A consumer proposal is considered as the top alternative when you have to overcome the issues like bankruptcy for any good reasons. You can consider the proposals as the only government-approved debt settlements. As per the survey, 6 out of 10 people are choosing this option for getting rid of such financial crises. There are lots of benefits with this process when you choose the right procedure and norms of Vancouver. Here are the lists of benefits you can have when you opt for the Consumer Proposal Vancouver.
Most people need debt relief, but they want to avoid filing the bankruptcy. If you would like to repay what you can, opting for the customer proposal would be the safe and alternate option. You can discuss with the right and Licensed Trustee to apply for the Consumer Proposal Surrey. You can just look into any search engine to find them in Surrey, and you can find them easily. The creditors will generally accept the consumer proposal if you offer more than they expect to receive through the bankruptcy.
Get creditor protection
As the legal process under the bankruptcy and insolvency Act, the customer proposal will offer creditor protection that will stop the collection calls and wage garnishments. Once the customer proposal is approved by the creditors, it will be binding on all the creditors.
Less monthly payments
On any customer proposal, you negotiate to repay only a particular portion of the debt. It is not an unusual thing to see the debts reduced by as much as 70% of the original amount owed. Such a customer proposal is one of the best and the safest consolidation options you have to opt for. The interest stops during this period in significant savings over the debt consolidation loan or the second mortgage.
Avoid surplus income
Unlike bankruptcy where the more you earn the more you pay, the credit proposal Vancouver will have a fixed payment that will not increase at any time. If you expect your income to increase, it is always better to choose the customer proposals when compared to the bankruptcy.
Keep the assets
One of the biggest advantages of the consumer proposal is the facts that your assets are protected. You can keep all the assets in the proposal that includes any tax refunds, equity and investments in the home.
The bottom line
It is not only important to maintain sound financial health, but it is also important to have them from the perspectives of the financial bodies as well. So, ensure you are opting for the right decision like the consumer proposal in Surrey. When you are aware of any of the legal norms or procedures, you can visit the professional bodies and seek help from them.