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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Debt Consolidation Loan

I currently owe about 55k in unsecured credit. I`m not behind on payments, but am not making an progress in paying this down due to high interest rates.

I would likely not qualify for a Debt Consolidation Loan on my own, but my question is it possible to get a co-signer with good credit history to help?

For a loan of that size how likely would some form of collateral be?

Posted from: Ontario

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One Response to “Debt Consolidation Loan”

A licensed trustee said...

You are correct in that a loan of thsi size almost always requires soem form of collateral. The type and amount will depend on the strength of your co-signers finances.

A word of caution for the co-signer: if the borrower defaults (cannot make the payments) the co-signer is resposnible to repay the debt. As a rule, we do not suggest or recommend anyone ever co-sign or guarantee a loan. We’ve seen too many people get stuck with the debt…