Consumer Proposal - What is it? Is it an option for me?

A dynamic and effective alternative to bankruptcy, but still with many of the restrictions of an R7 Orderly Payment of Debt prgram.

A Consumer Proposal is, essentially, a request to the client's creditors to reduce to total amount of all unsecured debt to an interest free amount. The request for the reduction would also include a term which would specify in how many months the reduced amount will be repaid. Once the consumer proposal has been submitted to the creditors through the office of a registered trustee, the creditors will review the request and vote on the matter. The creditors have up to 45 days to review the consumer proposal plus up to an additional 15 days in courts administration. During the time of the vote, there is a stay on all of the client's accounts.

Consumer Proposals are widely seen as the "last-chance" before the filing of bankruptcy protection. The process is governed under the "Bankruptcy and Insolvency Acy" and main intermidiary is a licensed and registered public Trustee in Bankruptcy. As a consumer proposal is categorized as a type of insolvency as well as an Orderly Repayment Program, it does of course carry with it undesirable effects, mainly, bad credit - especially during the time you are making the monthly payments to the proposal estate. However, in the right situation, a consumer proposal could be a brilliant option to take, as it does feature principle balance reduction, as well as asset protection.

Read on... The Great Things about Consumer Proposals.

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Canada Debt Settlements stands by the commitment and service guarantee that no client will be charged unless we can achieve a debt reduction. As our customer testimonials will demonstrate - we have a unique solution that allows a licensed agency to advocate with your creditors on your behalf. We work for YOU... not the creditor. Call now to speak with an experienced and licensed debt professional. What do you have to lose?

Another Successful Debt Settlement...

I must say that I always ‘do my research’ in every area of life as best as I can so that I make the right purchase the first time. Well, this was not an area I was even remotely able to make a definitive call on since my wife and I never had any previous debt issues.
I researched and met up with many different Debt Resolution/Debt Solvers and tried to work with making monthly lump payments but it wasn’t the correct solution and in the end failed for us. I started researching into solving our Debt problems all over again when I came upon the idea of Debt Settlement…that was the correct solution and something my wife and I should’ve done the year before. The problem was who could we trust to do it and who was the best person for the job. That was our newest problem.
I started making calls and looking up as much information as I could get on the Companies that did this and I was confident that Canada Debt Settlement were the tops in this area so I called and spoke to Boaz. I was actually somewhat shocked as he had answered my questions and explained the way it worked so well I had no more questions the next day. This was a relief as the time frame for us was very tight and to this day I am amazed that everything was settled going right down to the wire on our tight schedule and that Boaz still managed great savings for us in the process. It pulled us right out of debt and had we called Canada Debt Settlement the year before we would’ve saved even more and not carried that Debt burden unnecessarily for an extra year.
If you’re doing your research looking for who is the right one for the job, I can honestly tell you save your time and money and go with Canada Debt Settlements. I would be happy to talk to anyone that has any uncertainty as the expertise and hard work Boaz did for us was truthfully incredible.
S.B. of Mississauga
Received Dec 23, 2013 via email
Total Savings: $18,000+


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