A consumer proposal is a formal agreement between your creditors and yourself, that stops interest from building while you make your payment. This proposal also prevents creditors from threatening you with legal action and harassing phone calls. A lot of people are taking advantage of consumer proposals to avoid filing for bankruptcy because it has a smaller impact on their credit score.
We know that dealing with financial burdens is stressful and do our best to lift the weight from your shoulders. Even though you might feel like you don’t have a lot of choices, there are more solutions than you might think. It’s always best to contact us as soon as possible to have the most options available.
Our consumer proposals in Smiths Falls are designed to work for your situation. For more information, contact our office.
Most proposals begin with an offer to make the low monthly payments and/or a lump sum payment. This is a useful strategy because it reduces your overall debt while putting an end to the interest charges that are accumulating. You’ll pay that money to your Trustee, who distributes it to your creditors. For the proposal to be legal, the creditor who hold the majority of your debt have to agree to the terms.
A Licensed Insolvency Trustee will work with you to draft an offer to pay your creditors a percentage of what you owe. This also includes an extension for you to pay off your debts. Your Trustee will also help to create a schedule based on your living expenses, income, and family responsibilities.
Many creditors are also more willing to accept a consumer proposal because it allows them to recover more than they would in a bankruptcy. Choosing a consumer proposal is the right fit if you can afford to make low monthly payments with no interest, or if you can put down a larger lump sum all at once. It’s also a viable choice if you can’t get a debt consolidation loan because your debts are too high.
From credit counselling to bankruptcy, we use a number of tactics to overcome any financial situation. By reaching out to us, we can create a plan that works for your lifestyle, getting you on your way to a debt-free life. Keep reading to learn how a consumer proposal in Smiths Falls could work for you.
At Doyle Salewski, we are fully experienced in providing financial management advice. Our directors are qualified CAIRP estate administrators and counsellors. CAIRP accreditation is available exclusively to estate administrators working within member firms. If you have any questions about how we can help you overcome unmanageable debt or financial stress, contact us.
Our Smiths Falls office is located at 7 Main Street West. You can reach us by calling 613.283.5252. We’re also available through email at firstname.lastname@example.org or on our online consultation booking form. We offer free, no obligation consultations that will provide you with the information you need to get started.