A Consumer Proposal is a government approved, and a legal alternative to bankruptcy which allows you to pay a reduced portion of your debt and write off all interest payable on that debt. A Consumer Proposal Administrator, like Cameron-Okolita Inc., helps you summarize your financial affairs for review by your creditors, and together with you, drafts an offer of settlement for your creditors to review and consider.
For those who can afford to pay some, but just not all of their debts, a Consumer Proposal is Canada’s best alternative to Bankruptcy.
In most cases, the majority creditors reviewing your situation, will recognize that it is better for them to accept a reduced settlement amount, rather than force you into bankruptcy. Our success rate exceeds 90%, with most consumer proposals and offers of settlement sent to creditors by us on behalf of our clients, accepted and approved by the creditors as submitted.
Let us help you with a Consumer Proposal! We understand your needs and, at the same time, we have considerable insight and experience in dealing with creditors and what they will and will not agree to. Our experience and insight allows us to draft a meaningful proposal, which we believe is the critical factor in every proposal, and which we believe leads to our high acceptance rate.
The most frequent questions being asked by individuals considering a proposal as their preferred option are featured below:
- Is a Consumer Proposal a solution for me?
- How does a Consumer Proposal work?
- How do I know if my Consumer Proposal is Accepted?
- Can my Wife or Partner and I file a Proposal Together?
- How does a Consumer Proposal affect my Credit Rating?
- What happens if I don’t complete the terms of my Proposal?
- What terms do most People include in their Proposals?
- How often are Consumer Proposals Refused?
We encourage you to Contact Us and find out more! We will be happy to explain how a consumer proposal works, and the benefits you can acheive by having a single monthly payment without the high interest rates you have been paying in the past.