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Are you grappling with the weight of overwhelming debt and seeking a way to regain control of your financial future?
Consider this: Could a Consumer Proposal be the right choice for you? A Consumer Proposal offers a lifeline to individuals who wish to avoid bankruptcy while alleviating the burden of unmanageable debt. It provides an opportunity to negotiate reduced debt amounts, extend repayment terms, and shield you from creditor harassment and relentless collection efforts.
Choosing a Consumer Proposal can bring much-needed relief and help you take the first steps toward a more secure financial footing. If you've been wrestling with financial hardship, it's worth exploring whether a Consumer Proposal could be the solution to your debt-related challenges.
A Consumer Proposal is designed to offer individuals an alternative to bankruptcy, granting them the opportunity to find relief from burdensome debt or financial obligations.
Stop Collection Calls
All collection actions are stopped when you file a Consumer Proposal and judgments, garnishees are suspended pending acceptance of your Proposal by your Creditors
No Interest Payment
No interest is payable on your debts from the Proposal date forward, and this offers a huge saving
Save Your Home
You don’t lose your home or any assets you have pledged as security for your loans, as long as you make your payments on those secured debts
Surrender Your Assets
You can surrender assets you can no longer afford to pay for, including a home or car, and include any balances or shortfalls owed on those assets in your Proposal.
Empowering Your Financial Future, One Proposal at a Time
A Consumer Proposal is a formal debt settlement arrangement regulated by the government of Canada. It allows individuals to negotiate with their creditors to repay a portion of their debt over a set period, usually up to five years, in a more manageable way.
Most unsecured debts, such as credit card debt and personal loans, can be included in a Consumer Proposal. To be eligible, you must have a stable source of income and owe less than $250,000 (excluding your mortgage) as of the date you file.
When you file a Consumer Proposal, it legally binds all your unsecured creditors. They must stop all collection activities, including calls, letters, and legal actions. Creditors then have the opportunity to vote on whether to accept your proposal.
Some benefits of a Consumer Proposal include lower monthly payments, a fixed repayment schedule, and protection from legal actions by creditors. It also allows you to keep your assets and avoid the stigma of bankruptcy.
While a Consumer Proposal offers several advantages, it will appear on your credit report for three years after you complete it. This can affect your ability to obtain credit during that time.
The insolvency or bankruptcy trustees job is to:
Explain your options
Give advice and information
Complete all documentation
Deal with creditor on your behalf
Guide and help you through the bankruptcy process
As well, bankrupts are required to complete two financial counselling sessions, directed by the trustee.
The amount you offer to pay in your Consumer Proposal is based on your income, expenses, and the value of your assets. It should be an amount that you can reasonably afford.
It is possible to modify your Consumer Proposal under certain circumstances, but any changes must be approved by your creditors and the court.
The acceptance of your Consumer Proposal depends on your creditors' votes. If the majority in dollar value of your creditors approve it, your proposal is considered accepted.
If your Consumer Proposal is not accepted, you have the option to revise and resubmit it. Alternatively, you may explore other debt relief options, such as bankruptcy.
A Consumer Proposal will remain on your credit report for three years after you complete it. Afterward, it will be removed from your credit history. It's crucial to consult with a licensed insolvency trustee or financial advisor to determine if a Consumer Proposal is the right solution for your specific financial situation.
"At, Consumer Proposals Hub, we don't just help with your financial challenges; we care about your journey toward a debt-free future because your well-being matters to us."
When I was drowning in debt and feeling overwhelmed, their team stepped in and guided me through the entire consumer proposal process with professionalism and empathy. From the initial consultation to the final approval, they were with me every step of the way.
We recently used Consumer Proposals Hub to help us navigate our financial difficulties through a consumer proposal. Overall, we had a positive experience with them. Their team was knowledgeable, and they did a great job explaining the entire process to us. They also helped negotiate with our creditors and create a proposal that we could afford.
I can't thank Consumer Proposals Hub enough for the incredible support they provided during one of the toughest periods of my life. From the very first meeting, they made me feel at ease and assured me that they could help me find a way out of my debt nightmare.
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