Advantages of Using Consumers Proposal for Your Debt Problem

One of the effective yet lesser known options available for curing the debt problem is consumer proposal. This is an attractive scheme that is available to the residents of Canada only. This type of strategy is quite well known in the bigger cities such as Ontario, Toronto, where the income is high, and the rate of debts are also high than average. A consumer proposal is an effective alternation to filing bankruptcy. The first advantage that you will enjoy with consumer proposal is that creditors will stop you calling you.

Secondly, the creditors cannot sue you or take any legal action or seize your property as a measure to collect the debt. With consumer proposal, the creditors are barred from initiating any legal action. This legal protection is available to you for the first 45 days after your have made a proposal. The protection may extend further if the creditors accepted your proposal.

Once you have filed the consumer proposal, from that that day, all the interest on your credit cards are frozen and wage garnishments are halted immediately. A consumer proposal can have an effect on most government debts as well. It means that you can even minimize the piled tax debts. In order to initiate a consumer proposal, you will need a licensed government trustee, and this process is held under the court’s observation. Once the creditors have accepted your proposal, they cannot change their mind later and demand more money from you.

Though a highly effective option, a consumer proposal is not available for everyone. In most cases, this strategy is available for a person, who gets regular wages and has money to make timely payments. There are many criteria for having qualified in this scheme. To know whether you are really qualified for consumer proposal, you need to approach any of the financial managers or experts in your area. You can know more about consumers proposal by visiting the website Doyle Salewski Inc.