A consumer proposal in Canada as a negotiated
debt settlement arrangement made between a debtor and his creditors through a licensed Consumer Proposal Administrator under the Bankruptcy and Insolvency Act.
Partial Payment Installment Agreement: This
tax debt settlement arrangement enables taxpayers to have a portion of their tax liability forgiven upon satisfying the terms of an installment agreement.
Without the proper documentation, you can not prove the payment or
debt settlement arrangements that where made.
Unlike a credit card consolidation loan, you won't be taking on new debts to pay off old ones, and unlike
a debt settlement arrangement you won't be irreparably damaging your credit rating.
Under
a debt settlement arrangement, your creditor agrees to accept a lump sum payment of less than your unpaid debt to resolve fully your debt.
Not only can
a debt settlement arrangement cause a consumer's credit score to plummet, but it can also result in serious credit problems for the person years down the road.
Credit counselors also negotiate on behalf of their clients with the latter's creditors in order to obtain
a debt settlement arrangement, a lower interest rate, and a reduced monthly payment.
Our highly trained credit counselors will help you sort through the pros and cons of all the possible strategies for reducing credit card debt, including credit card consolidation, bankruptcy,
debt settlement arrangements, and debt management plans.
There are plenty of companies out there ready to help you with
a debt settlement arrangement or a credit card consolidation loan.