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Consumer Proposal Canada: Disadvantages of Consumer Proposal - YouTube
Channel: Ira Smith
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my name
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is ira smith president of
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ira smith trustee and receiver inc
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first the ira smith team hopes that you
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and your family are remaining safe
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healthy and secure during this
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coronavirus pandemic
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i want to assure you that ira smith
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trustee and receiver inc
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is fully operational we are holding
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all no cost consultations
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and meetings either by telephone
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or virtual video meeting so if you have
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any questions at all
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about this brandon's blog or anything
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else feel free to reach out to
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us either myself or brandon smith
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either by telephone or shoot us an email
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we would love to hear from you today's
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brandon's blog
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is about what he feels are
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the six disadvantages
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of the consumer proposal
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as you can tell from the title six
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disadvantages of consumer proposal
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are not enough to stop a healthy return
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to enjoying life he believes
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and i agree that notwithstanding the six
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disadvantages
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a consumer proposal for people
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who owe 250 000
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or less other than for any
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mortgages lines of credit registered
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against your principal residence
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is an extremely worthwhile thing
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to eliminate your debt and avoid
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bankruptcy and return to a stress-free
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life so there's a lot of good
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information
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in the blog and i hope you can watch
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until the end of this video
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because i know you will get value from
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it
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[Music]
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now brandon has written down below the
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blog
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which outlines his views on the
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disadvantages
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of consumer proposals if you want to
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read up
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on what a consumer proposal is
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and get the answers to the most
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frequently asked questions
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take a look at brandon's blog of last
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week
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consumer proposal faq answers to 10
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tantalizing consumer proposal questions
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and a link to that blog is down below
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in this blog i'm just going to
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summarize what brandon believes
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are the disadvantages
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of a consumer proposal
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and he's explained it in detail each one
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why he thinks it's a disadvantage and
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again
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feel free to read the blog below
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the first disadvantage is that the
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possibility that it may take a lot
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longer
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and be somewhat more expensive than you
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hoped for
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to reach a deal with your creditors if
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25
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or more of the dollar value of the
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proven
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claims vote against your initial
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offer it's possible that could happen
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in a well drafted well well-explained
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proposal that won't happen
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and i'm happy to say that the majority
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of the consumer proposals
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that we do are normally
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accepted by the creditors but it is
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possible
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if the required majority vote against it
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you'll have to come up with an amended
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proposal which will be
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more money and therefore your
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negotiating time
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will also add to the length of time
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you're in the consumer proposal
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the second disadvantage is that it does
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have a negative
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impact on your credit rating you will go
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to an
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r7 and it will stay on your credit
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report for probably about three years
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after you complete your consumer
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proposal
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but the negative impact is not as bad
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as in a bankruptcy the third
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disadvantage is that
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if there's rejection by your creditors
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of your consumer proposal and there's no
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agreement
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on what type of amended proposal you can
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make if they won't accept what you can
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afford to pay then probably your only
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other
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option is to go into bankruptcy
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fourth if you miss three payments
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causing you to default on your consumer
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proposal
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that is not a good thing if that happens
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again
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your only real option is to file for
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personal bankruptcy
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which is of course what you try to avoid
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in the first place
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there are some transitional rules
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because
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of covet 19 and a licensed insolvency
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trustee such as myself
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or brandon can explain it to you during
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the no cost consultation
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five it will take you time to rebuild
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your credit
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brandon has many good suggestions on how
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that can be done
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and it will take some time and some
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people see that as a disadvantage
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notwithstanding that they've been able
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to eliminate
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all of their debt and number six
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it only allows you to wipe away your
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unsecured debt
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if you have secured debt like vehicle
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financing
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mortgage your mortgages on a home
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and if you cannot afford to continue
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paying one or more of them
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we can counsel you during the no cost
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consultation
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on the best way to deal with that so you
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can turn that secured debt
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into unsecured debt before you
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file a consumer proposal
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so those are the six disadvantages
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of a consumer proposal as i say there's
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a lot of good information
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in brandon's blog down below
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i recommend that you read it all
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[Music]
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and again the ira smith team hopes that
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you
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and your family remain safe
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healthy and secure during this
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coronavirus pandemic
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the ira smith team is available
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and fully operational to
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meet with you to answer any questions
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you may have
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by telephone email or video
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meeting feel free to
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shoot us a message give us a phone call
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both brandon and myself we would love
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to speak with you
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