The main reason most people consider filing a consumer proposal is that they want to stop the companies they owe money to (their creditors) from calling. Unfortunately many “debt consultants” take your money, but don’t actually talk to your creditors! Why? Because their strategy is for you to avoid your creditors for as long as possible in the hopes that by avoiding them they will be more agreeable to making a deal on your debts.
“Hiding” is generally not a good financial strategy.
As with most problems in life, it is generally advisable to be proactive, and deal with the issues immediately, before they get worse. That’s why when you file a consumer proposal or bankruptcy with Hoyes Michalos, we immediately notify all of your creditors, so that the phone calls stop as quickly as possible. We electronically communicate with your creditors, so in most cases your creditors will have your filing information within five days.
As I explain in this video, once your consumer proposal administrator files your proposal, you no longer talk to your unsecured creditors. That’s your administrator’s job:
Your administrator works with you to create a debt plan that is affordable for you, but is also likely to be acceptable to your creditors. It’s a win-win situation.
Why will the creditors deal with your consumer proposal administrator? Because they are licensed by the federal government to administer proposals. The creditors understand that it is in their best interests to make a deal so they get something, so in almost all cases we are able to work out a deal that is acceptable to all parties.
Contact a federally licensed consumer proposal administrator today to find out how a proposal can stop the collection calls.