Find The Best Debt Relief in Canada
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Speak with a debt expert and reduce your payments by up to 50%.
Disclaimer: All loan services are subject to credit and underwriting approval.
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Take Control of Your Debt With Insurdinary?

  • Reduce your monthly payments
  • Settle with your creditors
  • Avoid bankruptcy
  • Get a FREE consultation
  • There is no obligation
  • Stop collection calls

How We Can Help?

Loans Canada will work with you to help clear your debts and rehabilitate your credit with a plan tailored to your needs. Get of out of debts in two ways:
  1. We connect you to the best debt consolidation experts in the country.
  2. Negotiate with creditors, a process which results in lower overall monthly payments, reduced debt and assists Canadians with rebuilding their credit.

Is This Right for You?

Debt consolidation is ideal for those who are behind on their payments, have steady income, and are only making minimum payments on their debt or have accumulated a large amount of debt.

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Questions to Ask a Debt Relief Professional

When seeking help for your debt issues from a professional, it’s important to ask the following questions. These questions will help you determine if they are the best fit for your needs.

What services do you offer?

Understanding your available options is important when making a big financial decision. By educating yourself about the services, you won’t be blindly trusting your advisor.

What are your fees?

Before signing any agreement, be sure to verify the fees for whichever service they provide. Fees will vary between all credit counselling agencies, however, for the most part, non-profit credit counselling agencies have price limits and are based on a sliding scale in Canada. In general, you may have to pay an advance fee regardless if your creditor can reduce your debt. And if you’re looking into debt settlement, proceed with caution as debt settlement companies tend to charge very high fees.

What are your qualifications? Do you have a license?

In Canada, credit counsellors are not obliged to have credentials in order to provide their services. Hence why you should confirm if the credit counsellors you are working with are accredited and trained to effectively deal with your unique situation.

How much guidance do you offer?

Asking how closely your credit counsellor will be working with you may be pertinent to your situation as each person varies in their need for support.

What is Debt Consolidation Loan?

A debt consolidation loan allows you to combine all of your outstanding debt into one singular monthly payment. You can consolidate your debt by going to a bank, credit counselling agency, or any other financial institution that will give you a loan to pay off all of your debts.

For this debt relief method to work, you must make sure that the interest rate on the new loan is lower than that of your previous loans.
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This is beneficial because of the following reasons:

You only have to make one monthly payment

Having to make one payment a month is much more manageable than having to pay five different creditors.

Lowers the interest rate

The whole point of consolidating your debt is to take advantage of a more affordable interest rate. One that is lower than what you were paying with your previous creditors. This decrease in interest will help lower your payments and save you money.

Lower monthly payments

With a lower rate, you’ll have lower monthly payments and it will be easier to keep up with your debt burden.

Debt can also be paid off faster

Due to the decrease in interest, your overall amount owed decreased and thus requires less time to pay off.

Usually have lower fees

Eliminating credit card fees and other bank fees can also save you money in the long run.

Debt Consolidation 101

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Credit Counselling

Credit counselling agencies provide individuals bogged down by debt with a number of services that can help solve their financial troubles. Whether you need help managing money, improving your credit score, or eliminating debt, credit counsellors can provide you with quality information as well as a plan that can help you reach your financial goals. If you are worried that your credit score will be affected by meeting with a credit counselling agency, don’t be. Speaking to a credit counsellor for advice and information has no effect on your credit score.

Debt Consolidation Program

A Debt Consolidation program is also known as a debt management program (DMP), which is a service credit counselling agencies provide. You will work with a credit counsellor to consolidate your debts into an affordable monthly payment over a maximum of five years. This includes all of your unsecured debts, loans, and lines of credit. A debt consolidation program does not eliminate debt but paves a path for you to pay off your debt in a far more manageable and affordable manner.

Debt Settlement Program

A debt settlement program is where you or a debt settlement representative will negotiate with your creditors to reduce the amount of unsecured debt owed. For example: if you owe a creditor $4000 dollars in unsecured debt, you may be able to negotiate your way to paying a lump sum amount of $1500 dollars. However, it’s important to note that there are several drawbacks to debt settlement, such as:
  • The high fees debt settlement companies charge regardless if your creditors accept the lower payment offer.
  • The fact that you must negotiate separately with each of your creditors.
  • If you delay payments while negotiating your settlement, it will negatively affect your credit score and all late fees for the delayed payments will be expected to be paid off if the settlement negotiation goes south.
Debt settlement can also have a negative effect on your credit score as creditors will give each account associated with the settlement a “settled” status instead of a “paid as agreed” status on your credit report.

