Negotiate with creditors or even with one or two in certain cases, in order to achieve an adequate solution to help get you out of excessive debt. This negotiation is dependent on the fact that it was started at the first signs of financial difficulty. Most creditors will refuse any sort of agreement if you wait too long to pay back your debts or obligations.

A realistic and functioning budget is a good way of reaching an agreement, as well as following reasonable terms and conditions that are likely to be respected and therefore accepted by any creditor.  Many serious problems that could show up in the future may be avoided by having an honest conversation with your creditor. If it so happens that your creditor refuses the agreement, you may be interested in considering a formal agreement (a consumer proposal) that would be made and negotiated by our professionals (trustees). As a general rule though, creditors prefer to deal directly with a client.

Creditors do not prefer a formal agreement, especially when a client has claimed bankruptcy.

• You avoid bankruptcy, the seizing of belongings and the cutting of services such as phone or electricity.
• You get to keep your furniture, house and your car.
• You have a monthly payment that suits your budget.
• Your interests stop accumulating starting from the first deposit of the offer.