Are You Panicked with Debt? Leverage Our Consumer Proposal Service Edmonton
These statistics show that debt is a significant problem for many people in Edmonton. Of course, conditions in Calgary, Lloydminster, & Alberta are not much more encouraging than in Edmonton.
The Debt Condition in Edmonton:
- The average household debt in Edmonton is $195,000.
- The average credit card debt in Edmonton is $6,000.
- The average student loan debt in Edmonton is $28,000.
- The average mortgage debt in Edmonton is $300,000.
You may consider a consumer proposal if you are struggling with debt settlement in Edmonton, Calgary, Lloydminster, & Alberta. A consumer proposal is a legal alternative to bankruptcy that can help you in your debt settlement in Edmonton and get a fresh start.
What Is a Consumer Proposal?
A consumer proposal is filed with a Licensed Insolvency Trustee (LIT). The LIT will negotiate with your creditors on your behalf to reach an agreement on a reduced payment plan. If the creditors agree to the proposal, you will be legally obligated to make the payments.
What Are the Benefits of a Consumer Proposal in Debt Settlement in Edmonton?
There are several benefits to filing a consumer proposal in Edmonton, Calgary, Lloydminster, & Alberta.
- First, it can help you reduce your debt by up to 50%.
- Second, it will stop all collection activity from your creditors.
- Third, it will not affect your credit rating as much as bankruptcy.
If you are considering a consumer proposal, speaking with a LIT to learn more about your options is essential. Many LITs in Edmonton, Calgary, Lloydminster, & Alberta can help you file a consumer proposal and get your finances back on track.
The LIT can help you understand the consumer proposal process and determine if it is the right solution for your financial situation. It can also help you file your proposal and negotiate with your creditors.
If you are struggling with debt, don’t wait to get help. Contact Credit720 in Edmonton, Calgary, Lloydminster, & Alberta today to learn more about your options.
Things To Keep in Mind About Debt Settlement Through Consumer Proposals in Edmonton
Here are some additional things to keep in mind about consumer proposals in Edmonton, Calgary, Lloydminster, & Alberta:
- The cost of a consumer proposal in Edmonton varies depending on the debt you owe and the LIT you choose. However, it is generally less expensive than bankruptcy.
- A consumer proposal will stay on your credit report for three years. However, it will have less of a negative impact on your credit score than bankruptcy.
- If you file a consumer proposal, you will be required to make monthly payments to your creditors for a period of up to five years.
- If you fail to make your payments, your consumer proposal may be revoked, and you could be forced into bankruptcy.
Finally
If you are considering a consumer proposal for your debt settlement in Edmonton, it is essential to weigh the pros and cons carefully. A consumer proposal can be a helpful tool for getting out of debt, but it is not suitable for everyone. Consult our experts at Credit720 in Edmonton, Calgary, Lloydminster, & Alberta today to learn more about your options.