As an alternative to bankruptcy, a customer proposal payout is a way to get protection from debt collectors by arranging a sort of financial compromise. This compromise is a proposal to payout a certain amount of your outstanding loans and the lenders may agree to forgive the rest. This setup can put a halt to many intrusive operations that overdue lenders partake in.
Why Would You Need a Customer Proposal Payout?
Find a Practical Solution to Your Financial Problems with A Customer Proposal Payout.
Consult Morgix to find out if a customer proposal payout is right for your situation.
Sometimes you just need a quick fix, and when Tatiana approached her Trustee, she got what she needed, or so she thought.
She was told the she could ‘avoid bankruptcy’ but didn’t realize that consumer proposal was actually registered under the Bankruptcy and Insolvency Act, or that it would stay on her credit bureau report for 8 years under her current payment plan.
She called the experts at Morgix to get the money she needed to pay off her payment plan early, fixing her credit in 3 years instead of 8.
When her Morgix agent asked how much she originally owed, and what she was paying off through the proposal, they suggested that instead of paying back the full amount of debt, she withdraw from the program and opt for an informal settlement through their licensed affiliate.
Tatiana saved $5000 more than she had though the consumer proposal and kept her payments exactly the same!