Consumer Proposals in Simcoe

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A Consumer Proposal in Simcoe can help you

Do you wish to pay off your debt in Simcoe? Then, Consumer Proposal must be your primary choice. A Consumer Proposal offers the creditors the repayment of your debt, making it favorable for the person who owes them money. Moreover, a Consumer Proposal in Simcoe helps you to:- 

 

  • Lower interest payments
  • Decrease the balance 
  • Extend the length of the loan
  • Stop wage garnishments
  • Puts a full stop to lawsuits
  • Cease creditors from calling 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 Can File A Consumer Proposal For You in Simcoe?

 

Only a Licensed Insolvency Trustee (LIT) can develop a consumer proposal in Simcoe. A consumer proposal is a formal offer that binds you and the creditor in the presence of LIT. It is limited to five years. A consumer proposal offers to pay the creditors a percentage of the balance, extend the time to pay, or both. You make the payments through the LIT at Simcoe, which sends the money to your creditors.

Is A Consumer Proposal A Right Choice For Simcoe Residents?

Not necessarily. If you owe less than $1,000 or over $250,000, it is unlikely that you will fall under the qualifications. To decide if you qualify and if the action is appropriate for your circumstances, contact a Licensed Insolvency Trustee in Huntsville.

Avoid Bankruptcy with a Consumer Proposal in Simcoe

Bankruptcy is not the only solution when you undergo financial troubles. Several instruments are available to help you with debt in Simcoe; one is the Consumer Proposal. To pick the best course of action, you must schedule an appointment with one of the accredited debt counselors in Simcoe. You can handle this over the phone, via video conference, or in person. 

All the meetings are confidential and free of cost. Finally, our professionals at Dana MacRae – Licensed Insolvency Trustee in Simcoe, helps you to find the best possible solution to your unsolved debt problems.

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

Bankruptcy is not your only option

Bankruptcy is not the only solution when you are in financial difficulties. Canada offers a number of options; among them is the Consumer Proposal. However, that is not the only alternative.

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

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

Articles we prepared on Consumer Proposals in Simcoe

Bankruptcy vs. Consumer Proposal: The Impact on Tax Refunds

Bankruptcy vs. Consumer Proposal: The Impact on Tax Refunds

Navigating the path toward financial stability involves making informed decisions, and two significant options to consider are bankruptcy and consumer proposals. Both avenues provide a way out of debt and offer distinct asset management approaches. When it comes to...

Cancelling a Consumer Proposal: What You Need to Know

Cancelling a Consumer Proposal: What You Need to Know

Are you considering cancelling a consumer proposal? You may have changed your mind about pursuing debt relief through this method or want to explore other options. Whatever the reason, it's essential to understand the implications of cancelling a consumer proposal...

A Guide On Including Your Car In Your Consumer Proposal

A Guide On Including Your Car In Your Consumer Proposal

We frequently see customers with credit card debts and other unsecured debts like car loans. Many debtors own a car or truck when they file for bankruptcy. While the threat of bankruptcy is stark on its own, not having your own transport can derail your plans of...

Can I file a consumer proposal multiple times?

Can I file a consumer proposal multiple times?

In Canada, a consumer proposal is a judicial debt settlement agreed with creditors to reduce your debt, administered by a Licensed Insolvency Trustee. The consumer proposal must be paid within five years or less with the help of monthly payments. Being a great...

Applying for Credit during a Consumer Proposal

Applying for Credit during a Consumer Proposal

A Consumer Proposal is a legally binding choice to forgive the debt, in which you give back a portion of what you owe to your creditors without paying any interest. Only Licensed Insolvency Trustees (LITs) can administer Consumer Proposals, and they conduct any...

Does Consumer Proposal remain on Credit Report all the time

Does Consumer Proposal remain on Credit Report all the time

The consumer proposal might be an ideal way to overcome your debt, but it can damage your credit ratings. Your credit score is closely connected to your credit report since the report contains all your missed or late payments. However, it is deleted from your credit...

Filing a Consumer Proposal – Will I lose my home?

Filing a Consumer Proposal – Will I lose my home?

Filing for a consumer proposal can be an intelligent way to protect yourself from creditors and negotiate to pay off a portion of your debt. But have you ever thought about how a consumer proposal affects your home? What is a Consumer Proposal? A legally binding...

Role of a Licensed Insolvency Trustee in Canada

Role of a Licensed Insolvency Trustee in Canada

Selecting a debt advisor is a crucial step in your overall debt recovery. Licensed Insolvency Trustees (LIT) are Canada's only federally regulated debt advisors. The Licensed Insolvency Trustees outline your options and advise you on how to get out of debt and obtain...

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

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