A consumer proposal is a type of formal debt solution designed for individuals who are struggling to pay off unsecured debts, like credit cards, personal loans, or medical bills. While it is not a decision to be taken lightly, there are several signs that can indicate a consumer proposal may be the right solution for you.
Here are a few of the signs that you may want to consider a consumer proposal:
- Overwhelming debt — If your debt has become unmanageable and you are struggling to keep up with minimum payments, a consumer proposal may provide some relief. When your debt is too high to pay off within a reasonable timeframe, a proposal can help you propose a reduced amount to settle your debts.
- Constant creditor calls — Constant harassment from creditors or collection agencies can be stressful. If your phone rings nonstop and you cannot keep up with the demands of collectors, a consumer proposal can put an end to these calls and provide you with legal protection from your creditors.
- Inability to pay bills — Are you having a hard time paying your bills and regularly missing payments? It may be time to consider a consumer proposal. This can provide a manageable payment plan based on what you can afford, which helps reduce financial pressure.
If you identify with any of these signs, consulting with us at Morgan & Partners Inc. can help you determine if a consumer proposal can help you regain control over your financial future. To learn more about what a consumer proposal is and what it does, contact us today.