Consumer Proposal Benefits:
- Your debts are reduced by a material amount. Depending on your specific circumstances you could pay as little as 30% of what you owe, in full settlement.
- We work with you to protect your assets from your creditors; these normally include your house, your car, and any investments such as TFSA’s, RRSP’s or RESP’s. Protecting your assets should be your main objective when evaluating solutions to resolve your debt. The more you can legitimately protect your assets, the easier it will be for you to plan your retirement.
- It’s affordable and convenient as the amount that you are paying is determined by your specific circumstances as outlined above. Furthermore your proposal can be paid over a maximum of 60 monthly installments. These payments and your reasonable monthly living expenses can be built into your household budgets to ensure that you can manage the payments successfully and be debt free after the 60 months and not find yourself in this situation again
- Any and all legal actions against you including wage garnishments are stopped. As soon as your proposal is accepted, you are protected from most legal actions by government regulation governing Proposals. Your creditors are obligated to cease and desist. Many of the other options do not offer this benefit and you will have to negotiate with each legal claim separately.
- From the time your proposal is accepted, we will deal with all of your creditors. We advise them of your situation and that all further dealings must be with us, as your local Proposal Administrators. This protection remains in place as long as you continue to make your monthly payments.
- You have to option at any time to pay off your proposal in a lump sum should your circumstances change. This would allow you to begin rebuilding your credit sooner
- Assuming that you can afford the monthly payments this is generally a better option that bankruptcy. Because this solution is both better for creditors and debtors it is being used by more and more people Ontario today.
- The amount of your proposal will not change after it has been accepted. If your income increases or you inherit some money you monthly payment stays the same