If you have a lot of debt, this can be very stressful. This is especially true if you are having problems repaying the money that you owe. You can get some relief by hiring consumer proposal secured debt services. Below is more information about this so that you can decide if it would benefit you.
Consumer Proposal Debt Services
When you hire a consumer proposal debt service, they will determine the amount of money you owe. In order to do this, they will ask you to bring all loan statements, such as credit card statements or statements from personal loans you may have. The debt service will first determine the interest rates you are paying as well as if you are late on any of your payments. Once the consumer proposal debt services have all the information they need, they will start to devise a plan to help you get out of debt quicker than you could on your own.
Once all information is acquired, the debt service will work with your creditors to come to an agreement of what you need to pay. In some cases, creditors may allow you to pay less. The agreement you and your creditors come up with will have to be approved by a court of law.
You will have to pay a fee for the debt service. How much this is will depend on the company that you hire as well as how much debt you have.
Helpful Information About Consumer Proposal Debt Services
You cannot include all debts in a consumer proposal. For example, in most cases, you cannot include a student loan. This is especially true if you have not had the loan for a long length of time. You can include mortgage payments if you are behind as well as all credit cards you owe, personal loans, and much more.
If you have secured debits like a car loan, these cannot be included in your consumer proposal. You also cannot include assets that are tied to the secured debts, such as a house or a vehicle. This is because creditors look at them as assets that you could sell to pay back the debt quicker.
If you fail to make an agreed-upon payment, you will not be able to apply for another consumer proposal. Instead, you would need to declare a bankruptcy instead. This happens if you miss a certain amount of payments, such as three in a row.
Talk to the consumer proposal secured debt services company that you hire to learn much more.