When you file a consumer proposal, your debt can be reduced by 70% or more.
The first step toward debt relief is reaching out to us, and that’s the toughest part. There’s no cost or obligation, and you can start today.
Every year, thousands of people face financial challenges just like yours. It happens, but together we can work to solve it for you.
When you call we’ll have a discussion over the phone, and answer any questions.
Where you decide to proceed, we’d like to have a discussion and learn what debts you have including:
Many times our clients find it easier to bring in the documents or bank statements for each debt so we have accurate amounts.
During this discussion the trustee will be looking to create a repayment and financial plan based upon:
The trustee is looking to determine how much to offer your creditors and how much your monthly payments should be.
★★★★★ My husband was laid off, but our bills kept coming. We saved $18,000 and will be debt free in four years, Thank you Susan N. Oshawa
In a consumer proposal the trustee takes the information about your debts, and prepares all the paperwork including:
Where you have questions along the way, the trustee is there as your support and go to person. The trustee works for you.
The trustee files your proposal electronically with the office of the Superintendent of Bankruptcy.
Once filed, the office reviews it. If they accept the application, they issue a stay of proceedings. This stay is crucial, the stay of proceedings creates new rules for your creditors.
From this point on, they must deal exclusively with the trustee.
They are no longer allowed to contact you for collecting debts. Additionally, any ongoing wage garnishments come to an immediate halt. The trustee manages all communications and negotiations with your creditors.
In a consumer proposal a stay of proceedings stops, wage garnishments and all creditor actions. Creditor must deal with the trustee, not you.
Once the consumer proposal is submitted, the trustee notifies all relevant creditors.
While it’s not always the case, creditors may request a meeting to discuss your proposal’s terms or to ask questions.
If the creditors request a meeting to discuss the terms of the proposal, the trustee is responsible for managing and overseeing the meeting and acting on your behalf. During this session, the trustee will assist you, providing guidance to help you understand each step of the process in detail.”
Creditors have a 45-day window to either accept the proposal or request a meeting. If no meeting is requested within that period, your proposal is automatically considered accepted.
Once the proposal is filed, creditors may not contact you and must speak through the trustee.
If any creditors reach out to you directly, you should refer them to the trustee for further discussion.
Where a meeting has been requested the creditors have an opportunity to:
The trustee will chair the meeting, report to the creditors on your affairs and explain why the trustee feels the proposal deserves their support.
Where the creditors vote no, your options are to:
In a renegotiation the creditors may ask for higher payments or reduce the term of the payments, e.g from 5 years to 4 years.
Where a meeting is not requested the proposal is deemed to be accepted after 45 days.
★★★★★ 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
Where the proposal is accepted you would start making the monthly payments on your proposal.
You are required to attend two credit counselling meetings with the trustee and an online program. The counselling is to help you going forward dealing with credit.
After the proposal has been completed you will receive a Certificate of Full Performance.
The Certificate of Full Performance shows that the terms of the proposal have been completed and that the debt(s) have been cleared.
After filing and completing the consumer proposal Equifax removes it from your credit report 3 years after you’ve completed the payments you agreed to under the proposal.
TransUnion removes a proposal from your credit report either:
While in the proposal you may find that you can obtain a secured credit card. We suggest that you look for a credit card with a maximum credit limit of $500.
The credit card has to be paid off each month completely.
We also suggest that clients use this time to try to build up savings, as they do not have the high loan payments.
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.
Debbie Theriault
2 weeks ago
★★★★★ I needed to get out of debt. I still had student-loans after 10 years and was sick of borrowing money. I thought I’d have to file for bankruptcy, but they explained how they could get me out of debt and save thousands. My life has changed, I can sleep and have control of my finances. With the consumer proposal I’m debt free, I even appreciated the debt counselling. No consumer credit and struggling with debt for me. God bless!
Christien Egistone
4 weeks ago
★★★★★ Thank you, I will have me out of debt in 3 years and save 15k, I’ll never have credit card debt like that again, I appreciate your help and will refer and recommend you to friends.
Danny Demers
1 month ago
★★★★★ I was very pleased the way they handled my creditors. I ended up paying a fraction of what I owed on my credit card debt.
Call 905-721-7506
