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Debt management plan vs. consumer proposal  (Read 1342 times)
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broke
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« on: Sep 24, 2009, 08:48 AM »
I did a research on both debt management and consumer proposal, and am not sure what are the difference between the two, and which one is the better option? It seems like both of them are a way to negotiate with creditors...
Awker
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« Reply #1 on: Nov 07, 2009, 01:08 AM »

Credit counselling stops interest and fees, but you need to pay all debts in 5 years, the full amount. The sooner you pay it off. you have 2 years from that date for it to wiped out from the credit bureau. Rating of PP meaning you negotiated to pay back all your debts.

Consumer proposal is that you negotiate a portion of debt to be repaid 30% instead of 100%, it affects you for 5 years in your credit bureau.  R7 rating meaning bankrupt

It all depends on your financial status. How much you make, How much debt etc..

 both of them negotiate with creditors
splash
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« Reply #2 on: Mar 14, 2010, 08:18 PM »
Please clarify for me...if you ask for help with debt management company they can get the interest frozen or cut and then just pay off from that point onward for 5yrs.?  I so need to breath again myself...paying from pay to pay just to do the credit card & loan isnt a way to live no more. I have a good job also for over 20yrs with the same company..want to pay my debt but need a break from high interest or no interest would help for sure.  Credit counselling or credit management are they the same ? Sad
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