If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
Depending on the amount of debt and number of creditors you have, it may be possible for you to directly contact your creditors and negotiate a lower interest rate or a repayment schedule that works for you.
With informal proposals, each of your creditors will expect you to present them with a plan outlining how you can pay them back. You may also be required to submit a sworn statutory declaration outlining all of your assets, debts and income. Each creditor will negotiate with you separately, as their goal is to obtain the money that is owed to them. Explain your financial situation honestly and submit a realistic proposal with a reasonable payment schedule. Be aware, the longer the repayment term, the more interest you will be paying.
Creditors are not required, nor have any legal obligation, to arrange alternative payment terms with you. Furthermore, the creditor may be entitled to end special arrangements at any time with little to no notification. Also, this option may not stop collections agencies from calling. The more creditors you have, the more difficult it becomes to arrange an informal arrangement with each one.
Whether you qualify completely depends on the creditor you are contacting and the plan you present to them. Important factors such as the length of the repayment term and the amount of debt you have will impact their decision to accept or decline your proposal.
There are other options for you to resolve your financial issues. These include a Consumer Proposal or bankruptcy. It is always best to talk to a professional to find out which solution is right for you. Contact an MNP office or your local Licensed Trustee for more information.
There shouldn't be an initial setup cost for an informal debt settlement. The purpose of an informal debt settlement is to lower the interest rate on your payments and potentially extend the payment period. Additional costs typically result from the accumulated interest charges over a longer repayment period.
An informal debt settlement should be realistic. If your settlement is out of your financial reach you should consider other options to deal with your debt. Contact an MNP Licensed Trustee near you for a free confidential consultation.
It is important to get any arrangement you make with your creditors in writing. While it may not be a legally binding contract, it is a useful document when discussing the termination of your informal debt settlement. If the creditor refuses to reinstate the informal debt settlement, you can file for a Consumer Proposal, which is legally binding when administered by a Licensed Trustee.
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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