Is A Consumer Proposal The Right Solution?
Contact D. Thode & Associates for a FREE “know your alternatives” consultation. We are a Licensed Insolvency Trustee – Proudly Serving Kamloops and the Province of British Columbia since 2003.
A consumer proposal is a possible alternative to bankruptcy.
If you are eligible for the process, we can work as an administrator between you and your creditors to restructure your debt payments to make your monthly debt payments more manageable.
A consumer proposal is a negotiated settlement between debtors and their creditors, mediated by a licensed insolvency trustee, acting as an administrator under the consumer proposal. It is legally binding negotiated settlement, so once the terms are fulfilled, the debtor is legally released from all debts. Consumer proposals are generally only available to people who owe less than $250,000 (not including debts like a mortgage).
Other Common Questions About Consumer Proposals.
What is the Process?
We’ll work with you to determine what kind of monthly payment you can afford. We will need a complete list of your assets and liabilities to figure out a fair solution for you and your creditors. Then we’ll present a proposal to your creditors that will consolidate all your debts into one easy monthly payment. You can usually discharge all of your debt over a few years of payments.
What If My Proposal is Rejected?
Creditors have 45 days to accept or reject your proposal. If it is rejected, we can make changes to the proposal and resubmit it. We can also consider other options to pay your debts, or (after we have exhausted all other options) you can declare bankruptcy.
What Happens If I Miss a Payment?
If you cannot make the monthly payments required by the proposal, it can be annulled. If the proposal is annulled, you and your creditors will be in the same situation that you were before the customer proposal was presented.
Watch This Quick Video On Consumer Proposals
Alternatives To Consumer Proposals
In some cases, your financial situation may require ultimately declaring bankruptcy. Learn more if declaring bankruptcy is the best solution for you.
When credit card debt and other high interest loans get out of control, it may be time to consolidate your debts. A Consolidation Loan is offered by your bank or other financial institution. All of your debts will be rolled into one lower monthly payment with a lower interest rate.
Kamloops B.C. Offices
546 St. Paul Street #340, Kamloops, BC V2C 5T1
Call Us: 250-372-5353
Directions To Kamloops Offices: The Kamloops office is located in the Medical building (Life Labs) on St. Paul Street, between 5th and 6th Ave. across from the police station. Suite 340
Map to Kamloops Offices
We understand the difficulties during this time. Contact us at D. Thode & Associates to determine the right financial alternative for you.
Our B.C. Offices
Should you require consumer proposal counselling outside of Kamloops & Area, D. Thode & Associates has several offices to serve you throughout British Columbia.