Solutions - Summit Debt Solutions

Our Solutions

Debt Consolidation

Debt consolidation involves taking out a single loan to pay off multiple debts, streamlining your payments into one manageable monthly installment. This approach often comes with a lower interest rate compared to your existing debts, making it easier to stay on top of payments and regain financial control.

Debt Management

A Debt Management Plan (DMP) is an informal arrangement between you and your creditors, facilitated by a licensed credit counseling agency. This flexible plan can be adjusted to fit your financial situation. While interest on your debts is usually frozen, you are still required to repay the full amount owed.

Consumer Proposal

A consumer proposal is a legally binding agreement between you and your creditors that allows you to settle your debts by paying a reduced amount, often as little as 30%, through a single, manageable monthly payment. Unlike other debt solutions, a consumer proposal has no interest charges, and once the agreement is completed, you will be debt-free. This process must be administered by a federally regulated Licensed Insolvency Trustee.

Debt Settlement

Debt settlement is an informal agreement between you and your creditors, allowing you to pay a reduced portion of your total debt. For the agreement to be effective, all creditors must consent to the settlement. This process often requires a lump sum payment, and additional fees may apply. It’s important to note that debt settlement companies are generally not regulated.

Bankruptcy

Bankruptcy is a legal process designed for individuals who cannot afford other debt relief options. It eliminates your debt but may require you to surrender certain assets, such as your home. Intended to provide a fresh start for honest but financially struggling individuals, bankruptcy can only be filed through a Licensed Insolvency Trustee.