Each year, many Canadians face serious financial concerns. In fact, you may look up one day and realize that you are so far in debt you may never get out. So what can you do? Bankruptcy is an option, but there may be no need to take such drastic action. In fact, your 4 Pillars consultant in Victoria can show you how a consumer proposal works, and it may be the solution that you seek.
What are Consumer Proposals?
Suppose you have more debts than you can handle and you don’t want to continue to put black marks on your credit record. You can talk to your 4 Pillars consultant in Victoria about your situation. In fact, there is no charge for the initial consultation. Because many Canadians don’t qualify for bankruptcy, they choose a less credit damaging option called a consumer proposal.
When you decide on a consumer proposal strategy, you must use a licensed insolvency trustee to help you come up with a repayment plan for paying down your debts. This plan is presented to your creditors for approval. All the creditors will read your proposal and vote on whether to accept it or not. If it’s not approved, you’ll need to alter your plan.
After Your Proposal is Approved
Once approved, you can begin repaying your debts, and they are usually only a percentage of the total amount owed. However, in exchange for this benefit, your credit rating will suffer some, but not as much as taking out bankruptcy.
Is it the Right Decision?
When you talk to your local 4 Pillars consultant in Victoria, you can discuss all the available options. If a consumer proposal is the best plan, you have help, and your consultant can assist you with the process of credit recovery. Someday soon, you may be able to put it all behind you.
Your 4 Pillars consultant in Victoria can help you with a wide range of credit- related issues. To see what we can do for you, visit us on the Web now at https://www.4pillars.ca/.
Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.
