The Advantages Of A Consumer Proposal For Individuals In Victoria Explained By 4 Pillars
As a credit consulting firm in Victoria, 4 Pillars provides independent debt consultants to work with individuals struggling with debt issues. These may be one specific type of debt, such as home foreclosure, but they typically include multiple types of debt, including credit cards, student loans, and even vehicle loans.
Each individual or couple that comes into our office in Victoria is unique. This means that our debt consultants complete an assessment of the debt and the financial situation for the individual or couple, and then recommend different strategies to pay off the debt.
One of the possible options for those who qualify is a consumer proposal. Our 4 Pillars consultants can explain the benefits and possible challenges to this option to each individual, answering questions, and ensuring full understanding of the option and the process to see if it is the best resolution of the situation.
No Loss of Assets
A benefit to the consumer proposal and one that is discussed with your 4 Pillars debt consultant is the ability to keep your assets. This means the individual or family does not have to give up their home, vehicle, or other assets, which is a significant sense of relief for our clients. Its also important to understand, a consumer proposal is a formal process filed with a Licensed Insolvency Trustee.
One Monthly Payment
A consumer proposal allows the individual to pay off the debt with just one payment per month. This reduces the risk of missing a payment to a creditor when trying to juggle multiple payments over the months.
In most cases, the single monthly payment is actually less than the multiple smaller payments that would have been made to the individual creditors. This allows for faster overall repayment of the debt. Additionally, interest is frozen during the repayment process, and the total duration of the payment does not exceed five years.
To discuss your options for debt repayment, talk to the team at 4 Pillars Debt Consultants. To schedule a free consultation, call us at 866-690-3328.