One of the financial solutions offered at Doyle Salewski Renfrew are consumer proposals. These are an ideal option for anyone who is unable to pay back the full amount of the money they owe, but are still able to afford reduced payments. Our consumer proposals in Renfrew are designed to address your unique situation and get you out of debt.
By speaking to a Licenced Insolvency Trustee about a consumer proposal, anyone in financial distress can work on an agreement for a lowered monthly payment. Your trustee will mediate this agreement so all parties involved are aware of the terms, and approve each condition.
Depending on your personal financial situation, a consumer proposal may or may not be the right option for you. One of our trustees can take a look at the amount of money you currently have to determine what you can afford. From there, they can work on a custom solution based on your financial circumstance.
A trustee can also advise if your best course of action would be to provide a monthly payment plan, or a lump sum amount if you can afford to do so. No matter what decision is agreed to by you and your trustee, a proposed payment plan will be provided to all who require one.
Contacting one of our Licensed Insolvency Trustees can help you understand exactly what needs to be done in order to proceed with a consumer proposal. They will outline the details of how much will need to be paid back, and work on extending the timeline you have to make those payments. Before speaking to a trustee, you must be prepared to do the following in order to proceed with a consumer proposal:
These are only a few of the basic requirements set by each trustee, so you have an idea of what is yet to come.
Besides the above, there are government regulations that need to be met in order to qualify for a consumer proposal. By law, your financial troubles cannot be related to the mortgage payments on your home and must be less than $250,000. If it is a joint debt, the combined total must be less than $500,000. If you owe more than $250,000 that is unrelated to mortgage payments, you may want to consider a Division I proposal.
If you are prepared to get your finances in order, you meet the outlined requirements, and you have a steady income that allows you to make monthly payments, a consumer proposal might be what you need. It can provide you with a convenient way to pay back what is owed, in smaller amounts that you can afford. Your employment status and income will not be a factor once the terms are agreed to by both parties.
Therefore, if you have a sudden increase in funds, you will not be expected to make larger payments in a shorter time period. Possibly the greatest benefit of a consumer proposal is that your credit score will not be as negatively impacted as it would be if you file for bankruptcy.
Visit us in our Renfrew location at 45 Renfrew Ave. East, just at the corner of Renfrew Avenue East, and Plaunt Street South. You can also call us toll-free at 1-800-517-9926, email us at firstname.lastname@example.org, or click here to book a consultation online. Contact us to learn more about our consumer proposals in Renfrew and see if it’s a solution for your debt concerns.
At Doyle Salewski, our Licensed Insolvency Trustees 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.