Are you frustrated with multiple debt relief solutions and still didn’t get any reliable way to get out of debt? If yes, you need to file consumer proposal with the help of Licensed Insolvency Trustee. Consumer proposal is an agreement which allows you to negotiate with your creditors. May be some of you have opted for a different debt relief plan but are getting desired result? Due to high rates, you may feel as though you have no option to get out from debt.
Who is Eligible for Consumer Proposal?
May be you are thinking to use this repayment method to solve problems related with mortgage payments, car loans, and other secured debts. But one thing important to know that is only credit card debt and other unsecured debts can addressed with consumer proposal. And other important thing that makes you eligible for it is individuals with debt level over $1,000 and less than $250,000 are able to repay their debt in this way.
Married couples are also eligible for filing it only when their consumer debt is not more than $500,000.
You have only one proposal open at a time, if you are bound by a previous proposal, you can’t open a new one until you pay off the debt related to existing agreement.
Debtor should be at least 18 years old.
5. You should have relatively stable income to continue to meet your financial obligations, including making the consumer proposal payments.
6. Be insolvent. This means that your debts have to exceed your assets and your monthly income is not sufficient to cover your living expenses and service the existing debt effectively.
7. And most importantly file a consumer proposal through a Licensed Insolvency Trustee or a Consumer Proposal Administrator.
How it could be Beneficial for you? Advantages are here!
Most important benefit of it is that you can pay only a portion of debt that you owe. You can ask your trustee who will try to crack the deal in such way so that you can payment every month with no pressure. Even though your monthly income increases, amount of your payment will never increase if you have signed this agreement. Every time you will have to make same payment to your creditor, which has been decided earlier. All legal actions and claims against you will stop and all collections call from creditors will stop.
So, don’t think much just go ahead and ask a Licensed Insolvency Trustee to help you. As only a reliable consumer proposal administrator can clear each and every thing to you and can prepare a right proposal for you so that your creditor can also agree to accept it.