If you are struggling with debt and are looking for a solution you are in the right place!
We can Help you Make a Deal with Your Creditors called a Consumer Proposal to Pay-Off your Debt
Here we will outline everything that you need to know about consumer proposals and how they can help you become debt free. Watch our video to learn more.
What is a Consumer Proposal?
Did you know that every year in Canada approximately 122,751* Canadians file a consumer proposal or bankruptcy?
A consumer proposal is a legally binding agreement allowing you to pay most or all of your unsecured debts in a more manageable way.
Consumer Proposals deal solely with unsecured debts as they are not attached to an asset. You can file a consumer proposal if your unsecured debts are between $1,000 and $250,000, in which your trustee will help you to eliminate as much of this debt as possible.
How Can a Consumer Proposal Help Me?
- Most wage garnishments and collection efforts stop immediately- collection agencies and creditors legally cannot contact you
- Interest stops accumulating immediately
- You have a better chance of not losing your home or other assets
- In most cases you repay only a portion of your debts
- You are debt free in five years or less
- Surplus income payments are not a factor
- Your credit score is generally less affected as you do not typically receive the lowest rating
- Payments are decided ahead of time, bringing you control and assurance
- If your income increases after your proposal is accepted and final, your payments will stay the same, and not increase with your income
- You are still entitled to tax refunds and credits that you are owed
For more information Contact a Consumer Proposals Expert today to get help with your debt.
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