It was 2016 when I found myself facing a possible bankruptcy. I couldn’t believe this was happening to me. With my spouse continuously being laid off at work in the Oshawa auto industry and the fact that I did not file my taxes, our debts were huge. I had always been able to manage my finances, I looked for a miracle and then found YanchDey… Read More >
Examples of Consumer Proposals
How a Consumer Proposal Worked for me…
How a Consumer Proposal Got Me Out of Debt
I went to see Yanch Dey & Associates Ltd after I separated from my husband, I owed 42,000 dollars in credit card debt. Together the debt that we had accumulated was manageable, but I couldn’t afford to keep up the payments on my own. Having two children and I was scared about being on my own as a single Mom and having this debt. Read More >
How a Consumer Proposal Saved My Employment
I had assumed that if I did not pay my debts in full and looked at any kind of bankruptcy or proposal that it could negatively affect my job. The employee assistance program suggested I speak to YanchDey and I’m glad I did. I have a fairly well paying job in law enforcement but I was going through a marital separation, Read More >>
What is a Consumer Proposal?
A consumer proposal is where you are unable to pay your obligations, debts and bills.
The proposal is a proposition or offer to your creditors where you agree to pay them a reduced amount on your loan, over a five year period or less.
The amount agreed upon will be less than what was agreed on at the beginning of the contract or loan. It’s in the best interests of the creditors to accept the terms rather that have you file for bankruptcy where they would receive even less.
After you file a consumer proposal:
- Any wage garnishments will be stopped,
- No further interest will be applied to any debts you owe,
- Collection companies and creditors must stop calling you about your debts.
After the filing the consumer proposal, the trustee then contacts the creditors you owe.
The proposal administrator advises the creditors that you have filed a consumer proposal and will make the monthly reduced payments on your debts.
You make one reduced monthly payment to pay off all your debts in five (5) years or less!
★★★★★ After years of struggling with credit card debts I was getting deeper and deeper in the hole. Finally a friend suggested I speak to YanchDey.
I made an appointment to speak with Kelli Dey who was non judgemental and explained how filing a consumer proposal would get me out of debt and pay off my outstanding loans to my creditors. Now I’m stress free, the calls have stopped and I will be free of debt in five years, Many thanks! Julie Davies, Oshawa.