Consumer Proposals Red Deer

Consumer Proposals

Are you planning on taking a loan application? Well, you probably have your reasons why you needed to take one – no need to be ashamed of as everyone has got one or even multiple times. Once it is approved, repayment will be your next top priority. There will be difficult times that will come, hindering someone from paying for what they owe. This may be the case, but it is not reasonable. To avoid losing your house or your property, and then filing bankruptcy, you can seek for consumer proposals Red Deer.

What Is The Consumer Proposal?

Consumer proposal red deer canada refers to a formal, legally binding arrangement for debt settlement. Through this process, a debtor will be able to repay its creditors with a percentage of what he or she had owed. This is the best alternative for those who are struggling with their monthly debt payments. Also, this will provide them a debt relief while preventing them from getting into bankruptcy.

This may be sound unbelievable to be true, but believe us, this is true. Did we mention that this process is legal? This is the only debt settlement program that is governed by the Bankruptcy and Insolvency Act. This means that the Canadian government recognizes this type of debt arrangement program.

debt settlement

When Should You File For A Consumer Proposal?

There are no consumer proposals that will be alike, as every proposal varies on the debt situation of a debtor. Well, with this type of proposal, it is already a great chance to repay debts than to ignore it and regret it later. But, how would you know if you are qualified for this debt arrangement program? If you are in any of the following situations:

•  You have been paid a portion of the total debt and need more time to pay it in full, but your creditors are offering that time.

•  You owe your creditors higher than $5,000 but less than $250,000 in consumer debt.

•  You don’t want to lose your property or even your house to pay off your debt.

•  You want to put an end to wage garnishments, interest charges, as well as threats to face legal action.

If you can relate to the given situations above, then it is high time for you to talk to a professional for assistance.

This may be sound unbelievable to be true, but believe us, this is true. Did we mention that this process is legal? This is the only debt settlement program that is governed by the Bankruptcy and Insolvency Act. This means that the Canadian government recognizes this type of debt arrangement program.

Who Can Help You With Your Debts?

Consumer proposals are not just completed through filing a series of documents and have it received by creditors. As it is a legal process, one will need the assistance of a LIT or Licensed Insolvency Trustee. They are the only professionals that are recognized by the government to file the proposal on your behalf. They will be the ones to negotiate with the creditors, thus, enabling you to repay only a portion of your entire debts. 

You can talk with them about all of your options, which may include debt consolidation, budgeting, as well as the concept of bankruptcy. All you need is to schedule an appointment with the best LIT in town. If you are in Canada, rest assured that you can find the best and trusted LIT from an accounting services firm near you.

Source: https://Insolvencytrusteereddeer.ca