Can’t make all your payments on time but have a good job with a steady income? A proposal to your creditors would work for you.
Many debtors find themselves in a situation where they can't fully meet all their monthly payment commitments. Hoping that things will get better, they then start sorting bills as to what bills will be paid and what payments will get put off. This necessity will start to destroy your credit score rating.
If things persist people look at doing a variety of things to provide extra cash – selling assets, mortgaging assets, using savings, and cashing in investments (stocks, bonds, RRSPs, etc.).
As a good first step in easing their debt situation, a debtor may look at contacting a creditor directly in hopes of having them reduce payment requirements or interest rates or take a settlement on the debt.
A better strategy is to make a proposal not to one but all of your creditors at the same time. This can be done with our assistance developing a consumer proposal that will meet both your and your creditors’ needs.
We are licensed insolvency professionals and can provide you with the full protection of Canadian Law so as to assist you in getting back on track in making a fresh start.
To learn more about creditor proposals, contact us today.