Consumer Proposal Explained Stopping Interest on Debt | 70-80% Canadian Debt Relief

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Canadian Governments Website. What is a Consumer Proposal
https://ised-isde.canada.ca/site/offi...

Recommended Licensed Insolvency Trustees. (Please do your own research)
1: Farber: https://www.afarber.com/
2: Hoyes Michalos: https://www.hoyes.com/consumer-propos...
3: David Sklar: https://davidsklar.com/contact/

"This video is not sponsored. not legal advice. not financial advice.. Not intended to solicit any clients or customers currently under contract with any brokerage, corporation, or other business entity. The views expressed on my channel are my own and do not reflect or target any specific individuals or specific companies unless directly named by the specific name of an individual or company. Not Sponsored video"

#consumerproposal #Debtrelief #canadiandebtrelief #Consumerproposalvsbankruptcy #bankruptcy #Consumerproposalexplained

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If you owe between $1,000 and $250,000 in unsecured debt. Your debts can be settled legally through a consumer proposal filed with a Licensed Insolvency Trustee. Before I get into it, here are some points of the consumer proposal that you need to keep in mind.

A consumer proposal is not a bankruptcy. If you file for a consumer proposal you stop creditor actions like collection calls, court actions and wage garnishments while you negotiate your debt settlement. No payments or fees are required until your settlement proposal is filed with the government and you receive full creditor protection. A CP covers all of your unsecured credit card and lines of credit debits including CRA debt. You will not, lose your tax return, your home, your car, your RRSP’s, RESP’s, & Investments and you will not lose your ability to sponsor your spouse for immigration into Canada. Now that I’ve said that, lets continue.

In comes the Consumer Proposal which is under the bankruptcy and insolvency act but not a bankruptcy. It’s a formal, legally binding process that can only be administered by a Licensed Insolvency Trustee. The Trustee will work with you to develop a "proposal" which is an offer to pay your creditors a smaller amount then the total full amount of your debt. Here it is again.

The government of Canada legitimately offers a debt-relief program, called the consumer proposal, which can reduce your debt by up to 80% through a negotiated settlement with your creditors without interest or penalties. The remaining debt is repaid based on what you can afford on a monthly basis without interest. So you can get out of debt without ever declaring personal bankruptcy or resorting to costly debt consolidation loans that have ongoing interest accruing.

Are you struggling with debt and looking for relief? In this video, we explore the options available to Canadians seeking to stop interest on their debt and reduce their overall burden. From the 70-80% debt relief offered through a consumer proposal to the various options for stopping interest on credit card debt, we break down the pros and cons of each approach. Don't get scammed by predatory debt relief companies - watch this video to learn how to protect yourself and get the information you need to make an informed decision about your financial future. With valuable insights and expert advice, this video is a must-watch for anyone seeking debt relief in Canada

So Here’s what happens when you file a consumer proposal. Taking into account all of your regular household expenses, a license insolvency trustee will negotiate an amount that you can afford to pay based on your debts and income. Then prepare and distribute a proposal to your creditors requesting a settlement that is less than the full amount of debt you owe. No creditor can refuse participating in the debt settlement process because it has been brought into law under the bankruptcy and insolvency act.

Once again. If your consumer proposal is accepted by your creditors. You will pay back less than what you owe. Often 70-80% less. Debt collection calls will stop immediately. All high interest charges will stop! You will make one low monthly payment directly to your Trustee consolidating all your debt, without interest and without penalties.

Only Licensed Insolvency Trustees are federally regulated by the government to guide you through the process of filing a CP.