The Best Debt Consolidation Companies in Edmonton Freeing Us From Headaches
I’ll never judge or look down on people who are in debt; I myself and some of my family members have experienced it. It broke my heart when I saw the toll of debt weighing my parents and siblings down.
Over the years, I’ve helped them however I can, and one of the most effective things we did was seek help from a debt consolidation company. So far, here are the debt consolidation companies in Edmonton that we’ve approved of.
How much does debt consolidation cost in Edmonton?
It’s hard to give an estimate of how much a debt consolidation loan costs in Edmonton because it depends on your personal debt. Most companies allow you to get a loan between C$1,000 and C$50,000, but it’s also not unheard of to borrow up to C$200,000.
As for interest, most companies will only impose the minimum interest, usually 10% (though it’s possible you can get an even lower interest rate if you’re lucky), and you can pay it over the span of a few years (the maximum limit is usually seven).
They might also charge an upfront fee for their services, and this is usually 1–5% of the amount borrowed.
Credit720
Address: 3132 Parsons Rd NW #214
Operating Hours:
- Monday to Friday—9:30 am to 6 pm
- Saturday—10 am to 4 pm
Contact Number: +17806662600
Credit720 is a popular debt consolidation among my close circle because it’s been my family’s saviour, as well as a few of my friends’.
The first thing that they rave about Credit720 is how they hold your hand with every step. Whether this is your first time seeking debt consolidation or your second (or third) time, the people here will treat you with respect and kindness. When you’re confused about something, they will provide answers and clarification.
According to them, the debt consolidation loan here is one of the best in the market. The loan can reduce up to 80% of the debt—or even 100%!—and the interest rate is lower than the rate on your existing debts. If you have an exemplary credit score, you might even get a 0% interest rate!
Another great thing about this company is that they offer a wide variety of services. Debt consolidation is the most popular service here, but they also have credit counselling, which is great if you want to stop the cycle of debt by learning how to be more financially responsible.
They can also help you deal with budgeting and bankruptcy.
I also like that Credit720 has multiple locations all over Canada, not just in Alberta. Currently, you can find them in Edmonton, Calgary, Surrey, Lloydminster, and Toronto.
Oh, and if you’re not sure about this company but still want to give them a try, don’t worry because you can just book an initial consultation that allows you to meet up and discuss with one of the staff. This consultation is free as well, so that’s nice!
However, one thing many of their former clients don’t like is the fact that the office only accepts appointments on Saturdays. In other words, you can’t just walk in; if you want to do this, you have to go on a weekday, which is most likely an inconvenient option because you have work.
Customer Reviews
Approachable and understanding
“We are incredibly grateful for Credit 720 Mani’s help during our critical situation with credit debt. Mani was very approachable, understanding and provided us with clear guidance every step of the way. Thanks to his expertise, we are now in a much better financial position and feel much more at ease. We highly appreciate Mani’s support and professionalism throughout this process. We are happy with the outcome and would highly recommend Credit720 services to others facing similar challenges. Thank you again, Mani.”
-Lina Varghese, Google Review
Great advice and support
“Mani is the best person in the city, a great councillor who can help any person with their debt problems. I highly recommend him for his great advice and support for his client. He had built my life to have the best lifestyle possible without thinking of debt. I pray for your great success, Mani and Credit720 Team.”
-Patrick Mcdougall, Google Review
Credit Counselling Society
Address: 10216 124 St Suite 610, 7 Street Plaza
Operating Hours:
- Monday to Thursday—6:30 am to 9 pm
- Friday—6:30 am to 5:30 pm
- Saturday—8:30 am to 4 pm
Contact Number: +17807010083
Credit Counselling Society is best known for their, well, credit counselling services.
I have a friend who came here to seek credit counselling because she felt so overwhelmed by her debt, and she needed guidance. The counsellors here were helpful to her, and my friend managed to get out of her longstanding debts.
Oh, and the counselling services are free!
But aside from credit counselling, this company also offers other kinds of debt assistance services, and one of which is debt consolidation. From what the company’s clients have told me, it’s safe to say that this service is top-notch.
First and foremost, you have to answer a simple questionnaire, which will help the team recommend the right debt management program for you.
When you make the decision to get a debt consolidation loan, you’ll have to speak to a debt consolidation creditor. Most creditors will have a lot of requirements, such as a satisfactory credit score and collateral for the loan, but your counsellor will help negotiate the best deal for you.
