Why choose a consumer proposal rather than debt consolidation?

A consumer proposal may decrease your debts
by up to 70%!

Consolidation dette Syndic faillite N.Seguin

Debt consolidation

Debt consolidation allows you to consolidate your debts in one amount. It is not unusual to see people opt for debt consolidation and continue to experience the stress of indebtedness. This solution can be effective because it allows an individual to repay 100% of his or her debts with interest.

The consumer proposal

The consumer proposal, on the other hand, allows you to reduce your debts since the trustee has the power to negotiate a reduction or extension of your payments with your creditors, according to your payment ability. You only have one single payment per month without interest.

The benefits of debt consolidation

Debt consolidation allows you to consolidate your debts by borrowing the total amount owing from a financial institution. You use the borrowed amount to pay your debts. Afterwards, you make one payment per month to the financial institution concerned. Debt consolidation does not reduce the amount of your debts.

The downsides of debt consolidation done the wrong way

Important: People often consult us a few months or years after having consolidated their debts, because they can no longer make the required monthly payment.

Unfortunately, these people get into even more debt and bankruptcy often awaits them.

Why choose N. Séguin inc. ?

At N. Séguin Inc., Licensed Insolvency Trustee, the majority of our customers pay off their debts without going bankrupt. Our clients have 23% fewer bankruptcies than the average for Licensed Insolvency Trustee in Quebec. We strive to find solutions that allow you to live without the burden of debt.

Consolidation dette Syndic faillite N.Seguin

BENEFITS OF THE CONSUMER PROPOSAL:

  • Entitles the trustee to negotiate your debts with all of your creditors (credit cards, various loans, telecommunications company, etc.)
  • May reduce your debts by up to 70%
  • Stops interest payments
  • Allows you to make one payment per month without interest
  • Empowers N. Séguin Licensed Insolvency Trustee to take care of paying your creditors subsequently
  • Allows you to avoid bankruptcy and quickly stop harassment from your creditors

BENEFITS OF DEBT CONSOLIDATION:

  • Allows you to make one payment per month usually at a lower interest rate than what you are currently paying.
  • Allows you to repay all of your debts to your creditors in full.