Negotiating A Successful Consumer Proposal

For a consumer proposal to be successful it must be acceptable to several parties. First you must be assured that you will be able to afford your monthly payments and that this is the best solution to eliminate your debts. Creditors are primarily looking at the total money they can expect to receive over the term of the proposal. They have certain ‘expectations’ and a successful plan takes these factors into consideration. Each person’s situation…

Read More

Beware Ads Advertising Government Debt Relief Programs

Consumer Proposals

Have you seen any of the ads touting “Government of Canada Debt Relief Programs with promises to reduce your debt by 60, 70, even 80%?”  The businesses running these ads are trying to sell you “consulting services” – they’ve “been there before,” they know the “tricks of the trade,” they “know a guy…”  Please tell me you are not falling for any of this. The Government of Canada is not in the debt reduction business….

Read More

Consumer Proposal Vs. Division I Proposal To Creditors

What is a consumer proposal? A proposal to creditors is a deal you negotiate with the people you owe money to in order to repay a portion (or perhaps all) of what you owe.  If you like legal terms, a proposal is an “arrangement” to “settle” your debts for less than their full amount. You might be asking yourself, “Why would anyone accept a deal for me to repay less than what I owe?”  That’s…

Read More