A consumer proposal is a debt settlement that legally binds you and your creditors. This process officially helps you repay your debts with an extended timeframe. So, herein is a simplified way of filing a consumer proposal.
1. Contact A Licensed Insolvency Trustee
This should be your first step to approach consumer proposal Toronto services and get a consultation regarding the debt assessment. The trustee will help you understand the different debt relief options available for you, and if you should go ahead with the consumer proposal solution.
2. Prepare Documents
Once you are sure about filing a consumer proposal, determine the total debt you owe to all the creditors. Then the trustee will help you in preparing and filing all the necessary documents to propose the debt settlement.
3. Meeting with Creditors
Once you are done filing the proposal, the creditors will be notified about the same and may ask for a meeting to discuss the proposal in detail. Your trustee will attend the meeting with you to negotiate terms that are beneficial to you.
4. Meet the Proposal Terms
Now that the proposal is accepted, you need to attend the counseling sessions to manage the finances for proper repayment. Once the payments are completed, you will receive a certificate stating that you do not owe any debts against any of the creditors.
Tada! You are free from all the debts with the help of consumer proposal Toronto services and can start building your credit score again.