Once you’ve settled the loan and its repayment period, your counsellor will then help you create a budget and a plan to ensure you’ll pay off everything in due time and you won’t accumulate any more debt.
Counsellors here really go above and beyond to lend a hand, based on the stories I’ve heard.
Another thing I love about this company is that they aren’t commission-based, unlike some other debt consolidation companies. Their counsellors are paid a straight salary, so their pay doesn’t fluctuate depending on their clients. I think that’s such a great model and more companies should follow suit!
The only “problem” (if we can even call it that) is that this is a pretty popular company, so you might not be able to book a consultation as soon as possible. But don’t worry too much; they will get back to you eventually.
Customer Reviews
Respectful and courteous
“I was treated with respect, and courtesy. The councilor was sympathetic to my situation, and made me feel at easy while discussing my financial options. He was able to answer all my questions, and gave me valuable information. Anyone in a financial mess needs to talk to these guys ASAP. I drug my feet for months as I didn’t want to deal with any of it. These people are professional and know how to help, and can suggest others if they are not able to help you. I office was quiet, clean, and private. No waiting room full of people staring you down because you were there. No one eavesdropping on your conversations. Totally Professional!!!! Check them out!!”
-Elizabeth Attfield, Google Review
A safe space without judgment
“First of all, I felt safe and comfortable when explaining my financial situation. I felt being understood at all times during the meeting. I have now a better understanding of the consequences of my moves when dealing with my creditors. It gives me a lot of comfort knowing that at any time I can reach out to Credit Counselling Society for more advice when my financial situation changes for better or worse.”
-Ted Kucharski, Google Review
MNP Debt
Address: MNP Tower, 10235 101 St NW Suite 1300, Edmonton City Center
Operating Hours: Monday to Friday—8 am to 5 pm
Contact Number: +17804551155
“Making things convenient” should be MNP Debt’s motto because that’s exactly what they’re doing. First things first, they have a convenient office location (right in downtown Edmonton), and secondly, their staff of LITs works like a well-oiled machine.
The process begins with a confidential consultation, which you can book at no extra charge. This is also done via phone, so there’s no need to leave the house (how convenient!).
The whole call usually lasts for 20 minutes, which I know sounds short, but it’s more than enough to get a vibe from the LIT and for the counsellor to provide a possible solution to your debt problems.
One of my friends told me that he actually wondered why he was so scared about asking for help regarding his debt, because the debt consolidation program here seemed so easy and straightforward.
Another great thing about this company is that your LIT is available in case you have any questions or concerns. My friend shared that his LIT answered his many questions and was understanding despite his stream of questions.
However, there are times when the LITs or advisors don’t answer immediately.
It might take some time for them to get back to you. This can be frustrating, especially if your concern is urgent, but I don’t think it’s too much of a deal-breaker, considering that the people here work hard to accommodate everyone.
Oh, and before I forget, they also offer bankruptcy services, so their clientele includes corporations and business entities as well.
Customer Reviews
Guidance every step of the way
“At first, I was very nervous and unsure of what to do. MNP provided me with options and let me choose what was best for me. They were there for every step along the way and made the process as uncomplicated and easy as possible. The agents were available if I had any questions and were very compassionate. I highly recommend MNP.”
-David Carr, Google Review
Helpful and professional
“Jolene was super friendly, extremely helpful, and professional. You can tell she really cares about her job and is willing to engage and care about the work she does. Thank you so much Jolene for being so awesome!”
-Houssein Shoker, Google Review
BDO Debt Solutions
Address: 10130 103 St NW Suite 920, 103 Street Center
Operating Hours:
- Monday to Thursday—8:30 am to 7 pm
- Friday—8:30 am to 5 pm
Contact Number: +17804243434
I only recently heard about BDO Debt Solutions from my aunt because she sought out their help a year ago, and judging from her experience, I recommend this company.
The main thing that stood out to my aunt and me about this company is that they’re thorough. First, you have to book a free initial consultation where you explain your financial situation, and then the LIT will give you an assessment and lay down all the possible debt solutions you can take.
During this consultation, you might be surprised to learn that all you need is a firm budgeting plan, not a debt consolidation loan.
