A consumer proposal is a great way to resolve your debt problems. It involves using a Licensed insolvency Trustee to negotiate a settlement with your creditors so that your debt gets reset to an amount that is affordable.
A consumer proposal will result in all your existing payments to creditors being consolidated into one single payment that is affordable and works with your budget. This will free up money for your living costs and let’s you afford your life.
A consumer proposal will also save you a lot of money as the negotiated settlement will result in a significant reduction in the total amount you owe. Many debtors can reduce their total debt by up to 80%! As well all interest rates are reset to zero so the amount you owe is fixed and 100% of your proposal payment reduces the amount you owe.
Best of all is that with a consumer proposal you can relax and have certainty knowing that your debt problems are permanently resolved, and your payment will never change.
The process to file a proposal couldn’t be easier. You start by meeting with a Licensed Insolvency Trustee to get a free and confidential assessment of your financial health. The Trustee will identify the very best solutions available and advise you how a Consumer Proposal could benefit you. If you decide to proceed with it the Trustee will draft a custom Consumer Proposal that meets your needs and fits your financial situation. The Trustee contacts your creditors and makes all the arrangements, all you need to do is meet the terms of the proposal and get back to living your life.
For those that are struggling with a lot of debt, most people will be better off financially if they reset their debts with a Consumer Proposal than the ones who don’t and continue to limp along and struggle to pay their debts. Once you fall into the debt trap, with compound interest charges and unplanned expenses it could mean years and years of struggle and sacrifice for your family. Living with money stress, stuck on a treadmill of paying minimum payments while struggling to buy necessities and meet the needs of your loved ones, is no way to live. The comments I hear most from my clients that file a Consumer Proposal is “that was so easy” and “I wish I had done this sooner”.