How Do I Qualify for A Consumer Proposal You might be wondering how to get qualified for a consumer proposal when you've been battling with debt for a long time. Below, we’ll walk you through each step. Understanding consumer proposal If you have unsecured debts, consumer proposals play a role in paying all or some of your monthly loan payments, making it to a single settlement with a repayment time of over five years. All you need to do is file a consumer proposal, a formal agreement facilitated by LIT (Licensed Insolvency Trustee). A licensed insolvency trustee will examine your current financial situation to determine whether you qualify for a consumer proposal Toronto and submit your proposal to money lenders. Eligibility factors of a consumer proposal To be eligible to file a consumer proposal, your debt should be above $1,000 and should not exceed $250,000. The debt you console can also include income tax and business debts. Additionally, you must meet some other qualifications to get eligible to file a consumer proposal Toronto. To qualify for a consumer proposal, a person must be 18 years of age or older. The person should have a good credit score and maintain a good record of settlements on their previous loan payments. Moreover, you must be able to prove that you have a stable income to meet your monthly expenses, needs and loan repayment. Benefits of joint proposals In joint proposals, it is possible for more than one person to file a joint consumer proposal. On filing a joint consumer proposal, both the person will be guaranteeing the loan. In most cases, husband and wife simultaneously apply for a joint consumer proposal. And for the joint consumer proposal, you can get up to $500,000. The limit for a single person is $250,000
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