But if you do need to get debt consolidation through a consumer proposal, no worries, because your LIT is here to help you. This proposal consolidates all unsecured debts; this includes credit card debt, bank loans, payday loans, tax debt, medical bills, and even student loans.
The great thing about this proposal is that your LIT can negotiate with your creditors to keep the monthly payment as low as possible.
They can even negotiate that you don’t have to pay the full debt. This is what happened to my aunt; she only has to pay 60% of her debt, and she can do it in a period of five years!
The one downside of this company is that its communication could be better. When you message them, it takes them a long time—usually a day or more—to answer you.
Customer Reviews
Respectful and compassionate
“I can’t thank Stephen Isilebo and the team at BDO enough for their support and professionalism during one of the most challenging times in my life. From the very first consultation, they treated me with respect, compassion, and zero judgment. They took the time to explain all my options clearly and helped me choose the best path forward for my financial situation. I felt like they truly cared about my future, not just my file. I highly recommend Stephen and BDO!”
-Dexter B, Google Review
Very kind and understanding
“I had a massive drop in income and was struggling for months not getting anywhere except more in debt. I contacted BDO and spoke with Stephen Isilebo. He was very kind and understanding of my situation. We had several conversation on my situation and what was the best option for me now and later. Once we decided on the path by Consumer Proposal, the process was quick and took so much stress off of me. Stephen was very kind, helpful, clear and explained everything to me. He also was always available and flexible with my personal and work schedule. Another thing I am very happy for is that Stephen will be my account manager along with Nicole (Trustee) will be with me through the entire process until I am complete my Consumer Proposal. I am so happy I choose to make that call to BDO and I thank Stephen for all his help and for giving me the security and confidence with dealing with my financial situation now and my financial future.”
-Crystal Everitt, Google Review
Money Mentors Edmonton
Address: 17010 103 Ave NW #175
Operating Hours:
- Monday to Thursday—9 am to 8 pm
- Friday and Saturday—9 am to 5 pm
Contact Number: +18882940076
Money Mentors Edmonton has a team of LITs and financial advisors who collectively have more than 25 years of experience, so you can trust them to know what they’re doing.
Plus, this company is a non-profit, so their rates aren’t exorbitant, and they even offer free services like credit counselling.
If you’re interested in seeking their help, you have to schedule a consultation first, which is free, by the way!
During this consultation, you can inform your LIT or financial advisor about your current situation and what you’re hoping to achieve. Depending on what you’ve shared, the advisor will offer you a variety of debt solutions, such as getting a consolidation loan or a consumer proposal.
When it comes to payment methods, Money Mentors Edmonton has its own exclusive program called the Orderly Payment of Debts (OPD).
Government-approved and legally protected, this program has a clear payment structure, and you won’t have to deal with harassment from your creditors. It also has an interest rate of only 5%, which you have to pay monthly!
Another thing I like about this company is that they don’t just help you pay off all your debt, but also help you gain financial literacy to stop any debilitating debt in the future. Your advisor will provide you with budgeting resources and online courses on this topic, and their clients greatly appreciate that.
Unfortunately, this company does suffer from the same problem as other non-profit companies offering debt solutions: they’re always busy, so communication is a bit of an issue.
To be more specific, you might have to call multiple times to get in contact with someone. The people here don’t intentionally ignore your calls; it’s just that the demand for them is high.
Customer Reviews
Helpful insight
“After speaking with 3+ other credit counseling services I found Money Mentors was the only one able to help me all my debts including my student debt which truly felt hopeless. My debt is finally manageable and I look forward to tackling it and becoming debt-free! Thanks Jason, Kimberley and Sheri for helping me start the process and for all your hard work and advice with my accounts. 100/10.”
-Kay Camp, Google Review
Provides an abundance of resources and tools
“Over the years, I got in a little over my head with debt and made the decision to see if Money Mentors could help me. They were such a huge blessing in assisting me to become completely debt-free! They offer such an abundance of resources, tools and guidance in deciding what’s best for your situation. Kathy was such as amazing support for me and helped me to reach financial freedom. I can officially say (with the exception of my mortgage) that 3.5 years later, I am completely debt-free and live very comfortably on cash. Thank you soooo much Kathy for all your support in helping me to achieve my goal of financial freedom! I am & will be forever grateful! .”
-Sally Jones, Google Review