DFCS releases a document that educates its customers about consumer proposal and its process and provides solutions for the customers to overcome their risky financial crisis. Consumer proposals are provided with a time of five years. It’s a formal legally binding agreement handled by a Licensed Insolvency Trustee (LIT) to develop a proposal on agreeing to pay a percentage to the creditors from what you owe. This proposal cannot be done on its own by an individual. It can be done only through LIT. These consumer proposals also have a condition that the payment plan should not be over 5 years. DFCS works as a LIT and makes a consumer proposal in Toronto.
While speaking to the spokesperson of the company, he stated that the consumer proposals are not like bankruptcy, as you have not to surrender your assets to the bank like the bankruptcy. Also, there is no need to file bankruptcy. Only some of the pieces of information such as the income, and monthly expenses including the monthly loans are required. Fixed minimum and maximum debt amount allocated for a consumer proposal. The minimum debt for applying for a consumer proposal is $1,000 and the maximum debt for applying for a consumer proposal is $250,000 and for married persons, the maximum debt can be $500,000.
Consult a Licensed Insolvency Trustee (LIT) To find out if consumer proposals are the right choice for you. LIT will estimate your financial situation with the pieces of information you provide. Then they will design a consumer proposal that benefits both the lender and the borrower. DFCS is experienced in making customer consumer proposal Toronto.
There are always a few steps to get followed to file the proposal: finding a licensed insolvency trustee, getting a debt-free assessment, and getting creditor approval. Creditors will look into your consumer proposal and reply. If the proposal is not responded to within 45 days, it can be considered rejected.
About the company
DFCS is an organization offering financial solutions for customers to stay debt-free. The company is beneficial to customers to remain financially stable. The company has helped thousands of customers to overcome debts and rebuild their credit scores.
Debt Free credit solution
10 Milner, Business court, Suite 334
Toronto, ON M1B 3C6