Living with small, manageable amounts of debt is fine, but things can quickly become stressful if debt accumulates or you’re otherwise having difficulty staying on top of payments.
Unfortunately, it’s a situation that all too many Ontarians find themselves in. With rising costs outpacing wage growth, many people in Ontario are finding that they’re having to take on more debt than ever — and that it’s beginning to impact their quality of life.
Living with debt can be stressful on both a short- and long-term basis, especially if it doesn’t feel like you’re moving towards a debt-free life. Things become even more stressful if you believe that it’s a battle that you have to go through on your own.
It’s important to remember, however, that that’s not the case. There are many debt solution companies that can provide the expertise, experience, and resources you need to get a hold of your financial situation. Below, we’ve put together a list of some of the best debt solution companies in Ontario, which offer services that include debt counseling, debt consolidation, and consumer proposals.
- Litvack Group: Best Overall Debt Solution Company
The Litvack Group, a Licensed Insolvency Trustee, provides a wide range of debt relief services, including consumer proposals, bankruptcy support, and debt consolidation assistance. Founded by Bryan Litvack, the government-approved Litvack Group has established itself as one of the leading debt relief companies in Ontario thanks to the effectiveness of its services — they boast a 99% success rate — and the high level of personalised client service they provide. They’ll take the time to get to know you and your situation before putting together a plan that helps you move towards a debt-free life.
Not only do they offer a free consultation to new clients, but they also charge no upfront fees, which makes using their services relatively low risk. From their testimonials, their results can be impressive. The Litvack Group successfully reduced one client’s debts from $50,000 to $15,000; another’s from $174,000 to $60,000.
They promise to work effectively and fast. As a Licensed Insolvency Trustee, they have legal power to eliminate collection calls, reduce debts, and ultimately provide relief from financial stress.
2. Credit Counselling Society: Best Non-Profit Debt Counselling
Because they’re not a Licensed Insolvency Trustee, the actual impact that the Credit Counselling Society can have on debt is fairly limited, but that’s OK. They offer support in other ways. As a non-profit, they’re there to make sure that no one has to deal with the stress of dealing with debt alone.
They offer a wide range of services that are designed to help their clients — 95% of whom receive their services for free — move towards a debt-free future. This can include budgeting help, credit counselling, and, most impactful of all, Debt Management Programs. The latter doesn’t reduce the amount of debt owed, but it can consolidate it into one monthly payment at improved interest rates, which can make a meaningful difference. If you’re looking for more advanced debt support, then the Credit Counselling Society won’t be for you, but if you just need some support, then it’s well worth getting in touch.
3. BDO Debt Solutions: Best for People Looking For a National Firm With Local Power
BDO Debt Solutions is one of the bigger debt relief companies in Canada, and they have many offices throughout Ontario. They provide a wide range of debt relief solutions, from helping with bankruptcy and reducing debts to providing ongoing guidance and support. Their team is led by Licensed Insolvency Trustees, which gives them real power to reduce their clients’ debt. As one of the larger names in the field, the level of service that clients receive can be slightly less personalised than what you’ll find at other Licensed Insolvency Trustee firms. Still, if you’re OK with a slightly less-boutique service and it’s not time-sensitive, then it can be a good option.
4. DF Credit Solution: A Good Option For People Overwhelmed By Debt
DF Credit Solution brings more than a decade of experience to help their clients living with debt. While not a Licensed Insolvency Trustee, they can provide support, guidance, and resources that can help you make the journey towards living a debt-free life. They offer both debt consolidation and credit counselling support, and will work with you to find the right solution for your needs.
5. Harris & Partners: Best for Multilingual Debt Relief Support
Harris & Partners have established a nationwide reputation for delivering results for their clients. As Licensed Insolvency Trustees, they’re empowered to stop creditor calls immediately and help their clients reduce their debts by up to 80%. They offer a wide range of debt-relief services, including debt consolidation, consumer proposals — which give you more time to pay back creditors — and bankruptcy support. They offer a free, handy online quiz that can help you figure out how much they can reduce your debt. They also provide multilingual support, providing assistance to clients in English, French, Italian, Farsi, and Tamil, among others.
6. Debt Advisors Canada: People Still Exploring Their Options
Interested in receiving debt-relief support, but don’t know where to start? Debt Advisors Canada might be just the team you’re looking for. They’re advisors rather than specialists, but they can do a great job at walking you through the options at your disposal. They’ve been in service for more than 16 years, and during that time have helped hundreds of Canadians receive jargon-free, insightful advice. They offer a free consultation so that you can get to know them, their services, and how they can help you.
Final Thoughts on Debt Solution Companies In Ontario
As we’ve seen, you don’t need to struggle with debt on your own. Help is available. From the personalised service of the Litvack Group to the brand-name-recognition service of BDO, there are options for everyone in Ontario. The main thing is to take action: if you’re struggling with debt, then reach out to one of the above companies as soon as possible.