Five Tips For Negotiating With Creditors



Credit is when someone loans you money with the expectation that you’ll pay it back, and with interest. That’s an agreement that you make with your creditor when you sign up. The end goal for a creditor is to get paid. For the most part they’ll take full or partial payments depending on your situation. You can negotiate with your creditors, but it’s important to know the proper steps to do so. 1. Communication Communicate your…


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What Happens If My Creditors Reject My Consumer Proposal?



Consumer proposals are rarely rejected, however, if your creditors do reject your consumer proposal, all hope is not lost. When you file a consumer proposal, your creditors have 45 days to vote on whether they will accept the terms that you offered (this includes terms such as the payment amount and the length of the proposal) or reject those terms. Consumer proposals are accepted or rejected based on votes by your creditors. The voting system operates under…


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Will There Be a Meeting of Creditors During My Proposal?



When talking with clients, I often get asked, “Do I have to meet with my creditors?”; coupled with a look of stress or fear. Let me explain the basics and then provide you with some practical, real life scenarios. The Basics The Bankruptcy and Insolvency Act tells us that the Administrator of the proposal (that’s your trustee) is to call a meeting of creditors if: directed to do so by the Official Receiver (the government)…


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How Long do Consumer Proposals Last?



The maximum time you can offer a Consumer Proposal over is 5 years. This does not mean every proposal is 5 years as there is no minimum time set to make payments over.  It can be shorter if you wish. Here in my Brantford office, we’ve done some consumer proposals where the terms were to only make one payment! One of the critical points to having a consumer proposal accepted is that the proposal offer…


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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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