You work hard but you still have debt, have a good job and a nice place to live but you are still carrying debt. Managing your bills is ok, you’re able to stay afloat – but at the end of the month, you still have debt. What you might not know, is that the path to debt freedom can begin with a Consumer Proposal.
A Consumer Proposal can change your life and help you overcome the burden of your debts. During the proposal process you will learn to adjust to a life without credit cards. A proposal is an opportunity to gain a new perspective on managing your money and accomplishing your financial goals.
You will need the help of a Licensed Insolvency Trustee to get a Consumer Proposal started. After you have committed to your new repayment plan, and your creditors have accepted the terms, your life will begin to change in the following ways:
A Consumer Proposal Stops Creditor Calls
Dealing with debt collectors can be very stressful. When your bills are piling up a Consumer Proposal can protect you from aggressive or harassing creditor calls. Reducing stress and aggravation in your life allows you to focus on your job, family, and most importantly, your health. Health experts agree that how we approach day-to-day life challenges (including financial trouble) can help to decrease our risk for many known stress-related health problems. When combined with a healthy lifestyle, a Consumer Proposal can change your life by eliminating financial stress and increasing your chances of avoiding many serious threats to your health.
No More Interest Payments
A Consumer Proposal is a deal that you make with your creditors. We can help you offer a reasonable monthly payment over a maximum of five years. Creditors will stop charging interest on your debts once the proposal is accepted. The remaining balance on these debts will be written off at the end of the process. Without interest charges to inflate what you owe, your debts will never grow. Your debts are frozen in time at the balance you owe today – if you stick to the terms of your proposal.
Budgeting and Savings
Included in the Consumer Proposal process are two counselling sessions where we discuss budgeting and savings strategies. One of the many benefits of filing a proposal is that your income is not monitored. A Consumer Proposal gives you the freedom to take any additional income that you earn (for example, tax refunds, bonuses at work or a move to a job with a higher salary), and use it where you need it most. We can help you set yourself up for success with smart budgeting and strategic savings tips. Adjusting to your new financial reality can be very exciting! You will begin to realize you have money in your budget to save for emergencies and plan for irregular expenses.
Goal Setting and Rebuilding
Once you have addressed your debts in the present, you will want to think about your future plans. Setting new financial goals beyond the end of your proposal will encourage you to work towards the future. Whether your goal is to save for a vacation, purchase a home or a new car, return to school or start a new business venture, your future plans should be realistic. Let us provide you with tips on how to work towards your financial goals and teach you how to rebuild your credit. Our experts will give you lots of useful information that can be used both during and after your Consumer Proposal.
Are you ready to change your life with a Consumer Proposal? In one simple phone call we can schedule a free consultation to review all of your proposal options. Let the experienced Spergel team help set you on the path to debt freedom. Call us today: 310-4321 to book your free consultation.