Consumer proposals are legal agreements where an insolvency trustee meets with your creditors to reduce your debt.
In a consumer proposal creditors agree to accept a lesser amount than is owing on the loan(s).
A proposal is an alternative to filing for personal bankruptcy approved by the Canadian government.
In a consumer proposal:
★★★★★ My husband was laid off, but our bills kept coming. Now in the consumer proposal and have one monthly payment. We saved $18,000 and will be debt free in four years, Thank you Susan N. Oshawa
Payments a consumer proposal are based upon:
The trustee, as the proposal administrator works with you to decide what you can afford to pay.
A consumer proposal could be right for you where you’re:
Give us a call and learn how we can help you, there is no cost or obligation to talk!
★★★★★ YanchDey did all the paperwork and dealt with our creditors. The garnishee was stopped and we can sleep at night, we now have a fresh start. Many thanks, Debbie S. Ajax
To file a consumer proposal, you call and speak with one of our trustees.
The trustee will want to learn about your debts and finances. The trustee can answer any questions you may have.
Where you decide to proceed, the trustee prepares the proposal for you, based upon what you can afford to pay.
The trustee prepares and presents the agreement to the creditors.
The creditors are told that you’ve filed a consumer proposal to pay:
Creditors are encouraged to accept because they get more compared to filing for bankruptcy.
In a proposal, creditors receive about 30% or more on the debt.
In bankruptcy unsecured creditors receive little or nothing.
Consumer proposals apply to unsecured credit, including:
Usually the debt is reduced up to 70% or more but each proposal is different.
Unsecured credit does not include property such as homes, mortgages. Unsecured credit applies to things not secured with collateral such as a car.
There are no up-front costs in a consumer proposal.
When you file a consumer proposal, you and the trustee work out what you can afford to pay on your debt. The insolvency trustee then takes that amount to your creditors and negotiates a settlement.
The cost of filing a consumer proposal comes out of the money going to the creditors. There is no other fee or cost to you.
The advantages of a consumer proposal are:
Consumer proposals also avoid filing for bankruptcy.
After filing a consumer proposal a “Stay of Proceedings” is issued, giving you legal protection under Canadian law.
The stay of proceedings means creditors cannot:
Creditors must deal with the trustee and not contact the consumer.
To qualify for a proposal you must:
When you’ve decided to file a consumer proposal the insolvency trustee will meet with you to discuss what is involved, eligibility and the process to apply.
Pauline Vorvis
3 days ago
★★★★★ We had 23,000 in credit card debt that I was never going to pay off, my new loan is now $7,000 and pay $195 over three years, Thank you so much.
Randy Singh
7 days ago
★★★★★ My husband’s paycheque was garnisheed, we owed 36,000. The consumer proposal, stopped the garnishment, and reduced our debt to 10,000. So thankful we called, if your in debt call YanchDey
Debbie Theriault
2 weeks ago
★★★★★ I thought I’d have to file for bankruptcy, but a friend told me about Yanchdey, I went and spoke to them, they explained how they could get me out of debt with a consumer proposal and save thousands. My life has changed, I can sleep and now have control of my finances. I even appreciated the debt counselling which will go a long way to help me now and in the future. God bless
Susan Solomon
3 weeks ago
★★★★★ We never thought we’d be in debt in our 60’s and it just seemed to keep growing, my husband and I didn’t see anyway out but claiming bankruptcy. I started looking on the internet and found Kelly Dey. I called and she was wonderful to speak to and gave me renewed hope. My husband and I did a consumer proposal, saved $28,000.We will be out of debt in 4 years. If you’re thinking about how to get out of debt give them a call. I’m glad we did!
Christien Egistone
4 weeks ago
★★★★★ Thank you, the consumer proposal will have me out of debt in 3 years and saved me 15k, I’ll never have credit card debt like that again, I appreciate your help and will refer and recommend you to friends.
Jason Backstern
1 month ago
★★★★★ I called thinking I was going to file for bankruptcy and lose everything. Brenda explained there were options. She showed me that a consumer proposal might be a good alternative to filing for bankruptcy. Saved $19,000 and will be out of debt in 5 years! Many thanks.
Danny Demers
1 month ago
★★★★★ I was very pleased the way they handled my creditors for a consumer proposal. I ended up paying a fraction of what I owed on my debt. A family member was in the same situation as me and were so happy with their outcome.
Steve Parker
5 weeks ago
★★★★★ My credit cards were maxed out, I was in debt and the phone rang all the time with debt collectors. A friend told me about the office in Oshawa and I finally gave them a call. I wished I had done it sooner, they were great. Kelly told me that a consumer proposal would drop the amount of debt to one payment that I could pay off in 4 years. I’m now on the consumer proposal, my life and financial situation has changed dramatically, the stress is gone and I am much happier. If you’re in a situation like I was with credit give them a call, you’ll be happy you did.
Jeff Dailey
2 months ago
★★★★★ My credit card was maxed out and I had bills I couldn’t pay. I hated to answer the phone. The consumer proposal dropped my loan to less than half and I’ll be completely out of debt in 3 years. Would recommend the consumer proposal has changed my life, I feel free! Thank you,
Call Now
