Average payback 30-35%
Pros
- - Debt Reduced to 30-35% of what you owe now (on average)
- - Low Start-up cost
- - Interest on Debts Stop
- - Collection Action Stops
- - Legal Action Stops
- - Revenue Canada debt can be included
- - Payoff anytime at no penalty
- - Can be paid over 60 months if needed
- - Keep your assets
Cons
- - You will have an R7 Rating on your Credit Report
- - All unsecured debts must be included
*** CCDR represents the debtor to structure the payment terms of a consumer proposal which is filed by a bankruptcy trustee.