Skip to content

What exactly is debt consolidation?

The purpose of debt consolidation is to obtain a loan to reimburse all or part of your debts in one single payment. If granted the loan, you only need to repay your financial institution.

Debt consolidation step-by-step

Before you complete step one...

Make sure that debt consolidation is the solution that best fits your financial situation. You can consult a Ginsberg Gingras LIT professional for an evaluation free of charge and without any obligation on your part.

To consolidate your debts, you must first find a financial institution willing to give you a loan. Banks and other lending institutions will consider your credit rating, debt ratio, and employment status.

If you're refused, you can submit another debt consolidation request to a second financial institution. However, each request generates a note on your credit report.

It's important to make sure that your request is properly put together and that debt consolidation is right for your financial situation.

Advantages of debt consolidation

Disadvantages of debt consolidation

Trust Ginsberg Gingras to help you restart

Before requesting debt consolidation, take a free consultation with our professionals. This will allow you to better understand your situation and consider all potential solutions. If debt consolidation turns out to be an option, our licensed insolvency trustees (LITs) will inform you accordingly.

satisfied clients
0 +
in Ontario, Quebec & New Brunswick
0 + offices
of service in the insolvency sector
0 + years
acceptance rate of our consumer proposal
0 %

Need advice?

We will reply within 24 hours or on the next business day.

  • This field is for validation purposes and should be left unchanged.