When it comes to consumer proposals, it is rare that people are learning about them for fun. Instead, it is much more likely that someone looking for information on the subject is struggling to pay their bills, meet their payment obligations and control their finances adequately. This makes understanding the process and the potential benefits of the service an important part of the decision-making process.
This is just one of the reasons that today, reynoldshelp.ca is bringing you more information about consumer proposals. Specifically, we aim to answer the following question: Are consumer proposals worth it?
In answering this question, a few things are important to discuss. The way the question is formatted gives us a clue to the first topic of discussion, namely, what are the drawbacks of consumer proposals? Surely, if there is a debate about whether or not they are worthwhile, some negatives must exist in the process, facilitating the need for the question.
So, what are the typical outcomes of a consumer proposal? First, you will have to attend financial literacy training to avoid similar incidents in the future. You will also have to agree to a payment plan that will take a certain portion of your income to pay down your debts. Additionally, any unsecured assets may have to be sold or liquidated in order to reduce your debt and monthly payments.
These consequences, and more, can make the decision to pursue a consumer proposal a daunting one for sure. However, you may also want to consider reframing your perception of the ideas above, as many of them are actually positive results more than they are negative. Take, for instance, the financial literacy training. Doesn’t it seem much better to know how to make a budget, save for large purchases and manage your credit? Especially when the alternative is constant stress about whether or not you will have to deal with debtors or financial hardship.
Still, this is only one part of the many benefits that consumer proposals actually provide. Your Licensed Insolvency Trustee (LIT), for example, delivers a wealth of knowledge, information and experience right to you. They give you personalized advice and planning for your finances while also dealing with your debtors in an upright and straightforward manner. They also draft all the documents and only receive payment upon the successful completion of your consumer proposal.
Plus, the entire program of consumer proposals is overseen by the Federal Government of Canada. This means that it is organized, monitored, controlled and regulated by the highest government in our country, ensuring that you are treated fairly and with dignity and respect. The same cannot be said for payday loans or other financial advisory services.
So, when it comes to answering the question of whether or not consumer proposals are worth it, the answer is clear. Yes, absolutely, they are worth it. Federally protected, aimed at securing the best outcomes for all parties involved and designed to reduce the likelihood of repeat problems, this is a valuable and worthwhile service for anyone struggling with debt or financial obligations.