• checkbox logo Reduce debt by up to 80%

Debt consolidation in Canada

Get a Free Debt Repayment Plan

Safe, secure & confidential

google logo

Consolidating your debt for financial stability

We understand how stressful it can be to manage multiple debts. If you’re struggling to keep on top of payments, you’re not alone. We have years of experience in helping people just like you regain financial security.

Taking out a debt consolidation loan is one way to gain better control over your finances, but it does come with its own set of challenges. There may be other options that are better suited for you, such as a consumer proposal or, in extreme cases, bankruptcy.

Making these decisions can be confusing and scary, but with our Licensed Insolvency Trustees, you don’t have to do it by yourself. Get in touch with our team today and we can help you find the best debt solution for you.

friends laughing

Consolidating your debt - it's a simple process

1. Consultation

Let’s get together and chat about what you’re facing financially. We’re here to listen in a safe and private setting, no judgment. To help you best, we need to know about your earnings, your debts, and who you owe money to.

Don’t worry, this is totally free and just between us.

2. Options

After we fully understand your financial struggles, we’ll start building a plan just for you. We’ll look at all the ways to tackle your debt, focusing only on what you’re comfortable with. No pressure here – we’re all about finding what fits your needs.

3. Solution

When you’re happy with the plan, we’ll make it happen. Keeping you financially healthy is our main goal. You can count on us for solid support and advice every step of the way. We care about making this journey as smooth as possible for you, because your peace of mind is really important to us.

Shahrad Nakhaie
Shahrad Nakhaie
They are so great, every thing was so easy for me. Unbelievable, All my debt are gone now and I feel like I'm free, thanks Osman Ali for all you did for me, at the first time it's even hard to believe that was real, but it's real and easy. Thank you bro for your help.
Osman is a professional and you cant find anybody better. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you osman and the rest of the team for helping me through my struggles.
Banda Gueye
Banda Gueye
Osman is a vert nice gentlemen, he was polite sweet and gentle. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you Osman and the rest of the team for helping me through my struggles.
Kim Brown
Kim Brown
So far this has been a great company, I have been with them over a year. Every time I have an issue Josh jumps right on it and helps me out. He never makes me feel like I'm being a pain in the butt 🙂 I definitely recommend them, I have referred two of my family members to get help and now Josh is helping them as well. I thank you Josh for all the hard work and responding so quickly to all my messages.⭐️⭐️⭐️⭐️⭐️
Ajanthan Murugananthan
Ajanthan Murugananthan
Staff members Samuel and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and line of credit and made it manageable. I would highly recommend Harris & Partners Inc. They have given me a new life in my financial life to success.
Paul Woo
Paul Woo
Staff members Yasan and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and made it manageable. I would highly recommend Harris & Partners Inc.
family hugging on beach

How does debt consolidation work?

Debt consolidation simplifies your debt management by merging all your debts into one. You typically get a debt consolidation loan from a bank or lender to settle your existing debts, then repay that single loan in monthly installments.

This can sound counterintuitive.

After all, why borrow more money to manage your debts?

Depending on your situation, debt consolidation can be a strategic move to manage multiple debts simultaneously. If you can keep up with regular repayments, this option can serve as a practical approach to improving your financial circumstances.

Not sure a debt consolidation is for you? Don’t worry – there are other options available. Give our teams a call today and we can help you regain financial freedom.

The pros and cons of debt consolidation

Don’t worry if you don’t think a debt consolidation loan is the right choice for you – there are other options available. At Harris & Partners, we’ve been helping Canadians just like you find the best debt solution available.

Give us a call today to start your journey towards financial independence.

