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Pros & Cons of Consumer Proposal

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Pros & Cons of Consumer Proposal

Pros of Consumer Proposal


Cons of Consumer Proposal

You can pay off your debt for less than the full amount Consumer offers are more expensive than other debt reduction options, such as debt management plans.
Pay off your debt in one consolidated payment, which is easier to manage than juggling multiple payments. This proposal will become part of a permanent public register.
Interrupting the process by sending a letter of recommendation protects you from lawsuits and enforcement actions, such as recovering your salary. Repaying the loan at the consumer’s request will have a negative impact on your creditworthiness.
Eliminate 60 or less unsecured debts. This agreement is legally binding and the fees paid are non-refundable in the event of a breach.
You can avoid more serious credit losses due to bankruptcy, debt repayment, or default.  
In the event of bankruptcy, you can protect yourself from the sale of assets such as your home and car.  
Once you agree, your payment will be approved and will not increase regardless of whether your financial situation improves.  

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