Advantages of Filing a Consumer Proposal - Principal Debt Reduction!

The Great Things about Consumer Proposals

REDUCED PRINCIPAL DEBT - When calculating the offer made to the creditor, the trustee, or estate administrator, would conduct a full review of the client's current financial affairs, in Canada as well as abroad. All details would have to be disclosed and details would be required to be submitted upon request. Once it has been established that the client is indeed insolvent, a valuation would take place to find out what the creditors would be entitled to, in the event that the client decides to seek bankruptcy protection. Once that figure has been reached, the trustee's office will submit a consumer proposal, offering the creditors more than they would recieve in a bankruptcy, but less than what the client actually owes. A fantastic benefit (if the proposal is apporved) is that the reduced amount is interest-free.

LOWER OVERALL MONTHLY PAYMENTS - As the overall balance is redcued to an interest-free amount, the monthly payments are lowered, at times significantly, from what the client's typical credit debt minimum payments would be. The monthly payments are based on the amount to be re-paid and the term that it would be paid back within. A truly great feature of a consumer proposal is that the client has the option to pre-pay it, at any time - as most Trustee's allow for acceleration of the payments to a Consumer Proposal Estate.

CEASING OF CREDITOR COMMUNICATIONS - Once a consumer proposal has been approved, creditors will conduct all further account communications with the trustee's office. Collection agencies working on the behalf of the creditors will be notified of the insolvency and by law are required to cease collections practices. This is the case so long as payments are made regularly, and your consumer proposal has not been annulled.

If you are interested in researching the Consumer Proposal process, please give us a call. Our knowledgeable debt experts can discuss the various options with you, discuss how to qualify for the process, and even give you an estimation of your payment amounts and term. Although orderly payment of debt programs can have some negative effects on your credit bureau report, sometimes when you are facing collection action, they can actually improve your credit standing. Please contact us to discuss how a consumer proposal may be right for you in your situation.

Read on about.... Risks, Eligibility, Credit Implications and Conflicts of Interest.

For a list of all our services please see our Services Page or Contact Us.

Canada Debt Settlements  always free debt reduction consultation - Call to figure out your best next step... Contact us

Access our online debt reduction settlement application for a free confidential no obligation review of your situation

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+

Call now for your free no obligation consultation 1-877-475-3939