Consumer Proposal Examples

Improve Your Credit Score by Filing a Consumer Proposal



You want to eliminate your debts by filing a consumer proposal, but you are afraid that your credit score will be harmed, and you will never be able to borrow again. Most of the people I meet with have that same worry. You are not alone.  Fortunately, I have some good news: In most cases a consumer proposal will improve your credit score. Here is an actual case history (with all identifying information changed): Joseph M….


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Consumer Proposals: Flexibility to Deal With Your Debt



One of the major benefits of a consumer proposal arrangement is that you have a lot of flexibility in crafting a repayment plan for your debts. While your creditors must accept the proposal, there are no ‘set rules’ on what you can and cannot do. Here is the story of how one couple solved a lot of issues by choosing a consumer proposal over bankruptcy. Steve had separated from his wife Krista about three years ago….


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Should I Cash In My RRSP To Pay Off My Consumer Proposal?



One of the advantages of filing a consumer proposal is that your monthly payments are often less than they might be in a bankruptcy. This means you can use your extra cash flow any way you like, including continuing to make contributions to an RRSP. This might be particularly attractive to you if your employer matches your RRSP contributions. But what if you’ve built up some savings in your RRSP, enough to pay off your…


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A Consumer Proposal Case Study in London



I’ve recently had the great pleasure of helping someone avoid what could have been a very difficult bankruptcy, and I wanted to share some of what happened.  I’m changing a lot of detail here for this person’s privacy, but the basic story is what’s important. Several months ago I had my first meeting with this person – he was convinced coming in that he would be filing bankruptcy (in fact, had received advice from his accountant to…


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Why Do Consumer Proposals Have Different Payments When the Debts are the Same?



A consumer proposal is a great way to eliminate your debts, but how much will it cost? The amount you will be required to pay in a consumer proposal is based on many factors.  Here is an example to illustrate how payments are determined. I recently met with Evan (not his real name).  He had $60,000 in total debt, so he offered a proposal of $400 per month for 50 months, for total payments of…


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Debt Consultants Still Preying on the Unwary



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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Consumer Proposal Success Story in London



So often, we find ourselve s (at least in my office!) talking about how great consumer proposals are, how much they help folks save their homes or reduce their debt costs (both, really) and how they offer a good alternative to filing bankruptcy. Yesterday I had the pleasure of meeting with a client who was just completing their proposal with us. About two years ago, this client had come in with significant stress – a…


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John and Melissa’s Story



Earlier in the week I had a couple come into my office for a free consultation here in Barrie Ontario, their names were John and Melissa (not their real names of course). They explained to me that John had been out of work for a year and a half due after cut backs at work. Over the year and a half John was collecting EI and Melissa was working as a RN at the hospital….


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Advantages of Filing a Consumer Proposal- How It Worked For Jack



I’d like to tell you the story of Jack who came to meet with us in our Cambridge office to discuss his debt options. He had many questions and concerns about his options. The only thing that he was sure of was that he did not want to file for a bankruptcy. He had recently separated from his spouse; during the separation they lost their matrimonial home, leaving them with a shortfall of around $70,000….


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Advantages of a Consumer Proposal – Maureen’s Story



I met with Maureen (not her real name) in my Brantford Office, and after looking at her debt issues, she was happy to discover the advantages filing a consumer proposal over a bankruptcy.  A proposal isn’t right for everyone, but for Maureen it made perfect sense and I will explain why. Maureen is a single mom of two kids.  She works full time, makes an average of $3,200 per month and receives an average on $300…


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