A consumer proposal is usually used to avoid bankruptcy and to get rid of your debts permanently. You can start with proposing a settlement amount to your creditors and once the offer is approved your debts will be done after the payments.
You will find this article to be interesting to know more about consumer proposal. Moreover, if you wish to choose an attorney to file the proposal, then you can look into http://www.attorneys.com based on your zip code to find one locally.These will not cost you anything as they never charge.
Many debt companies charge you unnecessarily so you should do some check before you start to work with the company. Consumer proposals are a great way to clear off your debts, but you should know the dos and don’ts.
The interest rates will be fixed, and they don’t recur over and over again. Once you start with the payments on a regular basis, your creditor will stop calling you, and if you are late in paying the amount, then you can call the creditor upfront and let them know that you will not be paying the due amount that month. You can also intimate them on your next payment, so they will not call and disturb you asking you to pay.
When you have more money, you cannot pay more than the scheduled amount as excess income is not included in the consumer proposal. There is no particular timeframe to do your payments. The payment can be stretched to 60 months to reduce the monthly payment which is free of interest.
Many companies offer a couple of counseling sessions to understand your current scenario and to discuss the steps to be followed which in included along with the fees. When you make use of consumer proposal, then the credit rating will be better than bankruptcy.