Are you deep in debt and are looking for a way out? You may not have to file for bankruptcy. The video below contains five reasons why people have used a consumer proposal to resolve their debt problems in Victoria.
#1: A consumer proposal lets you keep all your assets
When a consumer proposal is set up, you are protected from your creditors. All wage garnishments cease. There’s no danger of creditors chasing your assets. Life continues unhindered.
#2: Your payments are manageable and no interest is added
A consumer proposal is designed around you, your income, and your ability to repay debt. The consumer proposal laws in BC allow you to arrange a proposal usually based on a percentage of your unsecured debt.
#3: A consumer proposal in Victoria is cheaper than bankruptcy
There is no direct cost with a consumer proposal made in BC. You pay your Licensed Insolvency Trustee for their work. Unlike bankruptcy, you won’t pay fees for consultancy, or admin.
#4: It’s easier to arrange a consumer proposal than file for bankruptcy
Bankruptcy is a more complex process. In BC, the consumer process is a relatively simple process. You most likely won’t have to attend court. There are no monthly reports to make to trustees. Consumer proposals are usually in place within 45 days. Providing you make payments on time, you will live your life undisturbed by creditors and legal teams.
#5: You get to move on financially straight away
The terms of a consumer proposal are legally binding. Your creditors cannot chase you for more money than agreed in the proposal. You could get a better paid job, inherit a lump sum, or win the lottery. The extra money will be yours to keep.
Additionally, your credit rating is less affected by a consumer proposal than bankruptcy. A consumer proposal is on your credit report for only three years after completion. Bankruptcy remains on file for six years.
What to do now
If you owe less than £250,000 and are facing bankruptcy, it’s time you explored all your options. You could:
- Keep your assets
- Repay debt according to your means
- Arrange your finances more cheaply
- Unburden your finances faster and more easily
Your life doesn’t have to end because of debt problems. However, only Licensed Insolvency Trustees can provide access to consumer proposals. G. Slocombe and Associates have helped thousands of people become debt free. Call us today. The sooner you take action, the sooner you could get your life back on track.