The Best in Consumer Proposals for Carleton Place
A consumer proposal is an agreement mediated by a trustee that eliminates accumulating interest charges and protects you from creditors’ harassing phone calls and legal threats. It’s an alternative to bankruptcy that a lot of people are using.
To learn if our consumer proposals in Carleton Place are right for you, continuing reading or contact our office.
What You Need to Know About Consumer Proposals
You work with a Licensed Insolvency Trustee to draft a proposal – an offer to pay back creditors a portion of what you owe or extend the time you have to pay off your debts. Your trustee will help create a payment schedule based on your living expenses, income, and family responsibilities.
We offer consumer proposals in our Carleton Place office. Most proposals begin with an offer to make lower monthly payments and/or a larger lump sum payment. This reduces your debt amount while ending interest charges. You’ll then pay the agreed upon amount to your trustee, who distributes it to your creditor(s).
Some Requirements of a Consumer Proposal
Only a Licensed Insolvency Trustee can make a legally binding consumer proposal. To qualify, your debts have to be at least $5,000 but less than $250,000 (not including the mortgage on your primary residence). You also need to have joint debts equaling at least $10,000 but less than $500,000 if you want to file a joint proposal.
For the proposal to be legal, the creditors who you owe the most to must agree to the set terms. Once they do, you’ll begin to repay the agreed upon amount over a maximum of 5 years. A consumer proposal also creates a public record in an online database.
The Benefits of a Consumer Proposal
A consumer proposal is a viable choice if you have a well-paying job, and can afford to make steady payments every month. It’s also a good option if you can’t get a debt consolidation loan because you owe too much to creditors.
Creditors are also eager to accept a proposal over bankruptcy because it lets them recover some of the money you owe them. The debt strategies we create are tailored to help relieve you of the financial burden you came in with.
- Your assets won’t have to be surrendered as part of your proposal agreement.
- Once your proposal has been accepted your payments won’t increase if your income does.
- You’ll never owe more than the agreed upon amount.
- The negative impact on your credit score isn’t as severe as it is when you declare bankruptcy.
Our team at Doyle Salewski Carleton Place are experienced in talking with creditors to find the best resolution for everyone involved. We understand that debt can build up quickly. Most people dealing with financial stress were plunged into the situation because of circumstances beyond their control. Anything from illnesses to accidents can take someone from stability to danger.
To reach a solution, you need to take realistic steps to combat the problem. This includes recording your debt, setting goals, making informed payments, and monitoring your expenses. Most importantly, before the problem gets any worse, reach out to one of our trained counsellors.
Contact Us to Learn More About Consumer Proposals
Working with our Doyle Salewski office in Carleton Place, we can provide a solution that gets you out of debt and on a path towards financial freedom. Carleton Place is home to over 9,000 people. On average, at least 50% of the population in Ontario is struggling with their finances. We know that this situation is stressful so we’ll do our best to make sure you’re comfortable.
Our Carleton Place office is located at 143 Bridge Street, across from the intersection of Bridge and Allan Street. You can reach us at 613.253.2227 or toll free at 1.800.517.9926. We’re also available through our online contact form. We’re ready to help put your debt problems behind you. Our consumer proposals in Carleton Place are confidential and created for your unique situation.
The professionals at Doyle Salewski are all fully experienced in providing financial management advice such as credit counselling, bankruptcy, consumer proposals, budgeting, debt settlement, and debt consolidation. Our directors are qualified CAIRP estate administrators and counsellors. CAIRP accreditation is available exclusively to estate administrators working within member firms.