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An offer made by the debtor to the creditor (creditor is a person, institution or business to whom money is owed) to modify the payments. This could be a reduced payment for a longer term or pay a percentage on the outstanding debts. If your debt is less than $250,000, you could do a consumer proposal.
How does it benefit you? Your unsecured creditors will not be able take any legal action against you, unless the proposal is withdrawn, rejected or annulled.
If you are experiencing serious financial problems, we encourage you to contact us as soon as possible.
Call 416-264-1272
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