REDUCE YOUR DEBT WITH A CONSUMER PROPOSAL

Get your financial life back on track. Become more informed about your options – yes you do have some!

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A Viable Alternative to Bankruptcy

Your debts may have become unmanageable, but there is something you can do today. Get your financial life back on track. Become more informed about your options – yes you do have some!

A consumer proposal is a Canadian government approved process that can reduce your debt load significantly. It will help you set monthly payments that won’t have you fretting about ‘month-end’.

  • Keep your CAR, HOME
  • Stop CREDITOR CALLS immediately
  • Get your DEBT REDUCED

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A Viable Alternative to Bankruptcy

A consumer proposal also provides you legal protection from your creditors. This means that those distressing collection calls and letters stop. Consumer proposal legislation was designed specifically to help people just like you to achieve a ‘fresh start’.

Consumer proposals can only be administered by a Licenced Insolvency Trustee (LIT). So it makes sense that you should begin your journey there.

Explore a viable Alternative to Personal Bankruptcy

    • We help you create a proposal for your creditors
    • Find out if a consumer proposal will work for you
    • A proposal allows you to keep your assets
    • The process stops collection calls and legal action

Get Support From Professionals Who Understand

    • Locally based, government approved debt professionals
    • Non-judgemental advice & support
    • Solutions designed to solve YOUR debt problems
    • LCTaylor have helped thousands of people, just like you

A Tailor-made Solution With Expert Advice

    • Receive expert advice about your specific situation
    • All consultations are completely confidential
    • Your Trustees deals with your creditors
    • Establish monthly payments that you can afford

Frequently Asked Questions

Filing a consumer proposal and bankruptcy are the top two debt management options available in Canada. While both protect you from your creditors and deal with your debt problems, there are a few differences.

A consumer proposal can reduce the amount of debt you repay significantly. You will also be allowed to keep your possessions. The impact on your credit rating is less severe than if you filed for bankruptcy. It will show up on your credit report for 3 years, whereas a bankruptcy will stay on your record for 6 years from completion.

You must owe more than $1,000 but less than $250,000 (excluding your mortgage) and are deemed to be insolvent – which means that you cannot repay your debts as they become due. You must be able to pay a portion of your debts in monthly payments or a lump sum.

The cost of filing a consumer proposal is included in the monthly payment the trustee has negotiated with your creditors. If you are paying $400 for 36 months then that is all you pay. There are no additional charges.

Your creditors will know when your trustee negotiates terms that are acceptable both for you and the creditors. Also the credit rating agencies will know as they will adjust your rating to reflect the proposal. Although your filing is public record, it is unlikely anyone else will find out.

After you have satisfied all the terms of your proposal and the balance of your debts have been forgiven, your file will be closed. Your credit record will show that you have filed a consumer proposal, typically for 3 years.

Even if you don’t a consumer proposal isn’t an option, there are other alternatives open to you. A Licenced Insolvency Trustee (LIT) will be able to review those solutions with you.