Consumer Proposals allow you to repay a share of what you owe and avoid the impact of Bankruptcy.

Potentially, a consolidation loan may be your best option and it may be the best way to protect your credit rating.  Chris Grew and the team at 4Pillars in Victoria can review your situation and discuss whether a Consumer Proposal is the best route for you, and which institutions would be best to for you work with.

Consumer Proposals allow you to pay back a proportion of what you owe without interest or penalty.  The repayment period can be up to 60 months.  The repayment amount will be based on your budget and your ability to pay.

Consumer Proposals will often stop most wage garnishments, and stop interest accumulating from when the proposal is filed.  Creditors & Collection Agencies can no longer contact you.

There will also be less damage to your credit and you can start rebuilding your credit rating faster.

Your debts must be more than your assets to file a consumer proposal, and you must fully disclose all of your assets, liabilities, income, and expenses, and business interests in the process.  Your creditors vote on your consumer proposal.  All debts must be included – you can’t pick and choose.  Support or alimony allegations will not be eliminated in this process, nor will student debt under 7 years old.  Mortgages, Car Loans, and other secured debts also cannot be included, but you can keep some assets based on relevant legislation.

Consumer Proposals are an alternative to declaring  Bankruptcy.

Over 45,000 Canadians file Consumer Proposals through a Licenced Insolvency Trustee. It allows legal protection from creditors under the Bankruptcy and Insolvency Act – a Federal Statue.

If you want to talk to an expert in options to deal with debt in Victoria, including Consumer Proposals, Fill out the form below to arrange a 100% confidential consultation.