At Morgan & Partners Inc. in Barrie & Milton, ON, we offer consumer proposal services that can help you get back on track with your finances.
Overcoming financial troubles is not always easy, especially if you are trying to do it alone. At Morgan & Partners Inc., we offer consumer proposal services that can help you get back on track with your finances. There are a ways to tell if you may need professional help with your financial situation. If you feel overwhelmed by the amount of debt you owe, if you notice that you are frequently going outside of your spending limits, or if you are only able to pay minimum amounts towards your debt, you may benefit from consumer proposal services from us at Morgan & Partners Inc.
When we put together a consumer proposal for you, we will send requests to your creditors, offering a settlement plan. Advantages of consumer proposal services include eliminating interest, easing monthly cash flow, paying less money overall, and avoiding bankruptcy.
FAQs About Consumer Proposal Services
Here at Morgan & Partners Inc., we want to help you get control of your finances, and one of the ways we do that is by offering consumer proposal services. Below, we have put together a few of our most frequently asked questions on the subject to give you the information you need to make the best choice for your situation.
How does a consumer proposal work?
A consumer proposal allows you to change the way you are paying off your unsecured debt. For example, you can arrange to pay part or all of the debt in monthly installments over a set period. In addition, our consumer proposal services can help you negotiate with your creditors to extend your timeline for repayment, reduce interest, or even reduce the total amount to be paid.
How can I tell if your consumer proposal services are right for me?
What are the qualifications for consumer proposal services?
To qualify for consumer proposal services, your total debts must not exceed $250,000. However, the mortgage on your primary residence is not included in these calculations.
What’s the difference between a consumer proposal and bankruptcy?
A consumer proposal allows you to change your payment arrangement with your creditors, adjusting the length of your repayment plan (to a maximum of 5 years) and the total amount to be repaid. Conversely, bankruptcy typically forgives debts to unsecured creditors, giving you a clean financial slate. In addition, bankruptcy will reset your credit rating on each applicable account to the lowest possible level (R9), while a consumer proposal will have a less severe impact, putting it at R7.
