Debt consolidation allows you to consolidate your debts by borrowing the total amount owing from a financial institution. You use the borrowed amount to pay your debts. Afterwards, you make one payment per month to the financial institution concerned. Debt consolidation does not reduce the amount of your debts.
Important: People often consult us a few months or years after having consolidated their debts, because they can no longer make the required monthly payment. Unfortunately, these people get into even more debt and bankruptcy often awaits them.
At N. Séguin Inc., Licensed Insolvency Trustee, the majority of our customers pay off their debts without going bankrupt. Our clients have 23% fewer bankruptcies than the average for Licensed Insolvency Trustee in Quebec. We strive to find solutions that allow you to live without the burden of debt.