Guest Commentary by Douglas Hoyes, BA, CA, CBV, CIRP, Trustee in Bankruptcy, Consumer Proposal Administrator
Over the years I have met with thousands of people, and in almost all cases they want to deal with their debts, but they don’t know where to start. “Joe” is a typical case; things were going well for him, but he was laid off for a while, and used credit to survive. He’s back to work now, but can’t keep up with his bills.
For Joe, the consumer proposal became the best option for four reasons:
- His monthly payment is lower;
- He doesn’t lose his tax refund;
- He can work overtime, and not worry about the payment going up, since in a consumer proposal the payment is fixed;
- It’s simple; all he has to do is make the payment each month, and he’s done.
Of course a consumer proposal is not the right option for everyone. If Joe was still laid off, he couldn’t afford a consumer proposal. That’s why before you decide what to do you should contact a licensed consumer proposal administrator. If they are licensed by the federal government they won’t charge an up front fee, so you can fully evaluate your options before you make a decision.