Saskatchewan Consumer Proposal

Embrace Financial Freedom with Saskatchewan Consumer Proposals

When the weight of financial obligations becomes unbearable, Saskatchewan Consumer Proposals can offer a lifeline. These legal agreements, regulated by the Office of the Superintendent of Bankruptcy, provide a practical route to conquer your debt problems.

For countless Canadians, this solution has proven to be a game-changer, helping them regain control of their financial situation and offering a fresh start.

Understanding Saskatchewan Consumer Proposals

A consumer proposal is a negotiation process between you and your creditors, aiming to settle your unsecured debts. Typically, these proposals result in the repayment of only 30-70% of the total amount owed, making it a viable alternative to bankruptcy.

This financial tool primarily addresses unsecured debts. Here are some types of debts that can be included in a consumer proposal:

  1. Credit card debt
  2. Lines of credit or bank loans
  3. Payday loans
  4. Income tax debt
  5. Medical bills
  6. Old bills that have gone to collections
  7. Student loans (within certain limitations)

However, it’s important to remember that secured debts (debts attached to an asset like a house or car) are not covered under a consumer proposal.

The Benefits of Filing a Consumer Proposal

There are several reasons why you might consider filing a Saskatchewan Consumer Proposal:

  • It offers immediate relief from crushing debt
  • It protects against wage garnishments and legal actions from creditors
  • It consolidates your debt into a single manageable payment
  • It’s often less costly than other debt repayment options
  • It provides a fresh financial start without the stigma of bankruptcy

Eligibility for a Consumer Proposal

To be eligible for a consumer proposal, you need to meet the following criteria:

  • You are insolvent (your debts exceed your assets, or you cannot keep up with your debt payments)
  • You cannot afford to repay your entire debt along with interest, but can pay a portion of it
  • Your total debt amount (excluding the mortgage) is less than $250,000
  • You are a resident of Canada or own property in the country

Licensed Insolvency Trustee (LIT): Your Debt Solution Partner

A Licensed Insolvency Trustee (LIT) is a professional authorized and licensed to file a consumer proposal on your behalf. An LIT can help you understand your financial situation better and guide you through the different options available for dealing with debt.

Comparing Debt Solutions: Consumer Proposal vs. Bankruptcy vs. Consolidating Credit

Before deciding on a Saskatchewan Consumer Proposal, it’s important to compare it with other debt relief options.

Consumer Proposal

A consumer proposal allows you to pay back a portion of your debt within 5 years and keep certain assets. This record stays on your file for 3 years following your last payment.

Declaring Bankruptcy

Declaring bankruptcy can get you out of debt in 9-21 months, but it remains on your record for 6 years (or 14 years if it’s your second bankruptcy).

Consolidating Credit

Consolidating credit involves refinancing your home or applying for a loan to cover your debts. You can set up an affordable single monthly payment at a fixed, reduced interest rate.

Evaluating Your Situation: Do You Need a Consumer Proposal?

You might need to consider a Saskatchewan Consumer Proposal if:

  • You are living beyond your means
  • You are misusing credit cards
  • You lack money management skills
  • You don’t have a budgeting plan
  • You are avoiding addressing your debt
  • Creditors are increasing collection actions

Seeking Professional Help

Dealing with financial distress can be overwhelming. But remember, you don’t have to face this challenge alone. Professional help is available, and making the first step towards seeking it could change your life.

Saskatchewan Consumer Proposals can be your path to financial freedom. Get started today and arrange a free, confidential consultation with a Licensed Insolvency Trustee. Call us  or fill out our quick online form for more details.

Final Thoughts

Financial struggles can seem insurmountable, but there’s always a way out. A consumer proposal could be your ticket to a debt-free future. Take that first step today – you owe it to yourself.

Find Your Personal Debt Relief Solution

Licensed Insolvency Trustees are here to help. Get a free assessment of your options.

Discuss options to get out of debt with a trained & licensed debt relief professional.