the lowest interest rates through a bank or credit union.
- Line of credit- These can be secured by your home or your bank can offer an unsecured line if you have great credit and income. However, you’re gonna want to pay higher than the monthly minimum if you don’t want to take decades to pay it all off.
- Low Interest rate credit cards- If you have good credit but a credit union or bank refuses to lend you money, try using a low interest credit card. Again, you’ll have to pay a higher than the monthly minimum to get it over with as soon as possible.
- Debt repayment program- A debt Management Program or a Consumer Proposal could be an option for those who don’t qualify for a debt consolidation loan and can’t make their minimum payments. Repayment plans like this eliminate interest and ensure that you’re debt free within 5 years, but make sure you consult with a financial advisor as this isn’t for everyone.
- Debt consolidation loans through a bank or credit union- This is an option if you have a decent credit score and have some good collateral to offer. It typically offers the best interest rates after mortgages and lines of credit.
- Debt consolidation loans through a finance company- While their lending criteria isn’t as strict as a banks’, interest rates can be nearly 50%. A good thing to remember is that an interest rate of over 30% will double the size of your loan if you take 5 years to pay it off!
How Much Interest Do Debt Consolidation Strategies Charge In Ottawa
While we do our best to bring you the average interest rates, actual ones may vary based on the type of debt consolidation and the length of time you aim to pay it all off.
|Debt settlement fee||10% – 15%|
|Banks||7% – 12%|
|Finance Companies (secured loan)||14%|
|Finance companies (unsecured loan)||30%|
Top Debt Consolidation Solutions in Ottawa
Now that we’ve covered the basics, let’s move onto the best places to advise you on debt consolidation:
1. Credit Counselling Society
|BEST FOR||Debt counseling|
|ADDRESS||514 – 130 Albert Street, Ottawa, ON K1P 5G4|
|CONTACT DETAILS||(613) 234-0505 |
|OPERATING HOURS||Mon – Thu 8:30am – 11:00pm |
Fri 8:30am – 7:30pm
Sat 10:30am – 6:00pm
The Credit Counselling Society has been helping consumers consolidate their debt payments since 1996. They’re one of the top choices throughout Ottawa that people turn to for financial advice, and to add to their expertise, they’re also a not-for-profit organization!
They’ve been recognized on multiple news platforms as well as by the Better Business Bureau as an Accredited Charity, even bagging over 55 different awards for their work and community service. Just because they’re not-for-profit doesn’t mean they slack on quality though—individuals seeking assistance from them have left reviews saying that they’re the best to work with.
They offer two ways to consolidate your debt: through a debt consolidation loan or through credit card balance transfer. Take note that these two methods each have pros and cons and certain qualifications to apply for, so make sure that you weigh your financial capability before choosing an option.
Furthermore, they provide free education and consultations to all as part of their advocacy to help Canadians understand and better work with their finances.
With their commitment to quality service, the Credit Counseling Society has done incredible work helping people out of debt. Here are a couple of satisfied clients:
“The staff at CCS is very helpful, knowledgeable and hard working. If you are in debt and need help sorting things out, this is the place to find non-judgemental support.” -Gaye Ferguson
“Not only do they offer a great service, but they have staff that are knowledgeable in their fields and willing to help along the way. I’ve learnt so much and I am so grateful to CCS for helping me along this journey.” -Raine Alten Gould
2. Doyle Salewski Inc.
|BEST FOR||Consumer proposals|
|SERVICES||Credit card debt|
|ADDRESS||280 Metcalfe St Suite 203, Ottawa, ON K2P 1R7, Canada|
|CONTACT DETAILS||(613) 237-5555 [email protected]|
|OPERATING HOURS||Mon – Fri 8:30am – 5pm |
Sat – Sun closed
With over two decades of experience in debt management, Doyle Salewski Inc., Licensed Insolvency Trustee has successfully helped more than 50,000 Canadians out of debt and into financial stability. With experienced employees and CAIRP accredited directors managing the firm, they’ve got the necessary skills and experience to help anyone with debt management, no matter how big or small.
Most debt management companies will readily suggest that you should file bankruptcy to end your woes, but not Doyle Salewski. Their highly-trained debt management team will help you create a consumer proposal to help you reduce the amount you owe, giving you more financial breathing room to pay back your debt.
With a proven track record of satisfied clients, the firm proves to be more than capable in providing exceptional debt consolidation services. And because of that, clients consider them to be one of the best debt consolidation companies in Ottawa.
Thanks to their commitment to service and great customer care, Doyle Salewski Inc., Licensed Insolvency Trustee has a solid track record. Check out these satisfied clients:
“I just received my completion notice for my consumer proposal. I am so thankful to your team for helping me get back on my feet. If you are even considering their services, go see them today. Do not be embarrassed! You will get the information you need and plan to get your life back on track.” -Laura Nelson
“Teresa Micucci and her staff were very professional.
They provided my wife and I with different solutions in the bankruptcy process that allowed us to move forward with our lives in a positive and manageable way.
I would highly recommend Doyle Salewski.” -Ideal Ottawa Granite INC
3. Debt Relief Canada
|BEST FOR||General debt management assistance|
Government debt management programs
|CONTACT DETAILS||(855) 305-9940|
Since 2010, Debt Relief Canada has been helping individuals in Ottawa and the surrounding area reduce and eliminate their debt. They’ve successfully helped people from all walks of life, and with a wide range of income and credit scores to boot.
Their consultants have no shortcomings with their experience and knowledge of debt relief options and programs that suit the needs of their clients, ensuring that they provide only the best options for financial management.
