However, if your credit rating has gone down because of your debts, you may have difficulty applying for a loan.
In this case one of our Credit Counsellors can help you look at other debt consolidation options.
Related: More information on how a debt consolidation loan works Home equity is what’s left when you subtract what you owe on your house from what it’s worth.
Some people think of home equity as how much they’ve paid off on their mortgage.
Speak with one of our qualified Credit Counsellors to determine if you should also speak with a Bankruptcy Trustee.In return, they will write off what you aren’t able to pay back.It is important to speak with one of our Debt Settlement Specialists to find out if signing a debt settlement agreement with your creditors is a good option for you.Depending on how much equity you have in your home, you might be able to borrow against it and use the cash you get to pay off debt.There are mortgage rules in Canada about using your home equity to consolidate debt.