August 5, 2023
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.