To imagine how a creditor thinks, try this: Imagine you have owed somebody a lot of money for a long time. As time goes by, you start to have doubts as to whether or not you are going to get paid. The more time goes by, the smaller your chances seem of getting repaid. Then the person says they are going to pay you, but they can only afford to pay a portion of what they owe you. Your first thought may very well be, “Well, some is better than none.” In Canada, repaying part of a loan is a legitimate option, and this is called a consumer proposal.

How Does a Consumer Proposal Help?

There are several advantages to opting for a consumer proposal. To help you sort them all out, it may be helpful to employ the services of a debt consultant in Victoria, but here are some of them.

  • Instead of trying to manage a whole bunch of different payments, you have one payment per month that covers everything.
  • You only pay some of your debt. This means you are saving cold, hard cash. The creditor is usually OK with it because, like in the example above, something is better than nothing.
  • Your creditors are legally obligated to stick to the agreement once its accepted. There will be no reneging, which means you are protected.

How Your Bank Account Benefits

As any debt consultant in Victoria will explain to you, you are saving a significant amount of money with a consumer proposal. Even though you’re not getting rid of all your debt, your monthly payments are going to drop. This is because some of your payments were high because of the interest rate. When principal is reduced, and interest removed, the amount you owe in the long run plummets, and the consumer proposal facilitates this. A Victoria debt consultant can lead you through the steps to make it simple and successful.

4 Pillars is well-positioned as a Victoria debt consultant to guide you out of crushing debt and into a state of financial freedom. Their experience and knowledge will help make things simple. Reach out to them via the Internet at

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