Customer Proposal Payout by Morgix
Sometimes you just need a quick fix, and when the Tatiana approached her Trustee she got what she needed, at least so she thought. She was told that 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 for 8 years on 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 the debt, she withdraw from the program and opt for an informal settlement through their licensed affiliate.
Tatiana saved $5,000 more than she had through the consumer proposal, and kept her payment exactly the same.
What is a Customer Proposal Payout?
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 I Need a Customer Proposal Payout?
- Alternative to bankruptcy
- Stop creditors from calling
- Get back on track