Let’s say debt consolidation and debt settlement aren’t immediate options in your unique situation. Your next step is to make a consumer proposal to your creditors. This will lower your monthly payments under the Bankruptcy and Insolvency Act. Consumer proposals are often the best alternative to bankruptcy.
Do you have debts in excess of $5,000 to a maximum of $250,000 ? As long as it doesn’t involve a secured loan (i.e. home mortgage) consumer proposals might be the best solution for you.
The concept of a consumer proposal is similar to the concept of a debt management program. There are differences however. The main differences being consumer proposals are a legally binding procedure where you’re given more time to repay the portion of your debt that is significantly reduced.
Ex. John D. had $75,000 of unsecured debt. After consulting with Alliance Credit John decided to file for a consumer proposal. John’s total debt was reduced to $14,000 (interest free) over a period of 60 months with monthly payments of $235.
Here at Alliance Credit, our professionals will tell you exactly how to take full advantage of a consumer proposal. We’ll provide you with step-by-step assistance at all times. We’re here for you at each and every step of the way.
Book your free consultation now. Call us at (416) 663-5444 or click here