Unfortunately most people today have some sort of debt hanging over their heads. When something unexpected happens, like a sudden job loss, divorce or medical crisis it’s really easy to fall behind on debt payments.
It can be really stressful to try and pay your debts off when you constantly have to deal with collection calls from persistent creditors, chasing you for money that you simply can’t afford to pay. Luckily, you can stop these calls by signing up for a consumer proposal with the government licensed professionals at Brief & Associates.
What are Consumer Proposals?
A Consumer Proposal is a legal agreement made between you and your creditors, allowing you to come to an agreement on an affordable long term repayment plan. In most cases, your creditors will even agree to reduce the total amount currently owed. In fact, as long as you meet certain requirements, creditors will often make concessions that can benefit you in the long run.
What are the benefits of Consumer Proposals?
If you can’t afford to repay your debt, you may feel like there is no escape from what can often feel like harassment. The most immediate and desirable benefit of signing up for a consumer proposal is that it puts a stop to those relentless collection calls once and for all. In fact, once the consumer proposal is signed and the process begins, you have legal protection from future calls from your creditors.
A consumer proposal reassures creditors that you are working on repaying your debt and have made it your legal responsibility to continue to do so, alleviating the pressure without adding further financial strain.
Signing up for a consumer proposal comes with numerous additional benefits. Wage garnishment and monthly interest charges can often keep you trapped in a cycle of debt, but a consumer proposal stops this immediately, allowing you to bring your debt under control.
Consumer proposals are also significantly less damaging to your credit rating than alternative options like inaction or filing for bankruptcy. Furthermore, provided that you continue to meet the terms of your agreement, you are guaranteed to retain your assets and any lawsuits filed against you by your creditors will be stopped.
How do I sign up for a Consumer Proposal?
First, you need to decide if a consumer proposal is right for you. There are indeed a number of desirable benefits, but you must assess all of your options before entering into this legal agreement with your creditors.
Determine if your debt is repayable without signing up for a consumer proposal. As long as you demonstrate a commitment to honoring your debt, many creditors are amenable to straightforward repayment plans. This is always the best option but often it is simply not financially viable.
If a repayment plan is simply not possible, don’t worry! The next step is to find out if you meet the eligibility requirements for a consumer proposal. If you meet the criteria, your chances of receiving help via a consumer proposal are fairly high and you should submit an application.
This may feel a little daunting, but Brief and Associates can help. In fact, we offer a completely free, no-obligation initial consultation, where you can discuss your questions and concerns, assess your options and determine the best course of action for your situation.
So if you’re drowning in debt, receiving collections calls on a regular basis and don’t know where to turn, give us a call today and find out if a consumer proposal is right for you.