Consumer Proposals in Guelph

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A Consumer Proposal in Guelph can support you.

Are you struggling to pay off your debt in Guelph? Do you want to keep your finances under control? A Consumer Proposal is the ideal solution. It offers the creditors the repayment of your debt, making it advantageous for the person who owes them money. 

 

  • Lower interest payments
  • Decrease the balance 
  • Stop wage garnishments
  • Extend the length of the loan
  • Sets a full stop to lawsuits
  • Stop creditors from contacting you

What Is A Consumer Proposal?

 

In general, a consumer proposal is a formal agreement with your creditors. It shows that you want to honor your commitment to pay the debt before it becomes unmanageable.

 

Who Has the Right to File A Consumer Proposal in Guelph?

 

Like all other cities, only a Licensed Insolvency Trustee (LIT) can administer a consumer proposal in Guelph. A consumer proposal is a formal offer that binds you and the creditor in the presence of LIT and is limited to five years. A consumer proposal can buy you time to pay your debts or reduce debt payments. You make the payments with the help of LIT, which sends the money to your creditors. 

Is A Consumer Proposal Right For the Residents of Guelph?

Not necessarily. You will unlikely fall under the qualifications if you owe less than $1,000 or over $250,000. However, mortgage debt, and other exclusions, make you a candidate. If you owe less than $1,000 or $250,000, contact a Licensed Insolvency Trustee in Guelph. 

Schedule an appointment at our office or book a home consultation with our Guelph Insolvency Trustee, Dana MacRae.

 

Avoid Bankruptcy with a Consumer Proposal in Guelph

Bankruptcy is not the only answer when you undergo financial troubles. To pick the best course of action, you must schedule an appointment with one of the accredited debt counselors in Guelph. Several instruments are available to help you with debt in Guelph, one of which is the Consumer Proposal. Dana MacRae is a Licensed Insolvency Trustee that offers credit management, proposals to creditors, and bankruptcy services to Guelph residents.

All the meetings are confidential and free of cost. You can handle this over the phone, via video conference, or in person.

Contact our office for more detailed information about this process and your situation.

Bankruptcy is not your only option in Guelph

Bankruptcy is not the only solution when you face financial struggles. Canada offers several options; one among them is the Consumer Proposal. However, that is not the only alternative.

To determine the best course of action, you should arrange an appointment with one of our accredited debt counselors. You can handle this over the phone, via video conference, or in person.

It is free, and you are under no obligation to proceed. All our meetings are confidential, and we in no way judge your actions.

Articles we prepared on Consumer Proposals in Guelph

Can a consumer proposal affect my partner?

Can a consumer proposal affect my partner?

If you and your spouse constantly struggle to manage your debt, consider discussing debt management options available to you with a Licensed Insolvency Trustee (LIT). In this article, we highlight the Consumer Proposal, one of the debt management options, and the...

Can you file twice for a consumer proposal in Waterloo?

Can you file twice for a consumer proposal in Waterloo?

You may have previously cleared debt by filing a consumer proposal in Waterloo and have again found yourself in another debt that requires you to file another consumer proposal to pay it off. When you find yourself needing another consumer proposal to pay off debt...

Home Equity Loans VS Consumer Proposals

Home Equity Loans VS Consumer Proposals

Introduction You might be hoping for a way to consolidate your debt if you are struggling with credit card debt or paying multiple loans every month. A home equity loan might be the best option for you. Although there are various uses to home equity loans, homeowners...

Consumer Proposals vs Personal Bankruptcy: Which is better?

Consumer Proposals vs Personal Bankruptcy: Which is better?

Introduction Most citizens file for personal bankruptcy or consumer proposals in Canada, making them the best insolvency options for a person facing financial troubles. Consumer Proposals and Personal Bankruptcies are under the Bankruptcy and Insolvency Act. Each of...

Are you dealing with Debt problems? Solutions are here.

Are you dealing with Debt problems? Solutions are here.

Debt Problems: Introduction Debt problems are not always sudden. Even so, it's a fact that financial difficulties can arise suddenly and unexpectedly, like the loss of a job or a vehicle breakdown. Debt problems can be of all sizes, from being a few hundred dollars...

Mortgage deferments are almost up: A financial wake-up call.

Mortgage deferments are almost up: A financial wake-up call.

COVID-19 struck at the beginning of 2020, devastating millions of Canadians and reducing their income significantly. Renters struggled to pay their rent, while homeowners were worried about meeting their mortgage payments. The Canadian government made efforts to...

A list of alternatives to CERB repayment if you cannot pay it back

A list of alternatives to CERB repayment if you cannot pay it back

A list of alternatives to CERB repayment if you cannot pay it back What is CERB?  COVID-19 has caused a great deal of economic stress all over the world. Amid this pandemic, a financial support program called CERB - Canada Emergency Response Benefit was introduced in...

What you should not do to pay your Consumer Proposal faster

What you should not do to pay your Consumer Proposal faster

You may be wondering what you can do to pay off your consumer proposal faster. You don't want to make any mistakes that will cost you more money or cause your debt to grow even more significant than it already is. The following blog post will discuss the things not to...

We can help you determine whether a consumer proposal is right for you

A Consumer Proposal is your Chance
for a Fresh Start.

Call for a free and confidential consultation at

1-800-665-9965