Respecting the privacy of individuals is a must for them. Unless absolutely necessary, your information will be kept safe and away from prying eyes of third-parties.
Thanks to their excellent management of information and experience, Debt Relief Canada has been in the running for the top debt consolidation consultations in Ottawa and the surrounding area. Check out these reviews:
“I must say it was no accident that I came across your company when I was searching for solutions to our financial crisis. I want to say that the process of claiming bankruptcy had always frightened me. You and your team have been nothing but kind and supportive; THANK YOU! Especially knowing that you will always be at the other end of the line, or in an email.” -Lynn
“Thanks Laura for all your help. We now have a new outlook on life and a whole new beginning.” -Larry & Eileen
4. Hoyes Michalos
|SERVICES||Credit card debt|
Tax debt relief
Resolve student loans
Loans and overdue bills
Debt management plans
Credit card debt
|ADDRESS||2446 Bank St Unit 203, Ottawa, ON K1V 1A4, Canada|
|CONTACT DETAILS||(613) 482-8128|
|OPERATING HOURS||Mon – Thur 8am – 6pm |
Fri 8am – 5pm
Sat -Sun closed
Hoyes, Michalos & Associates Inc. was founded in 1999 and to date has worked with over 600,000 clients. Each and every client has a one-on-one with a licensed professional, as Licensed Insolvency Trustees (aka bankruptcy trustees) regulated by Industry Canada.
Initial consultations are free in order to explain in detail every option each client has for debt relief. These options include credit counselling, debt settlement, debt consolidation, consumer proposal and personal bankruptcy.
They guarantee professional, respectful, expert advice that meets your needs, which holds up in the hundreds of positive reviews they have received so far. Many clients have claimed that you won’t be disappointed with their service.
Hoyes, Michalos & Associates Inc. quality of services are second to none, which is why they have a stellar reputation with their clients. Check out what some clients have to say about the firm:
“Mark is very professional who helps lot of family with a fresh start.explains all the suitable options and gets it done.” -Gabor S.
“Met with Diane and Scott and both of them were able to help me understand how to use my money as well as how much I should be putting away so that I would have a safety net. They were able to answer all my questions and responded to emails promptly. Can’t reccomend them enough!” -Justin O.
5. Bakertilly Ottawa Ltd.
|BEST FOR||Tax debt|
Tax and accounting services
|ADDRESS||Baker Tilly 301 Moodie Drive, Suite 400, Ottawa, Ontario, K2H 9C4|
|CONTACT DETAILS||(613) 820-2200 (866) 720-3330|
|OPERATING HOURS||Mon – Fri 9am – 5pm |
Sat – Sun closed (meetings after hours can be arranged by appointment)
Baker Tilly Ottawa, formerly Collins Barrow Brown Inc., has over 37 years of experience and is a firm of experienced and trusted Licensed Insolvency Trustees serving in and around the Ottawa area. They’ve been a recipient of five Consumer’s Choice Awards to date.
With over 100 employees, the public company provides assistance for anyone struggling with debt and bankruptcy. To further drive their point home, they offer comprehensive debt counselling so their clients don’t fall into the same financial pitfalls all over again.
They’ve successfully negotiated on behalf of their clients, effectively reducing or completely eliminating Income tax. They’ve also been reviewed to be very compassionate and professional in their work, walking their clients through the process every step of the way and ensuring they come out debt-free and with great money management skills.
Thanks to their amazing customer service, clients have had nothing but great things to say about Baker Tilly Ltd. Here are some of them:
“Greatly appreciated the professional service and care. I felt very well informed and supported through out the process.
I am glad that I was recommended to Collins by a neighbour’s.
Now I am on a better tract for my life. Thanks so much.” -Valerie
“Caring, Professional and Very Efficient Financial Advisors. All employees participate in creating a most welcoming environment and obtain the best outcome for the client. Excellent experience!” -A.T.D.
6. Lazard & Associates
|SERVICES||Credit counselling, bankruptcy filing, consumer proposal|
|ADDRESS||1604 Michael St suite 201, Ottawa, ON K1B 3T7|
|CONTACT DETAILS||(613) 567-4357 | [email protected]|
|OPERATING HOURS||Monday – Friday: 9:00 AM – 5:00 PM|
Lazard & Associates can be a suitable option if you are open to all types of debt consolidation strategies. For the past 20 years, this family practice has been catering to clients not only from Ottawa but also from anywhere in eastern Ontario.
It offers numerous options for those in debt as it does credit counselling, consumer proposals, and filing of bankruptcy. It does these services with professionalism and expertise as Lazard & Associates has an in-house Licensed Insolvency Trustee.
With its numerous options, Lazard & Associates can exhaust just about any option to get its clients out of debt. And to make sure it follows the best course of action, this debt consolidation company does free initial consultations.
But while it has great services, Lazard & Associates is not really for everyone. This is because it has a relatively small team and thus, can only accommodate a limited number of cases at a time.
Here’s a review from one of Lazard and Associates’ previous clients to tell you more:
“Very Professional, Very Understanding and Above All Very Kind Hearted Team! First time I went there I felt like a complete Loser to say the least!!! After discussing in details with Happy-go-Lucky Louise I felt 90% of my anxiety immediately gone! No word of a lie I smiled and laughed all the way home!!”
FAQs About Debt Consolidation
That concludes our list of the best debt consolidation services in Ottawa! We hope you found this helpful.
Did we miss a company you recommend? Tell us all about it, we’d love to hear from you!
We also have other articles for your financial needs! If you’re looking for a mortgage broker, then our top picks for the best mortgage brokers in Ottawa is for you!