Consumer proposal is a way to consolidate your unsecured debt into a monthly payment plan that stops all interest.
A consumer proposal immediately stops all collection proceedings and legal action by your creditors, including lawsuits and wage garnishment, giving you immediate financial stress relief.
To see if a consumer proposal is right for you, get a free consultation with a member of our team.
- Credit card balances
- Personal lines of credit
- Bank loans and bank overdrafts
- Personal loans from finance companies, payday lenders and friends/relatives
- Income tax debt owed to Canada Revenue Agency
You'll regain a favorable credit rating and massively reduce your overall debt payment with one low monthly payment for a period of 3 to 5-year term.
To learn how a consumer proposal can reduce your debt and if it is the right option for you, get a free consultation with one of our experts.
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EmpireOne Credit Solutions is dedicated to helping clients in the Greater Toronto Area who are struggling with debt and financial hardship. EmpireOne Credit’s passion is derived from the knowledge that the situation isn’t always as bad as it seems. EmpireOne guides their clients toward the best options possible, whether that is a debt consolidation, a consumer proposal or declaring bankruptcy.
Regardless of the path taken, EmpireOne Credit is proud to help clients every step of the way.
- All unsecured credit cards,
- CRA debt,
- lines of credit,
- student loans,
- cash stores loans,
- department store cards,
- phone bills,
- utility bills,
- shortfall owing on assets that have been repossessed (example; vehicle, house)
If you miss a proposal payment you can always make it up within the term, but if 3 payments are missed within the term then you become annulled. If you’re annulled, you have a month from the first day of annulment to revive your proposal by making up the payments missed all at once.
3 years after the last day of payment on the fulfillment of the Consumer Proposal. As stated by Equifax, “A consumer proposal will be removed from your Equifax credit report 3 years after you’ve paid off all the debts according to the proposal, or 6 years from the date it was filed, whichever comes first.”
You won’t be able to apply for an unsecured credit card while you’re making payments in your proposal, but you will be able to apply for a secured credit card or a prepaid one.
A consumer proposal is a formal, legally binding process between you and your creditors to offer a payment percentage of what you owe based on income and assets.