What to Do If Your Consumer Proposal Gets Rejected

Many people file for a consumer proposal in Kamloops to get out of debt. A consumer proposal in Kamloops reduces debts so that the person with the debt can pay it off. This is a way for people with a lot of debt to get out of their financial mess.
However, the consumer proposal will have to be approved by your creditors. If they vote no, you will still have to push through with paying for your debts. You can also do the following things:
  1. Talk to your creditors again and renegotiate the terms
You might be able to persuade them into rethinking their decision if you renegotiate the length and the amount of the debt.
  1. You can file for bankruptcy
Bankruptcy should always be a last resort. If you have already exhausted all other options and bankruptcy is all that is left for you to do, you can hire experts such as Mike Wright & Associates Inc. to help you.
  1. Consider a different debt relief method
You can opt for debt consolidation where a financial institution collects all your debts and places them in a single account so they are easier to monitor and manage.
  1. Re-file your proposal
You can accept defeat right now, try paying off your debts for a while, and then re-file the proposal in the future. You can do so after 6 months of being rejected.
It’s best to get professional advice on what to do in case your consumer proposal does not get accepted. Learn more about your options.
To know more about Debt Consolidation in Kamloops please visit our website: debtfreebc.ca

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