Build a 5-Year Debt Repayment Plan



Consumer Proposals

If you find yourself only able to make the minimum payments on your credit cards or you’re using one loan to pay off another, it may be time to take action on your debt. The good news is you can build a 5-year debt repayment plan by filing a consumer proposal. We’ve detailed below exactly what you need to be doing for the next 5 years to accomplish your debt repayment goal. Make your debt-free…


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What Happens When I File A Consumer Proposal?



Consumer Proposals

A consumer proposal allows a person settle all their unsecured debts with their creditors for a fraction of what they owe. Often, settlements are for a third of the total debt owed and payment terms can extend to 60 months. It’s common to see a $30,000 debt with monthly payments of $600 or more to service, become a monthly payment of less than $200 to eliminate the debt through a proposal. It’s no surprise that…


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How does a High Home Value Affect your Consumer Proposal?



Consumer proposals have become the preferred method for dealing with debt in Canada, yet there are still a lot of misconceptions regarding them. One commonly held belief is that if you own a home, you can’t file a proposal. In fact, for most people who own a home, a proposal is the better solution for dealing with debt. A key difference between consumer proposals and bankruptcy is how both proceedings deal with assets. In bankruptcy, all…


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Debt Consultants Still Preying on the Unwary



Consumer Proposals

I’ve met with several people who have enrolled in programs or entered into contracts with unlicensed debt consultants. These ‘consultants’ said they would help them through a  debt relief or debt settlement program.  I won’t name the companies, because sadly there are too many out there to name. They approached these companies because they didn’t want to file for bankruptcy. They assumed talking with a trustee meant filing bankruptcy. This meant that they were vulnerable to…


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