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BDO Gander

#2 115 Roe Ave., Suite C
Gander, Newfoundland
A1V 1W5

(855) 293-2081

How a Consumer Proposal Helps You Reach These 3 Goals

What are your financial goals? Whether you plan to pay off debt, save for emergencies or have another goal in mind, a Licensed Insolvency Trustee can help you work toward those goals by explaining every debt relief solution, including a consumer proposal. These proposals to your creditors are often seen as a leading alternative to bankruptcy, as they allow you to repay some of your debt while protecting all of your assets.

Here is how a consumer proposal could help you achieve some of your financial goals:

Goal 1: Save for emergencies. Having a well-stocked emergency fund can help prevent you from taking on debt. But if you’re already at a point where debt has become unmanageable, the multiple outstanding debt payments might be preventing you from saving. By filing a consumer proposal, you’ll be able to combine all unsecured debts into one monthly payment, while often reducing the amount that you owe.

Goal 2: Live on less than you earn. Ideally, you want your budget to be in the black at the end of the month, showing that you’re spending less than you earn. But when debt is becoming unmanageable, it can be hard to make ends meet. Carrying a deficit from one month to the next will only add to your debt, so it’s best to seek professional debt help and reduce your debt payments with a consumer proposal.

Goal 3: Pay off all your debt. A consumer proposal can clearly help you achieve this third goal. Filing a consumer proposal freezes all interest on your debt, and gives you a payment plan to pay off all your unsecured debts within two to five years. A Licensed Insolvency Trustee is the only professional who can file a consumer proposal for you—listen to this podcast to learn more about which debts can be included.

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