Sentences with phrase «creditors as an alternative to bankruptcy»

A consumer proposal is basically an offer made to the creditors as an alternative to bankruptcy.

Not exact matches

The reason is simple, if the alternative to a Consumer Proposal is Bankruptcy, the creditors will choose to compromise, as they would end up receiving less under a bBankruptcy, the creditors will choose to compromise, as they would end up receiving less under a bankruptcybankruptcy.

As an alternative to bankruptcy, consumer proposals help 50,000 Canadians a year keep their assets, gain protection from their creditors but most importantly get out of debt.

It's worth noting however, that over 90 % of variations are successful - your creditors don't want to see your IVA fail anymore than you do as the alternative is usually a lower return for them in Bankruptcy.

The primary consumer protection problem areas that have given rise to the States» actions include: (1) unsubstantiated claims of consumer savings; (2) deceptive representations about the length of time necessary to complete a debt relief program; (3) misleading or failing to adequately inform consumers that they will be subject to continued collection efforts, including lawsuits, and that their account balances will increase due to extended nonpayment under the program; (4) deceptive disparagement of consumer credit counseling; (5) deceptive disparagement of bankruptcy as an alternative for debtors; (6) lack of screening and analysis to determine suitability of debt relief programs for individual debtors; (7) the collection of substantial up - front fees so the debt relief company gains even if it fails to perform; (8) lack of transparency and information for consumers as to payment of fees, status of accounts, and communications with creditors; (9) significant delays in active negotiation or engagement with creditors, coupled with prohibitions on direct consumer communications with creditors; and (10), in the case of debt settlement companies, basing savings claims (and settlement fees) not on the original account balance, but on the inflated amount due (including late fees and default rates of interest) at the time of settlement.

It's a deal that you make with your creditors as one of the alternatives to bankruptcy in Canada.

Consider alternatives to bankruptcy, such as negotiation with creditors and debt forgiveness.