Are you burdened by a huge debt? If yes, then it is time to think of a smart option. Having debts can make a person feel lot stressed. One of the secret ways to solve your debt problem is consumer proposal. It is considered as a secret because most of them do not know that such an option is available. To tell in simple words, consumers proposal is a deal that is done with the creditors of unsecured loan. In this proposal, you will explain the creditors about your difficult financial condition and tell them the amount of money you will be able to repay.
With the consumer proposal, you would repay lesser than what you actually owe to the creditors. You may pay 50% or even 30% of what you owe. You may wonder how the creditors are ready to accept such a negotiation. The creditors accept because it is better than getting no money. In many cases, the debtors file bankruptcy, and therefore, the creditors cannot recover any percentage of the money. The consumer proposal is a win-win strategy for both the debtors and creditors. Now, let us look into the advantages that you can enjoy by choosing this option.
First, you will have legal protection. It means that the creditors cannot harass you by making calls or initiate any legal action. Another benefit is the asset protection. With consumer proposal, you can have your asset till you complete the proposal. You should keep in mind that you cannot file a consumer proposal on your own as it is not a DIY stuff. You need a licensed trustee, who will find out whether you are really qualified for filing a consumer proposal. The trustee will assess your financial condition and will determine how much money you can repay to the creditors, who has right to accept or reject the proposal.
To find out more details on consumers proposal, you have to go through the website of Doyle Salewski Inc.