Sentences with phrase «frozen in a consumer proposal»
In addition, interest is frozen in a consumer proposal so your payments do not increase beyond what you agreed to pay at the beginning of the proposal.
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There is a stay of proceedings when you file the consumer proposal or bankruptcy (meaning the bank can't take any future funds), but in the meantime you don't have use of your account until the bank takes the freeze off.
In both cases, if a creditor has taken collection action against you (even the Canada Revenue Agency) or has imposed an enforcement measure such as a wage garnishment or frozen your bank account, this is stopped once a bankruptcy or consumer proposal is filed.
This powerful tool has steadily gained in popularity in recent years and because Consumer Proposals provide automatic protection from your creditors and a freeze on any additional interest, they have many benefits compared to other debt consolidation options.