Edmonton Debt Solutions: Consumer Proposal & More
Escape the Grip of Debt with a Consumer Proposal in Edmonton
Excessive debt creates stress. You’re barely meeting your household expenses let alone the extras. You can't save money the way you like. You have to dedicate a good portion of your income to paying debt. At Edmonton’s Moses Advisory Group, we work hard to identify your options, such as the filing of a consumer proposal in Edmonton.
What Is a Consumer Proposal?
When you have a steady income but you still have difficulty paying all your debts and your bills, you could consider a consumer proposal in Edmonton. With your proposal, you gain relief from credit collectors, and you can consolidate the majority of your debts into a single monthly payment. You can reduce your monthly debt payments, and prevent wage garnishing and seizure of bank accounts.
You might wonder, what is a consumer proposal? A consumer proposal is a legally binding agreement between you and your creditors. It’s overseen by a licensed insolvency trustee and together, you and the trustee will offer to pay your creditors a percentage of what you truly owe, or you’ll negotiate to receive an extension on your payments.
You can use a consumer proposal to consolidate unsecured debts ranging from $5,000 to $250,000 including credit cards, bank loans, and payday loans. However, secured debt and some school loans may not be eligible.
Advantages of a Consumer Proposal
Moses Advisory Group can help you file a consumer proposal in Edmonton. Our experienced staff can find you a solution to your debt and will help you throughout every step of the process. Consumer proposals are becoming a more popular choice for resolving debt problems as this option offers several significant advantages:
- Your assets are not at risk and will not have to be surrendered as part of the agreement
- Your credit score is not usually affected as severely as in bankruptcy
- Collection companies are no longer allowed to contact you about your payments
- You are only required to repay a portion of the debt you owe with a maximum repayment period of 5 years
- Most wage garnishments are stopped immediately after your proposal is filed
Although a consumer proposal can be an excellent solution to your debt, it is not the best choice for every situation. There are many things to consider and the advisors at Moses Advisory Group can help walk you through the process of choosing the best option. A consumer proposal may be a good solution for you if:
Your debt is over $5,000, but not over $250,000 (this does not include your home mortgage)
You have a good job with a steady paycheck, and you are able to make payments each month
There is simply no way you will be able to repay all your debts in full with interest
You are not able to receive a debt consolidation loan because your debt amount is too high, even with steady income
You want to avoid bankruptcy because with your income you would be subject to surplus income payments and you are trying to avoid losing any of your assets, like your home or car