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Hello,

I was working for a multinational company in GTA. I lost my job recently due to the recession. I bought my home by securing a mortgage from a nearby credit union. Now, I'm really struggling to pay the monthly bill. Recently, I noticed an article on debt consolidation. The debt consolidation process could help in combining several unsecured debts including credit cards, bills and other mortgages.

Managing one payment instead of several is much easier and more sustainable in the long term. I think this plan could help me get back on the track. What are the documents required for consolidating debts? I have heard about a few professionals and bankruptcy trustees i offering consultation on debt consolidation. Help me find the right choice. Please don't hesitate to share your suggestions.




Hi!

You can consolidate only your unsecured debts like credit card mills, utility bills, medical bills, payday loans, etc. Yes, you read it right. You have to make only one payment every month. It's much easier than handling multiple bills every month.

As far as mortgage is concerned, you can refinance it or take out a home-equity loan to pay it off. You can't pay it off through a program.

Documents

Your identity proof
A copy of your recent pay stub
An active checking account


Sub: #1 posted on Mon, 09/17/2018 - 20:55

David Martin David Martin

(Posts: 105 | Credits: )

Well, debt consolidation is good to simply all your unsecured debts as David mentioned. You can't pay off mortgage through a program. But since you have no income, I think you should search for a job first. After getting a job, try to take out a consolidation loan to pay off all your bills. Now try to make regular monthly payments on your new loan. To pay off the mortgage, you can refinance it.

Sub: #2 posted on Thu, 09/20/2018 - 06:24

sanderspatricia29 sanderspatricia29

(Posts: 747 | Credits: )

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