Dealing with debt collectors can be a pretty unpleasant experience. Although there are regulations in place, debt collectors have been known to call at inappropriate times, threaten to sue you and sometimes even harass other members of your family to try and get you to repay your debt.
If you’re struggling financially, dealing with debt collectors can add to your debt stress.
One of the ways you can get them off your back is by filing a consumer proposal. Here are some things to keep in mind:
Pros and cons of a consumer proposal
If you file a consumer proposal with a Licensed Insolvency Trustee you can stop dealing with debt collectors. This legally binding agreement will stop all harassing phone calls and threats of legal action. Here are some of the pros and cons of a consumer proposal:
While a consumer proposal does have its pros and cons, it is generally considered to be a better alternative to bankruptcy. Most importantly, a consumer proposal allows you to stop dealing with debt collectors and gets you started on the path to becoming debt-free. For more information on consumer proposals, it’s best to speak with a Licensed Insolvency Trustee.