Consumer Proposal Advice in Cornwall, Ontario

A consumer proposal is a formal agreement with your unsecured creditors that eliminates accumulating interest charges and protects you from creditors’ harassing phone calls and legal threats. It’s a resource that more people are using as an alternative to bankruptcy.

In this process, a licensed insolvency trustee will work with you to develop a proposal – an offer to pay creditors a percentage of what you owe them, or extend the you have to pay off the debts, or both. Your trustee will also help to create a payment schedule based on your income, living expenses, and family responsibilities. This includes one low monthly payment with no interest.

How Consumer Proposals Work

We offer consumer proposals in our Cornwall office. Most proposals begin with an offer to make low monthly payments and/or a lump sum payment. This reduces your overall debt and puts an end to the interest charges. You pay the money to your trustee, who distributes it to your creditor(s).

A legally binding consumer proposal can only be made by a Licensed Insolvency Trustee. To qualify for this option, your debts must be at least $5,000 but less than $250,000 (not including the mortgage on your primary residence). If you have joint debts of at least $10,000 but less than $500,000, you can file a joint proposal.

For the consumer proposal to be legal, the creditors who hold the majority of your debt must agree to the terms. Once they do, you’ll repay the agreed amount over a maximum of 5 years and a public record is created in an online database.

The Benefits of a Consumer Proposal

There are a lot of benefits if you choose to pursue a consumer proposal. Your assets aren’t at risk, and they won’t have to be surrendered as part of your proposal agreement. Also, 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. Also, the negative impact on your credit score isn’t as severe as it is when you declare bankruptcy.

Creditors are also more willing to accept a proposal because it’s better than a bankruptcy claim. At least a consumer proposal allows them to recover more than they would in a bankruptcy.

A consumer proposal might be a good option if you’ve got a good job, and can afford to make one low monthly payment with no interest. It would also be a viable choice if you can’t get a debt consolidation loan because your debts are too high. This solution is preferred over bankruptcy because you won’t lose any of your assets and your payments are locked to the agreed upon amounts.

How We Can Help

We offer financial services designed for your unique situation. Everyone who comes into our office is different and our solutions reflect that. The debt strategies we create are tailored to help relieve you of the financial burden you walked in the door with.

Our counsellors at Doyle Salewski Cornwall are experienced in working with creditors to find the best solution for everyone. We understand that financial burdens can happen quickly. Emergencies are able to catch the most prepared people off-guard.

To find relief, you need to take practical steps to deal with the problem. This includes recording your debt, setting goals, making smart payments, and tracking your spending. Most importantly, before the situation spirals out of control, reach out to one of our counsellors.

The population in Cornwall is over 46,000 people. On average, at least 50% of the population in Ontario is dealing with debt. By working with our team at Doyle Salewski Cornwall, we can find a solution that gets you out of debt and on your way to financial freedom. We understand this is a stressful situation and we’ll do our best to put you at ease.

Contact Us

Our Cornwall office is located at 36 Second Street East. You can reach us at 613.932.7827 or toll-free at 1.800.517.9926. You can also schedule an appointment through our online consultation booking form.

We’re also available through our online booking form or by email at info@doylesalewski.ca. We’re ready to help you get out of debt and start your financial life over. Our services are confidential and designed 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.


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