Debt Solution
Debt Consolidation
Combining multiple debts into a single loan or line of credit to simplify payments—subject to lender approval.
Consumer proposals and bankruptcies are administered by Licensed Insolvency Trustees. SEENCO is not a Licensed Insolvency Trustee and provides general educational information to help you understand when to speak with a licensed professional.
What it is
Debt consolidation typically means using a new loan or line of credit to pay off existing unsecured debts, leaving one regular payment.
Consolidation does not reduce principal unless the interest rate is lower and you avoid new debt. Fees and collateral requirements vary.
Who may want to learn about it
- You may want to learn about consolidation if you have multiple high-interest balances and qualify for a lower-rate loan.
Common considerations
Total cost of borrowing
Interest rates, fees, and term length affect how much you repay over time. Compare annual percentage rates where disclosed.
Eligibility and credit review
Lenders and trustees review income, assets, debts, and credit history. Approval is not guaranteed.
Impact on credit report
Some options may affect credit scores or public records. Understand reporting before proceeding.
Professional roles
Licensed Insolvency Trustees administer proposals and bankruptcies. Other professionals may provide credit counselling or legal advice.
What to bring to a consultation
- List of unsecured debts, creditors, and approximate balances
- Monthly budget overview (income and essential expenses)
- Recent statements or collection notices, if applicable
- Questions about assets that may be discussed with a licensed professional
- Government-issued ID and contact information
This page is for general educational information only and does not replace advice from a licensed professional. SEENCO Financial Services Inc. does not guarantee approval, payout, savings, returns, or performance.
Related pages
Frequently asked questions
Not necessarily. A longer amortization can lower monthly payments but increase total interest paid.
Speak with a licensed SEENCO advisor
Request a consultation in plain language — no pressure, no commitment. A licensed advisor can review options when you are ready.