Wipe out debt with a consumer proposal in Scarborough

Why file a consumer proposal in Scarborough?

A consumer proposal is an agreement between you and your creditors, helping you to get your debt problems under control and your life back on track.

By filing a consumer proposal in Scarborough, your unsecured debt is restructured into one manageable monthly payment.

Based on what you can afford, not what you owe, a consumer proposal is typically paid over five years. In return for committing to a consumer proposal, creditors may even agree to debt forgiveness by writing off part of your debt.

An attractive alternative to personal bankruptcy, a consumer proposal could be the best option for you if you have:

• Debts totalling £5,000 or more.
• Problems paying your debts as they become due.
• The ability to make a monthly repayment after essential bills.

A consumer proposal is available to people living in Scarborough, Toronto, and throughout Canada.

See if you qualify

To learn more about filing a consumer proposal in Scarborough, contact a local Licensed Insolvency Trustee today for a free consultation.

How do Scarborough consumer proposals work?

A consumer proposal is one of the best debt relief solutions available. Your payments are reduced to an affordable level, and interest and charges are frozen.

Because a consumer proposal is legally binding, creditors can no longer chase you for money as long as you keep up your monthly payments.

You won’t lose any assets, like your home, car, savings and tax refunds.

You won’t have to deal with your creditors directly. Instead, a Licensed Insolvency Trustee will liaise with them on your behalf and carry out all the paperwork.

If your financial situation changes for the better, your payments will never increase. You have the option of completing your proposal early if you want to.

Working in partnership with Licensed Insolvency Trustees, we have successfully removed the burden of debt for thousands of Canadians.

With a wealth of insolvency knowledge and experience to help you through these difficult times, request a free consultation from a trustee to see if you qualify for a consumer proposal in Scarborough.

How much does a consumer proposal cost?

The cost of a consumer proposal depends on your financial situation. Your Licensed Insolvency Trustee will review how much you owe, the creditors, your income, and whether or not you have any assets.

Use our consumer proposal calculator to get an estimate.

Advantages of a consumer proposal

A consumer proposal helps you sort your financial problems in a structured way. You only repay what you can afford, and the harassment from creditors stops. Think of a proposal as debt consolidation without interest fees.

Dedicated Licensed Insolvency Trustee

A Licensed Insolvency Trustee must carry out a consumer proposal on your behalf. A trustee is a licensed professional appointed by you to manage your debts.

A Licensed Insolvency Trustee will take care of the whole process for you.

• They agree on a payment schedule between you and your creditors (you could write off a portion of your debts).
• They liaise with your creditors.
• They make sure all the paperwork is correct.

You simply make your agreed monthly payments to your Licensed Insolvency Trustee, who will distribute the funds to your creditors. It’s that easy.

Because a consumer proposal is legally binding, no further charges or interest can be added. What’s more, your creditors can’t contact you or harass you for additional payments as long as you keep up your side of the agreement.

Check to see if you qualify for a consumer proposal.

What types of debt can I include in a consumer proposal?

A consumer proposal usually includes unsecured debts such as:

• Credit cards
• Personal loans
• Bank overdrafts
• Unsecured lines of credit
• Store cards
• Payday loans
• Tax debts (unless the CRA registers a lien on your property)
• Student loan debt if you haven’t been a student for seven years or more
• Utility bills (You can’t include bills for services you are continuing to use)

Get debt relief with a consumer proposal Scarborough

If you are seeking debt relief in Scarborough, connect with a Licensed Insolvency Trustee in Scarborough for more information about a consumer proposal.

They’ll help you determine the best approach to settle your debts and help you avoid bankruptcy.

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