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Your Questions & My Answers: Tahir Malik
5-05-2015
Question: How can reduce debts by 75%?
Tahir Malik: I help people reduce their debts by 75% through consumer proposal. It is a federal law, which is applicable in all provinces and territories of Canada. Anybody who is insolvent and cannot repay debts on their own can get help in order to obtain a debt free new life.
Question: What is your company’s success rate?
Tahir Malik: In fact, I just completed an analysis of all of the consumer proposals filed by New Life Debt Solutions last year and here are the results:
· 95% of all consumer proposals we help filing are accepted as filed by the creditors- that’s a fantastic success rate!
· In 4% of all consumer proposals, the creditor’s requested more money, and the debtor’s agreed, so that means that 99% of all consumer proposals we help file are accepted by the creditors.
· 1% of the consumer proposals are rejected or withdrawn, and in many of those cases the debtor may end up filing bankruptcy.
Question: Many people who are making their regular minimum payments every month but still do not see any reduction of their debt owing, what can be done to change the situation?
Tahir Malik: Answer to this question lies within the question. When someone is making minimum payments, it means banks or creditor’s are asking that if you cannot afford to pay the whole amount please pay this minimum payment which of course is not even going to cover the interest payments. Most of us have not thought of taking time to read our invoices being sent out by the creditors. Because by law all of the creditor’s have to inform us how much time will it take to pay off our add if we keep making the minimum payments only. Here are some examples, which will make you understand why your debt does not reduce.
· MasterCard debt of $4000 debt and having a minimum payment of $73 per month will take 34 years and 8 months to repay this debt. Which means you would have to pay staggering amount of $ 30368 for $4000 debt.
· Visa Card debt of $7500 debt and having a minimum payment of $140 per month will take 59 years and 5 months to repay this debt. Which means you would have to pay humongous amount of $ 99828 for $7500 debt.
· American Express debt of $4000 debt and having a minimum payment of $120 per month will take 18 years and 3 months to repay this debt. Which means you would have to pay huge amount of $ 26288 for $4000 debt.
I have given examples of amount ranging from $4000 to $7500, as those are the regular amounts of each debt we carry. But you can calculate your own debt and amount you would have to pay off to clear your debt.
Question: What are the requirements to fulfill in order to apply for consumer proposal?
Tahir Malik: As long as you are meeting following requirements, you should be fine:
· People living in Canada (Status does not matter meaning you might be on student visa, or temporary foreign worker, permanent resident of Canada, Citizen of Canada or even refugee.)
· Be insolvent- that is to be unable to pay your debts as they became due.
· Must be 18 years or older.
· Have total debts less than $250,000 (excluding the mortgage on your principal residence.)
· Have a stable source of income, to ensure that your will be able to make the payments each.
Question: So you do not have to be a homeowner in order to file for a consumer proposal?
Tahir Malik: Absolutely Not.
If you are having sleepless nights; if you are afraid of picking up your phone because of collection calls; if you are tired of making monthly payments but do not see end of it, then only thing you have to do is to contact New Life Debt Solutions. We will help you regain control of your financial life. We will help you find a reasonable and respectable way to pay your debts with zero percent interest rates. You are not alone: we have had helped thousands of satisfied customers who are enjoying debt-stress free life. Contact us at 604-909-2277
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