Debt consolidation loans come with a full set of pros and cons.


elderly men playing chess

Advantages - Debt consolidation

Some benefits include:

  • Possibility for a lower overall interest rate, this can reduce your monthly payments and total interest, making it possible to pay off your debt sooner.
  • Reduced stress by simplifying your debt management.
  • Keep your credit cards.
  • Your credit rating isn’t affected unless you are turned down for the loan.
  • Use your assets (e.g. your home) to reduce your interest rates further by offering them as collateral.
man walking

Drawbacks - Debt consolidation

However, there are also some disadvantages, that could mean an alternative solution is better for you. These are:

  • If you have a longer payment plan, you could end up paying more interest in the long run because consolidation loans can have a high interest rate.
  • Having access to your credit cards could cause further debt, so you’d need to closely manage your spending.
  • You must remember to make your repayments on time, or you could use your collateral on a secured loan.
  • If you are unable to make your repayments, you could damage your credit rating or the credit rating of a co-signer.
  • Qualifying for a consolidation loan can often be very difficult.
  • Consolidation is not debt relief, it is simply a new plan to pay off your debts.
  • A Trustee cannot help you get a consolidation loan, you will not have the professional guidance that you get through a proposal or bankruptcy and you may end up worse off.
woman walking up stairs

What debts do consolidation loans help with?

Debt consolidation provides a streamlined way to manage and pay off your debt more efficiently. Consolidating your debt could be a suitable strategy if you:

  • Have outstanding balances on credit cards, including those from retail stores
  • Carry high-interest consumer debts, like car loans from finance firms
  • Juggle various payments with differing due dates, such as insurance, child support, or student loans
woman smiling

Who is eligible for a debt consolidation loan?

To be eligible for a debt consolidation loan, you should:

  • Have a steady income
  • Maintain manageable monthly expenses
  • Have an acceptable credit score

Loan underwriters will examine your payment history and credit score to evaluate your default risk. Providing collateral or a co-signer could increase your chances of loan approval. However, keep in mind, finding a co-signer can be difficult as it exposes their credit to potential risk too.

How does a consumer proposal consolidate debt?

A consumer proposal is an arrangement where you agree with your creditors on a reduced percentage of debt you owe and extend the repayment period, with no interest or penalties.

The benefits of consumer proposals in Canada make it an appealing form of debt consolidation. These include:

  • Avoiding bankruptcy
  • Lowering your total debt
  • Consolidating all debts into a single monthly payment
  • Retaining all your assets
  • No interest, penalties or hidden fees

You can include various kinds of debt in a consumer proposal, such as tax debts, student loans, bank overdraft, payday loans, and credit cards.

For a deeper understanding of consumer proposals and their role in debt management, feel free to contact us for a FREE consultation today.

Our Licensed Insolvency Trustees - get proffessional debt consolidation advice

We understand that having debts can put a real weight on your shoulders. But don’t worry – our team of Licensed Insolvency Trustees are here to help you find a way out.

  • Jay harris
    Jay T. Harris
    Licensed Insolvency Trustee
  • kyle
    Kyle Harris
    LL.B., CIRP, LIT
    Licensed Insolvency Trustee
  • adam
    Adam Fisher
    Licensed Insolvency Trustee
  • Joshua Harris
    Joshua Harris
    Licensed Insolvency Trustee
  • advisor
    David Adams
    Licensed Insolvency Trustee
  • doug
    Doug Loiselle
    Licensed Insolvency Trustee
  • Rob McLernon
    Robert McLernon
    BComm, CIRP, LIT
    Licensed Insolvency Trustee
  • shelley
    Shelley Koehli
    Licensed Insolvency Trustee
  • Jill Strueby
    Licensed Insolvency Trustee

Alternatives to debt consolidation loans

We understand that your financial situation is unique, which is why we will take the time to fully understand what you’re going through before suggesting a debt solution.

While debt consolidation loans can work for some, there are times where they’re just not the right fit.

The good news?

There are other choices available and we can help you find the right path to financial stability.

woman staring

Option 1. Consumer Proposals

In simple terms, a consumer proposal is a way to shrink your debt and make it easier to handle.

Under the Bankruptcy and Insolvency Act, you can agree with your creditors a percentage of your debt you will pay them, alongside a longer repayment period, interest free!

