Sentences with phrase «creditors as the consumer proposals»

You may think of a proposal to creditors as the consumer proposals «big brother».

Not exact matches

They are part of the bankruptcy or consumer proposal and are included in your creditor list, as long as the CRA hasn't placed a lien against your property making it a secured debt.

Governed by the same law as bankruptcy, a consumer proposal stops all collection and creditor actions as soon as you file.

The reason is simple, if the alternative to a Consumer Proposal is Bankruptcy, the creditors will choose to compromise, as they would end up receiving less under a bankruptcy.

Providing many of the same benefits as filing bankruptcy, including creditor protection and elimination of overwhelming debts, by choosing a consumer proposal, people with severe debt problems gain several advantages over other forms of debt relief the most significant of which is dramatically lower monthly payments and avoiding bankruptcy.

As an alternative to bankruptcy, consumer proposals help 50,000 Canadians a year keep their assets, gain protection from their creditors but most importantly get out of debt.

Consumer proposals involve contacting your creditors and saying, in effect, that as much as I would like to pay back my debts, I can't afford to do so, so will you accept partial payment and call it quits?

Prior to the new legislation, consumers with significant unsecured debt could safeguard their home equity by filing a consumer proposal and offering the equivalent «value» to their creditors as part of their settlement terms.

In most cases, if you have equity in your house, a consumer proposal is a better option, since you can make a plan with your creditors to make payments over a period of time as long as 60 months so that you can keep your house.

The opitons include making payments as requried by the creditors in question, negotitating directly with the creditors to find a reasonable schedule for repayment, a consolidation loan, credit counselling, a consumer proposal, or even the filing of a bankruptcy.

The role of the LIT is similar to a referee; the LIT's statutory duties owed to both creditors and the administration of the consumer proposal process prevent them from acting as a financial advocate for a consumer struggling with overwhelming debt.

Now having said that, if you do actually have an appreciable amount of equity in your property then we're going to suggest that we consider filing a consumer proposal; making an offer to the creditors to pay back part of what you owe but protecting the property as part of the deal.

Another common issue we see is that creditors will incorrectly report individual debts as «included in a bankruptcy» when they may have been included in a consumer proposal.

Consumer proposal is the best as we are now paying back our creditors, but the interest payments stopped.

In that time frame Trustees have gained experience understanding what creditors want, banks & lending institutions are more familiar with the option and are more likely to participate, and consumers themselves are becoming more aware of a consumer proposal as an alternative.

In a consumer proposal, a Licensed Insolvency Trustee makes a formal proposal to your unsecured creditors based on various factors such as your total debt, who your creditors are, current income and the value of any realizable assets.

In both cases, if a creditor has taken collection action against you (even the Canada Revenue Agency) or has imposed an enforcement measure such as a wage garnishment or frozen your bank account, this is stopped once a bankruptcy or consumer proposal is filed.

A consumer proposal was added to the Bankruptcy and Insolvency Act in Canada as a way to allow individual to make an offer to settle their debts with their creditors for less than they owe yet still receive the protection available under the Act.

In fact, as soon as your creditors, the court and / or CRA receives notice that you have filed a consumer proposal or a bankruptcy, they must stop the wage garnishment immediately!

Consumer proposals are often described as a win - win scenario for both the debtor and the creditor.

A consumer proposal can only be filed by a federally licensed trustee in bankruptcy and as soon as you sign the paperwork, you are legally protected from creditors who may be threatening to garnishee your wages or sue you for non-payment.

A consumer proposal is basically an offer made to the creditors as an alternative to bankruptcy.

A consumer proposal allows you to offer a percentage of your debts as settlement of your balance owing with your creditors and is usually for an amount less than is owing.

While the government is, for the most part, treated as another creditor in consumer debt solutions, such as a consumer proposal or personal bankruptcy, CRA does have additional collection powers, granted to it under our tax laws.

Once your Consumer Proposal is filed, this will act as a «shield» between you and your creditors.

Consumer Proposals are almost always accepted by creditors as they will provide a better return than if you opted to declare a personal bankruptcy.

The proposal noted that TILA section 128 (b)(2)(D) requires that a corrected TILA disclosure be received by the consumer three business days prior to consummation if the APR as initially disclosed becomes inaccurate, and stated that the Bureau understands that because of the high frequency of annual percentage rate changes triggering the corrected TILA disclosure obligation, many creditors currently provide the corrected TILA disclosure as a matter of course even if it is not required.