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Informal Programs

You may be in midst of a financial crisis if your debt burden is steadily increasing and trying to manage it is becoming difficult. If you feel as though you relate to this, it is important to seek professional help before your creditors take action. If the creditors and collection agencies initiate legal action and file a claim in court, you will be entangled in a costly legal battle and could lose your assets.

An informal program is a proposal to your creditors without the protection of the Bankruptcy and Insolvency Act. It can be difficult to negotiate and may not be as successful as a Consumer or Division I Proposal. If one creditor out of the multiples contacted declines the negotiated settlement, then all the other efforts will be unsuccessful as well.

It is important to contact one of our insolvency professionals when opting for an informal program. We will offer you expert guidance and provide credibility to the negotiations with the creditors.

Our professionals will contact your creditors on your behalf and attempt to negotiate a Debt Freedom Program or a Debt Negotiation. A Debt Freedom Program means that the debt will be paid but no further interest will accumulate, whereas, with a Debt Negotiation we will try to conserve your credit rating.

It is important to note that if you want to take the route of choosing an informal program, it does not prohibit your creditors from taking further collection or legal action against you.