In some cases, negotiating with creditors, or with one of them, could be an appropriate solution to your financial difficulties. These negotiations should, however, be undertaken as soon as the very first signs of trouble appear. Creditors are less likely to accept accommodations from someone who has neglected his/her obligations for too long. You should therefore act quickly and call them before it is too late.
The basis of the agreement should be a realistic budget and payment conditions that can reasonably be fulfilled. A frank and honest discussion with them may, in many cases, help. Should the creditors refuse your proposal, you can then consider a formal agreement, the Consumer Proposal, that is prepared, presented and negotiated by us. Generally, creditors prefer coming to an agreement with a customer rather than receiving a notice of bankruptcy.