Month: February 2017

The Top Advantages Of Filing Consumer Proposal In Ottawa

Posted on February 28, 2017 in My Blog


A consumer proposal is becoming relatively popular in Ottawa. For those, who don’t know what consumer proposal is, it is nothing but an agreement, in which a debtor repays only a portion of the owed money to the creditor. There are many advantages in successfully filing Ottawa consumer proposal, which will be discussed here. This is very different from filing bankruptcy, which offers many disadvantages to the debtors. You may seek an attorney to get more help and clarity on your on-going debt problems. An efficient attorney could tell you the legal ways available to get relieved from the debt. Visit to know more information on the attorney.

First and foremost advantage of the consumer proposal in Ottawa is that it offers a proactive solution to your debt problems, while many other options only after a reactive solution. By successfully filing a consumer proposal, you would be able to get the control of your financial health. You will also be able to get the back the esteem, which you lost because of the debt issues.

Options like debt management plan and loan consolidation do not reduce your repayment money. Though you may qualify for these options, you still have to pay the full amount with interest. On the other hand, consumer proposal offers an affordable solution as you are going to pay only the portion of the total debt amount. With consumer proposal, you pay money in a monthly instalment, which is reasonable and affordable to you. In this way, the consumer proposal allows you deal with your debt and finance under your control.

Consumer proposal offers a quick protection from the debtors. After you have successfully filed the consumer proposal, no creditor and its collection agency can harass you or threaten you to take the court. The creditor cannot change his mind later after the proposal or agreement is made. So the debtor can feel more peace of mind, upon successfully filing the consumer proposal.

Many people feel that filing bankruptcy is one of the effective options to get relief from the debt problems. But the fact is that bankruptcy does not offer a long lasting relief. When you file bankruptcy, you have to provide your personal finance details to the court and creditor. You may have to repay more if your income increased in the future. Moreover, bankruptcy will also make a huge dent in your credit score. With consumer proposal, you only pay what the creditor agreed when drafting the agreement. Under no circumstances, the creditor can ask you pay more.

With bankruptcy, you may need to lose your asset to the creditors. The consumer proposal is not very risky, and your properties have very less chance of being secured by the creditors. If you want to successfully file consumer proposal in Ottawa, you need to find good financial consulting service. There are many legal formalities and procedures associated with filing a consumer proposal. By seeking the service of an expert, you would be able to successfully file a consumer proposal without any hassles and frustrations. Just search the Internet to find all the financial consulting services in Ottawa.