Consumer Proposals – Joe’s story

Douglas Hoyes, CA, Consumer Proposal Administrator

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:

  1. His monthly payment is lower;
  2. He doesn’t lose his tax refund;
  3. He can work overtime, and not worry about the payment going up, since in a consumer proposal the payment is fixed;
  4. 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.

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