A consumer proposal is a legally binding agreement allowing you to pay most or all of your unsecured debts over time. By filing a consumer proposal your credit card debt is reduced, wage garnishments end, and your creditors stop calling you.
What are the Key Benefits of a Consumer Proposal?
- Most wage garnishments and collection efforts stop immediately
- 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 an Expert today to get help with your debt.