Is a consumer proposal in Kelowna right for you? If you are burdened by debts that you can no longer pay, this can be an alternative. It allows you to propose to creditors to remove your debts. Unlike filing for bankruptcy, you still have a small portion of your debts to pay. Most creditors will give you 5 years to pay off the remaining debt.
Consider a consumer proposal in Kelowna if you like these terms. A consumer proposal has a lesser impact on your credit record compared to bankruptcy. It allows you to consolidate all your debts from different creditors into one place, making them much easier to monitor. Many people tend to feel overwhelmed when they have to monitor their debts from different creditors.
However, you need to make sure that you will meet the monthly payments from the remainder of your debt. If you miss two payments in a row, the consumer proposal will be canceled.
What is great about a consumer proposal is that there are no upfront fees that you need to pay if you want to file for it. However, you do need the help of a licensed insolvency trustee such as Mike Wright & Associates.
You should also consider a consumer proposal if you want to protect your assets such as the equity you have built in your home. This stops creditors from taking your home and your other secured investments. If you have a tax refund, you also get to keep it.
These are the things that you need to mull over before deciding to get a consumer proposal.
To know more about Debt Consolidation in Kamloops please visit our website: debtfreebc.ca