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Sands & Associates

September 18, 2012 09:00 ET

British Columbians Increasingly Turning Towards Consumer Proposals as Preferred Debt Settlement Option

Debt assistance firm Sands & Associates has seen a spike in Consumer Proposal filings across the Lower Mainland as a preferred debt settlement option over personal bankruptcy

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2012) - Licensed Trustees Sands & Associates have seen a dramatic increase in Consumer Proposal filings. While consumer bankruptcy has declined, Consumer Proposal filings have increased by over twenty-six per cent from 2011. The growing awareness around Consumer Proposals as one of the best options to deal with debt can be partly attributed to this growth.

What is a Consumer Proposal?

  • In a nutshell, it is an option that allows you to make changes to what you owe and how you pay it back without resorting to bankruptcy.
  • The way it works is by restructuring your debt - generally by reducing the total amount you owe by approximately 70% - while also halting interest charges.
  • A Consumer Proposal is not the same thing as a debt consolidation, a credit counseling program or tactic offered by debt consultants.
  • The main difference is that you are negotiating to repay just a portion of your total debts (typically 30% or so), rather than the full amount as in a debt consolidation, and interest stops accruing on your debts the day you file.
  • Furthermore, it can include key debts such as income tax arrears or student loans that simply can't be negotiated under a debt consolidation or credit counseling program.
  • Most importantly, Consumer Proposals are a legal option that can only be administered by a Licensed Trustee.

"As more individuals become aware of the option of filing a Consumer Proposal, debt settlement by Consumer Proposals is further expected to increase this year," said Blair Mantin of Sands & Associates. "However British Columbians exploring their options need to keep in mind that only Licensed Trustees can administer Consumer Proposals."

To learn more about how Consumer Proposals can help with debt settlement, and to book a free consultation, visit the Sands & Associates website.

About Sands & Associates

Sands & Associates is British Columbia's largest firm of licensed, expert Proposal Administrators and Bankruptcy Trustees focused exclusively on personal and small-business insolvency services. Operating from 10 offices in the Lower Mainland, Sands & Associates uses a non- judgmental, empathetic, and affordable approach to helping resolve financial difficulties. To learn more, visit the Sands & Associates website.

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