Essentially, you get to spread out your payments month by month, for a few years. And the amount you pay each month is based on what you can afford, considering your own financial situation.

Our Licensed Insolvency Trustees will even handle the payments on your behalf – just send the money to them and they will deal with the people you owe money to.

File a consumer proposal
woman with backpack

Step 2. Developing a tailored debt relief solution

We understand how daunting it can be to consider bankruptcy, which is why our team is here to offer you guidance and support.

Bankruptcy involves handing over your assets to a Licensed Insolvency Trustee, who will use them to pay off any debts you have. While it should only ever be considered as a last resort, it is a viable way to clear all of your debts and start fresh.

Don’t be intimidated by the idea of bankruptcy – get in touch with our team of professionals today. They will sit with you and take the time to understand your financial situation and find the best debt solution for you.

File for bankruptcy

Debt consolidation FAQs

Does debt consolidation affect credit score?

Debt consolidation can affect your credit score in both positive and negative ways. In the short term, it may lower your credit score because it will result in a hard inquiry on your credit report, especially if you are turned down for the loan.

However, if you make all of your payments on time, your credit score should rebound over time. In the long term, debt consolidation can actually help improve your credit score by lowering your overall debt-to-credit ratio and giving you a single monthly payment to track.

How do I get a debt consolidation loan?

To get a debt consolidation loan, you will need to apply with a lender. You can apply online or in person. The lender will review your credit score and income to determine if you qualify for a loan. Once you are approved, you will receive a lump sum of money that you can use to pay off your debts. A Licensed Insolvency Trustee cannot assist in obtaining a debt consolidation loan, but offers alternative debt solutions that may be right for you.

What is an unsecured debt consolidation loan?

An unsecured debt consolidation loan is a loan that does not require collateral. This means that the lender does not have any assets that they can seize if you default on the loan. Unsecured debt consolidation loans typically have higher interest rates than secured loans, but they are easier to qualify for.

Can debt consolidation help with payday loans?

Yes, debt consolidation can help with payday loans. Payday loans are short-term, high-interest loans that can be difficult to repay. Debt consolidation can help you to consolidate your payday loans into a single loan with a lower interest rate. This can make it easier to repay your debt and avoid the high fees associated with payday loans.

Can I still use my credit card after debt consolidation?

Yes, you can still use your credit card after obtaining a debt consolidation loan. However, it is important to use your credit card responsibly. If you start to accumulate debt on your credit card again, you could undo the benefits of debt consolidation.

Does debt consolidation affect buying a car?

Yes, debt consolidation can affect your ability to buy a car. When you apply for a car loan, the lender will consider your debt-to-credit ratio. A higher debt-to-credit ratio can make it more difficult to qualify for a loan. If you have recently consolidated your debt, it may take some time for your credit score to improve.

Does debt consolidation affect buying a home?

Debt consolidation can affect your ability to buy a home by increasing your debt-to-income ratio. This is because a debt consolidation loan will typically add to your overall debt load, even if it lowers your interest rates. As a result, it may take some time for your credit score to improve after you consolidate your debt. Buying a home can also add extra financial stress, so we would advise you to wait until your debt is manageable before buying a home.

Eliminate your debt with our debt consolidation services

Harris & Partners Inc. Licensed Insolvency Trustees can help you achieve financial freedom. Our team of experts will work with you to understand your situation and develop a personalised debt solution.

A Licensed Insolvency Trustee does not offer debt consolidation/informal debt settlement. A Trustee has alternative options.

Contact information

It's never too late to obtain debt help. Book your free consultation today

Phone number
Send us a message

Contact form

✓ Valid number ✕ Invalid number
This field is for validation purposes and should be left unchanged.
woman whispering to a child
Support across Canada

Why Harris & Partners

chart icon
Remove up to 80% of your debt

Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.

people circle outline
We speak your language

Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.

location logo
Debt support across nine provinces

Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.

Our Debt Management Solutions

Where you can get debt consolidation advice in Canada

With offices in every province in Canada except Quebec, help from Harris & Partners is never far away.