Proposal
We resolve. You restart.
What exactly is a proposal?
- A settlement offer to repay your debt and rebuild a sound financial reputation.
- An alternative to bankruptcy
- A legal process administered by a licensed insolvency trustee (LIT).
The proposal process step-by-step
- Meet with one of our counsellors to assess your financial situation and determine your ability to pay.
- With the LIT, prepare a settlement offer which will be submitted to your creditors. You will then be protected against all collection proceedings.
- When the offer is approved by your creditors, you will only need to make monthly interest free installments.
- Once your proposal is completed, you will be discharged from your debts.
Advantages of the proposal
- Reduces the total amount of debt and simplifies debt management.
- Stops interest accumulation.
- Subject to the approval of your creditors, the amount of your payment is set according to your budget.
- Flexible payback period.
- Two free budget counselling sessions.
- Protects you against certain legal proceedings, including garnishment. Ends collection action by your creditors