How exactly does a customer proposition combine my debt?

A customer proposition is an agreement that is legally binding both you and your unsecured creditors to settle a specific portion of one’s debts by way of a payment plan. The payment plan will last for no more than 5 years. As soon as that is over, you’ve got finished the proposition, and you are clearly officially released from those debts to your unsecured creditors.

As soon as the proposition formally starts, your unsecured creditors must stop collection telephone calls preventing using any action that is legal you. In addition they must stop gathering interest — the total amount you decided to repay will likely not alter following the contract goes in impact. Continue reading “Pay Day Loans & Customer Proposal Debt Consolidation Reduction”