If none of the above options will work for you, you can speak with a Credit Counsellor to see what other options may be available to you.You may qualify for a debt management program or orderly payment of debts program (depending on your province).In this case, a bank would usually lend you up to maximum black book value of your vehicle (the “black book” is a database of very conservative vehicle values.

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If you have any other valuable asset like a boat, motorcycle, RV, mobile home, non-RRSP mutual funds or piece of property, your bank may be able to use one of these assets as security as well.

One thing to be careful about with a debt consolidation loan is that many people in Canada try to obtain consolidated credit payments in order to resolve their financial problems and get out of debt.

Maybe your relative’s finances are tight right now—even though they may look successful to you.

Lending money to family members involves added risks.

If you are able to do both, then you will be able to pay off your debts even more quickly.

If you are serious about paying off your debts, there are ways to do it.

You can see if your bank or credit union is able to provide you with a debt consolidation loan.

Banks and credit unions are typically only willing to lend people around 10% of their net worth (your assets minus your debts) on an unsecured basis.

If your “rich” relative says no, don’t be upset with them.