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A lot of people are struggling to keep up with their unsecured debts? However, before you file for bankruptcy, you might want to consider a consumer proposal. Let’s read on the blog below to find out how it works and affects your credit score.
What is a consumer proposal and how does it work?
A consumer proposal is a debt settlement arrangement filed through a Licensed Insolvency Trustee whereby you agree to pay back less debt than you owe. This is a great way to save a lot of money as well. For all your agreed-upon payments in the consumer proposal, you’ll get to keep your assets and it will get rid of your debt as well.
A consumer proposal is legally binding, which means that once it’s filed and accepted, it will freeze the interest on your debts.
How will this affect my credit score?
Most people consider filing a consumer proposal with the help of a debt counselling expert as a last resort before ending up in the huge mess of bankruptcy. If you file a consumer proposal, you’re assigned the lowest ...
... possible credit score. This makes it difficult and costly to obtain credit in the coming years.
What are the other debt solution options?
There are several other debt solution options that you can consider. A consumer proposal makes the most sense when debt consolidation, debt settlement and debt management won’t work.
If you’d like to hold onto your assets and you work in an industry where you’re required to let others know if you’ve gone bankrupt, you might consider filing for a consumer proposal instead. So, do get in touch with the renowned agents of consumer proposal in Ontario to deter from the possibility of bankruptcy and get your finances on the right track.
Author Resource:-
Daniel Stewart has been helping people with their debt settlement, credit card debt and debt relief Solutions with over 15 years' experience in business finance. You can find his thoughts at financial counselling service blog. If you need consumer proposal in Ontario, visit this website.