If you are struggling to repay bank loans, you are likely worried about how you’re going to handle the situation. You may have even be getting calls from the bank or from collection agencies about your debt. These calls can, understandably, be very stressful and lead to sleepless nights and days spent worrying about answering the phone or opening the mail. The good news is that there are options available to those who are having difficulty repaying bank debt. One of the first steps to finding relief is to speak to a Licensed Insolvency Trustee. A trustee is an individual who has received years of training, after which he or she is licensed by the government. Trustees have the experience needed to review your financial situation and provide you with information on the options available to you. Our trustees are available to help. A trustee is trained and is bound to a strict code of ethics. This means that he or she will provide you with information on all of the available options that can help you handle your bank loans, not just the ones that he or she can administer. This is an advantage to working with a trustee over many other financial professionals, as others may only provide information on the one or two options they know best. When you work with one of our Licensed Trustees in Bankruptcy, you are working with trusted professionals who understand all options.
Relief from Bank LoansUnsecured bank loans can be included in the bankruptcy and consumer proposal process. These are both legal processes that can be administered by a Licensed Insolvency Trustee.
- A consumer proposal is a legal process through which a person makes an offer to his or her creditors. In most consumer proposals, a person offers to repay a portion of the debt that is owed in monthly payments for a specific period of time.
- Once the payments are made and the proposal is complete, the remaining outstanding debt is eliminated.
- A consumer proposal effectively reduces your debt to the amount of the proposal offer.
- Bank loans can be included in a consumer proposal.