What are the Advantages of Debt Negotiation and Settlement through a Proposal?
- The repayment period for a proposal is a maximum of 5 years;
- If the majority of your creditor (50% +1) accepts the proposal then it is deemed to be accepted by ALL of your creditors;
- On the date you file for the proposal all your interest rates are frozen;
- You are able to negotiate and pay all or only a portion of the debt you owe;
- Your creditors are restricted from taking any legal action against you while you are in proposal;
- Any wage garnishments (except for support and alimony) are immediately stopped
- Once you have filed for proposal, at no time can any unsecured creditors garnish your wages or take you to court until the proposal has been dealt with.
Consumer Proposals were created as an alternative to bankruptcy. If you find yourself in financial trouble but you have the ability to repay a portion of your debt, then a consumer proposal may be the right solution for you instead of bankruptcy.
If you’re discharged from a Bankruptcy or Consumer Proposal, you’ve paid your dues, it’s time to let “TheMortgage Doctor”help you get approved for a mortgage and get the home you deserve! We’re here to help! Contact us using the form below.