Getting Out of Debt in Sarnia With a Licensed Insolvency Trustee / Consumer Proposal Administrator
If you are currently burdened by significant and growing unsecured debts, consumer proposals are one of the most feasible solutions to your problems.
However, if you are planning to utilize this form of debt relief, you must gain support from the right service.
If you live in Sarnia or the surrounding region of Ontario, a licensed insolvency Trustee in Sarnia is the ideal solution.
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What Is A Consumer Proposal?
A consumer proposal is a form of debt relief in which a licensed insolvency trustee negotiates new repayment terms with your creditors.
While it does have several negative upshots, not least for long-term credit ratings and opportunities, it can be a very useful way to stop yourself from drowning in a sea of mounting debt.
The key features of a consumer profile include:
- Reduced payments – the Trustee can often negotiate a reduction of 70% because the consumer proposal may be your last option before resorting to bankruptcy. This would mean the creditors miss out on any repayment.
- Interest freezing – in addition to negotiating a reduced repayment plan, the licensed insolvency Trustee will also secure frozen interest rates. This happens automatically as soon as the consumer proposal is filed.
- Consolidation – when 50% of the creditors agree to the consumer proposal, all other creditors are legally obliged to accept the terms of the agreement too. This enables easier financial management over the long haul.
- Easier payments – as well as reduced payments, it is possible to spread the costs out over a period of five years. However, as a direct result of the lower payment obligations, many individuals find that they can clear debts far sooner.
- Reduced damage – a consumer proposal will affect your financial future, but it doesn’t have nearly the same impact as filing for bankruptcy. It is, therefore, a far more effective solution for struggling debtors that are permitted to use this option.
- Individuals should know that consumer proposals only cover unsecured debts rather than secured debts. However, they are often the key to keeping key assets such as your property, vehicle, or registered retirement savings plan (RRSP). With the support of Bankruptcy Canada’s experienced team of Sarnia licensed insolvency Trustees, you can secure the biggest debt reduction in the fastest time. Better still, it’ll put an instant end to creditor calls, letters, and emails.
Why Choose A Professional Sarnia Licensed Insolvency Trustee
Unlike some types of financial support, only licensed Trustees are permitted to submit consumer proposals in Canada.
When living in Sarnia or the surrounding areas, a local Sarnia licensed insolvency Trustee is the best option at your disposal by far.
Some of the most telling benefits of taking this route include, but are not limited to:
- Localized knowledge – as well as an in-depth understanding of national laws, a Sarnia-based Trustee understands the regulations and trends in Sarnia and the wider Ontario region. In turn, building a dedicated strategy is easier and faster than using an expert from elsewhere.
- Local connections – while some of your unsecured debts are probably owed to national lenders, many of your creditors will be local. A Sarnia licensed insolvency Trustee can use existing connections and past dealings throughout consumer proposal negotiations to secure a better deal for you.
- Easier communication – when seeking debt relief of any kind, transparency is the least you deserve. Working with a local Trustee naturally facilitates more natural communication. Meanwhile, removing the timezone differences encourages added convenience during all stages of the process.
- Faster results – due to the improved convenience, a local Trustee can prepare your consumer proposal far sooner. While creditors have 45 days to respond, the local touch also helps accelerate this process. This allows you to start repayments and gain confirmed discharge from debt.
- Better results – thanks to the above issues, and many more, a Bankruptcy Canada Sarnia licensed insolvency Trustee is the best person to secure the biggest reduction. This ensures that your finances can get back on track far sooner, allowing you to focus on putting past mistakes behind you.
When entering the debt relief procedure, having the right expert in your corner is as important as choosing the right pathway.
Consumer proposals and a Sarnia licensed insolvency Trustee provide a match made in heaven.
For the sake of speed, convenience, peace of mind, and future financial health, this is the best solution.
Bankruptcy Canada can help you start the process in style before leading you to the outcome you deserve.
To learn more and gain a full audit of your financial situation today, call us on (877) 879-4770.