Filing a Consumer Proposal
When you file a consumer proposal it is a payment plan, where your credit card and unsecured debt can be reduced by up to 70%.
Who Can File a Consumer Proposal?
You can file for a consumer proposal if;
- Your debts are more than five thousand (5,000) and less than two hundred and fifty thousand (250,000) dollars.
- You have steady income and can make monthly payments
- Your monthly debts are more than you can afford to pay
- You are unable to get a debt consolidation loan, and
- You do not want to go bankrupt.
A proposal is usually the best approach instead of filing for bankruptcy which affects you over a long period and stricter controls on property.
How Apply for a Consumer Proposal
To file a consumer proposal you start by making an appointment to speak with one of our proposal administrators about your financial issues. The administrator will want to hear about;
- what debts you owe
- who you owe them to
- what sort of income you have
- how the debts have affected you
- what have you done in the past deal with your debts
The meeting with the administrator is an open and non judgemental conversation to discuss your debts and how we can help you.
After the proposal is filed,
- 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 to. The proposal administrator advises the creditors that you have filed a proposal and will make monthly reduced payments on your debts through the office of the trustee. 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.
The information provided within this website about filing a consumer proposal is protected by copyright law. Any distribution or reproduction in any way, shape, means or manner is expressly prohibited by law without the the prior written consent of the owner(s) of the copyright.
This site is for information only and is not meant to replace qualified legal advice by a Licensed Insolvency Trustee the writers shall not be held responsible for any information that may be incorrect or out of date in regards to Filing a Consumer Proposal. The owners of this website recommend that anyone wishing to learn about how a trustee can deal with your financial issues should contact our office.