So often, we find ourselve s (at least in my office!) talking about how great consumer proposals are, how much they help folks save their homes or reduce their debt costs (both, really) and how they offer a good alternative to filing bankruptcy.
Yesterday I had the pleasure of meeting with a client who was just completing their proposal with us.
About two years ago, this client had come in with significant stress – a job loss had led to debt that could not be paid in full. He had recently found work again but his creditors were threatening to garnish his wage, or even sue him to seize his house.
We talked about filing bankruptcy, but he was certain he could pay something towards his debts.
We worked out a consumer proposal, where he offered to pay his creditors about 33 cents on the dollar, over four years. He kept his home, car, and RRSP’s he’d build up in his last job.
Over the past two years, his income rose, he received a couple of decent sized income tax refunds (which you keep in a proposal) and he was able to make payments more quickly than he’d believed he could. One nice feature of a proposal is that you can pay it faster if you are able, and that actually reduces the amount of time the proposal affects your credit.
The client came in yesterday to make his final payment, and to thank us for our help. No thanks are necessary, we’re happy to do our jobs, but we always like to hear a success story, that’s for certain.
Interested in your options? Give us a call at 866-747-0660 or 519-435-1500, let’s get started on a plan to deal with your debt.