Understanding The Consumer Proposal

Cases frequently encountered in consumer proposals

Customer is hesitant but gathers his courage and calls us.  He thinks he’s going to lose everything.  After a few minutes, he starts to feel confident and realizes that there are a few solutions, but one in particular capture his attention.  He feels listened to with no judgment.  He wants to know more about the consumer proposal which will enable him to regain control of his day-to-day expenses and financial obligations. He makes an appointment for a free consultation. 

When is the best time to reach out for a consultation?

It’s never too early or too late to consult.  The meeting is free and without obligation.  It’s a good idea to call in order to obtain all the information required to help us move forward and see beyond your debts. 

It’s easy to book an appointment by clicking here: https://ginsberg-gingras.com/en/book-an-appointment/

You have the choice of an in-person or virtual meeting, at your convenience.

Listen to our Podcast on the first meeting of a proposal

https://ginsberg-gingras.com/en/podcasts/dept-consolidation-or-consumer-proposal/

Some benefits of the Consumer Proposal

Every situation is different, but the most important benefits are :

– One interest-free payment per month

– Payments are based on your ability to pay

– No garnishment of any assets

– No more collection calls

– No co-signor 

Some drawbacks

– Credit score will be affected 

– Difficulty to obtain new credit

– Some changes in daily life expenses might be expected

Amount to be paid

At the consultation meeting, a budget based on income and day-to-day expenses will be prepared.   Once this exercise is done, it will be possible to determine the amount that will be proposed to repay your debts.

The Length of a consumer proposal

The maximum term is 5 years.  However, once approved, it is possible to pay more quickly.  This will have a positive impact on the re-establishment of your credit rating.

Borrowing during my proposal

It may be difficult, but not impossible, to borrow during a consumer proposal.  Every case is different.  You will be encouraged to discuss it with us when the situation arises.

My financial situation has changed 

No one can predict the future, but one thing is certain: we are available to help you find a solution when your financial situation changes.

Some frequently asked questions

Will I lose my home?

NO, with a consumer proposal no assets are seized.

Can I pay faster?

YES, it’s an open agreement, payable at any time.

Will my employer be notified?

NO, we do not notify employers.

Will the bank stop calling?

YES, once the documents have been processed, the calls will stop.

About the author

By: Stephan V. Moyneur, CIRP/LIT,  Licenced Insolvency Trustee 

https://ginsberg-gingras.com/en/find-a-trustee/stephan-v-moyneur/

https://www.linkedin.com/in/stephanmoyneur/

Learn more about the consumer proposal:

call (800)567-1905 or visit :https://ginsberg-gingras.com/en/consumer-proposal/

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/you-owe-money/you-owe-money-consumer-proposals

Over the past 40 years, Ginsberg Gingras & Associates has helped more than 150,000 find their way back to financial stability.