Filing a Consumer Proposal to consolidate and settle debts in BC can have many benefits and advantages over other debt solutions.
Some general benefits of filing a Consumer Proposal include being able to:
- Consolidate debt
- Reduce amount of debt that needs to be repaid (in full settlement)
Debt can often be cut by up to 80%
- Stop interest and collections
By law all interest will stop, and creditors must refrain from contacting you for payment
- Have a definite date of being “debt-free”
Consumer Proposal can last no more than 60 months and can be paid off early without penalty
- Deal with virtually all types of debts
Even government debts like taxes, student loans, WCB, MSP, etc.
- Protect assets from creditors
Collection and legal action cease upon filing the Consumer Proposal
- Avoid filing bankruptcy.
Watch our short video: What are the Benefits of a Consumer Proposal?