One of the advantages of filing a consumer proposal is that there’s little you have to do in comparison to filing a bankruptcy. However, there are responsibilities that need to be completed throughout the process to ensure that your consumer proposal will be discharged. Below are 5 things that you need to do to make sure that your consumer proposal is successful.
- Be honest with your proposal administrator. When you meet with your trustee, provide as much information as you can about your financial situation and answer any questions the trustee has honestly. That way, the trustee is better placed to ensure the proposal that is put together for you has the very best chance of success for you.
- Fulfil the terms of your proposal. Once the proposal is prepared and put together, ensure that your payments are made in a timely fashion and in accordance with your proposal terms. If you anticipate any problems, advise your trustee.
- Attend a creditors meeting if one is required. In the majority of consumer proposals, no meeting is required, but occasionally a creditor may want to ask questions or review the terms of the proposal you’ve offered. Even this can often be done without the need for an actual meeting.
- Attend two credit counselling sessions. During the proposal, there’s two counselling sessions provided to you free of charge. These counselling sessions are intended to help you along by allowing you to spend some quality one-on-one time with a professional credit counsellor who will help you with all aspects of your finances. Topics covered with the counsellor can include budgeting, money management, planning for the future and credit rebuilding.
- Be contactable. Make sure during the proposal, the administrator knows how to contact you by keeping them informed of any changes to your address, phone number or email address.
That’s essentially it. One of the appeals of a consumer proposal is its simplicity. It’s important during a proposal that you can concentrate on your financial future by not being weighed down with endless phone calls from collectors, stress, worry and cash flow problems. A proposal is a simplified process to ensure that by taking away some of these problems, you can focus on a fresh start and rebuilding for the future.
If you are considering a consumer proposal and want more information about the process contact a licensed Consumer Proposal Administrator in your area. We’ll review your personal financial situation and review all of your options.