After attending a meeting with a representative from the agency, they were told about how good the agency was at making deals with credit card companies and how they could reduce their burden. They could make one monthly payment and all their problems would go away. Encouraged that this would be just the solution they were looking for they asked about the monthly payments and the fees. The agency wanted $3000 up front before filing the 'proposal'. Note: I put the word proposal in inverted comma's as the proposal they were offering is an informal proposal and is not a legally binding consumer proposal that only a licensed trustee or consumer proposal administrator can do.
Thankfully they told the agency they wanted more time to think about it. The idea of paying $3000 up front did not seem right to them. They found the phone number 310-PLAN for Hoyes, Michalos & Associates and called to book a meeting with myself for a second opinion. Here at Hoyes, Michalos & Associates, we offer a free consultation service to review your options, which is when they told me about the 'proposal' the agency was offering them as a solution. The first thing they told me was "If I had $3000 dollars, I'd use it pay the debt myself!"
I assured them that we charged no up-front fee for filing a consumer proposal and we proceeded to discuss the advantages and disadvantages of all the options they had to deal with their debts. They were relieved to know that their instincts to not hand over $3000 to the agency served them well. They were happy knowing that a consumer proposal filed with a trustee in bankruptcy was offering them legal protection from their creditors and reduced their debt load to a manageable payment that fit into their monthly budget. Most of all they were relieved that they had just saved themselves $3000!
If you'd like to meet me and discuss ways to help reduce your debt load, call us at 519-622-3773 to set up an appointment, or email me your questions. We offer a free, no obligation consultation service.
posted by Howard @ 4:13 PM
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