Consumer Proposals

A consumer proposal is an insolvency proceeding that will allow you to pay off a portion of your debt over a maximum period of five years. Your consumer proposal will be filed by a Licensed Insolvency Trustee, who will be the mediator between you and your creditors. They will help calculate the amount of money you will have to pay back based on your income, assets, and the amount you owe. The payments will be made to the Licensed Insolvency Trustee who will then pay off your creditors accordingly.

Since a consumer proposal is considered a legally binding contract between you and your creditors, they cannot contact you or file any legal proceedings against you once the contract is in effect. Unfortunately, this will taint your credit score for three years after you complete the proposal, but you are also free to start rebuilding your credit. A consumer proposal is a great alternative option to consider against bankruptcy if you believe you can pay at least a portion of your debt and want to keep all of your assets.

The sooner you pay off your consumer proposal, the sooner you can start rebuilding your credit. Loans Canada works with Marble Financial to help consumers pay off their consumer proposals so they can get back on their feet faster.


Bankruptcy is considered a last resort debt relief option. People who file for bankruptcy are those who are completely overburdened by their debt. This includes all forms of debt except for a select few like student loans. Similar to a consumer proposal, if you choose to declare bankruptcy, a Licensed Insolvency Trustee will handle all the legal proceedings. They will present your file in court where a judge will dismiss your debt obligations and force a stop to all collection efforts against you.

However, when you file for bankruptcy, not all of your assets are protected, some assets may be seized to pay off your debt like your house and car. Moreover, fifty percent of any surplus income will be used as payment toward your debts for up to 21 months or 36 months if it’s your second bankruptcy. Your surplus income is determined by the Superintendent of Bankruptcy who creates a table of income limits based on family size. For example, if you make $4000 dollars a month and you are a family of two, then your surplus income would be:

4000 – 2,743(Superintendent of Bankruptcy income limit for two) = $1257 x 50% = $628.5 dollars.

Worried about your credit score? Unfortunately, reality is a hard truth to swallow, people who file for bankruptcy are given the lowest possible credit score. This information will affect your credit score for 6-7 years after completing your bankruptcy. Claiming bankruptcy is a decision that comes with a lot of consequences, so be sure to check every avenue before settling on this debt relief choice.

How Does It Work?

At Insurdinary, we help you get connected with major loan providers in Canada to give you the best available out there and let you choose the right product for you.

Quote Request

Applying is easy, fast and secure. You can get approved and funded as early as today.
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Accept Quote

Get matched with a lender and accept your quote with terms and a plan that works for you.

Receive Funds

Funds are deposited into your account and repayments are made easy with automated debits.

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Frequently Asked Questions (FAQ)

You’ve got questions, we’ve got answers. Learn all about finding and applying for personal loans online in our FAQ section below.

Does the Canadian Government offer debt relief services?

The government of Canada does not offer any specific debt relief programs or products.

What is the difference between unsecured and secured debt?

Secured debt is backed by collateral in the form of an asset, typically a vehicle or house. Collateral lessens the risk for the lender and sometimes allows a borrower to gain access to a larger loan or a lower interest rate. In the event that a borrower defaults on a secured loan, the lender has the right to seize the assets to recoup any losses.

Unsecured debt, on the other hand, does not require any form of collateral or security.

What is insolvency?

Insolvency is the state of being unable to repay your debt. A borrower who is insolvent typically must seek professional help to deal with their debt issues.

What is re-aged debt?

If you owe money, your lenders have a certain period of time to take legal action against you. This period is called the statute of limitations which varies by province. After this period, lenders cannot pursue you to repay the debt, unless you reset the statute of limitations.

What is the best online loan?

The “best” online loan varies based on your unique needs. We’ve recommended lenders that offer low interest rates, great repayment plans, and a variety of borrowing options.

You’ll need to consider your own financial situation before choosing the best loan for you.

How do I find online loans with low interest rates? recommends a variety of online lenders that offer low interest rates, including variable and fixed interest rate options.

What’s “low” may depend on your credit score, the amount of money you want, and what your repayment schedule will look like.

Can I qualify for a loan if I have bad credit?

In short, yes. Not all lenders require a credit check, but many do. Most banks require a soft credit check to determine pre-approval, then a hard credit check if you agree to sign up for the loan.

Some brokers don’t require a credit check at all and will set you up with lenders who will send you money within a day, no matter whether you have bad or good credit.
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