Sentences with phrase «of consumer proposals»

That is why 99 % of consumer proposals filed with us are accepted.

Doug Hoyes: Maybe we can talk about some specific examples of consumer proposals then that work.

In 2017, homeowners were not a significant driver of consumer proposals as seen by the decline in our Homeowner's Bankruptcy Index.

You may want to contact a licensed trustee and look at the filing of a consumer proposals.

The solution has also gained ground with Trustees, attracted by the better workload / revenue profile of Consumer Proposals.

My firm, Hoyes Michalos, has done thousands of consumer proposals and bankruptcies for people over the years with student loans, and in many cases dealing with all your other debts, like credit cards and bank loans, gives you the relief you need so you can manage your student loans.

Awareness of consumer proposals has grown significantly in recent years as more and more people understand the benefits.

In fact, 99 % of all consumer proposals we file are accepted by the creditors and a significant percentage of our clients come to us referred from satisfied clients.

LIT's are licensed by the federal government to act as administrators of consumer proposals and bankruptcies.

Legislative solutions, governed by federal law, typically come in the form of consumer proposals, which are now more commonly used than bankruptcy filings.

We discussed the topic of consumer proposals and Ted explained why they are a beneficial debt solution.

It's for this reason that I was quite pleased to see the Office of the Superintendent of Bankruptcy (OSB) issue a report on their review of the involvement of debt consultants in the administration of consumer proposals in Canada.

Another main advantage of Consumer Proposals when compared to bankruptcy is that you do not have to give up your assets like your home, second car, or investments to repay your creditors.

At my firm, Hoyes Michalos, we have successfully negotiated thousands of consumer proposals, giving us far more knowledge of the process than a debt consultant who has never filed a consumer proposal.

Inspectors are appointed by creditors to represent them before the trustee during the administration of consumer proposals and bankruptcies.

An administrator of consumer proposals is a trustee in bankruptcy or a person appointed by the Superintendent of Bankruptcy to administer consumer proposals.

I'm a Licensed Insolvency Trustee and my firm, Hoyes, Michalos & Associates does thousands of consumer proposals and bankruptcies for people who turn to debt to make ends meet and eventually found themselves in deeper trouble.

Guaranteed approval usually means that lenders accept applications from clients with a history of consumer proposals, bankruptcies, credit counseling, seriously delinquent accounts, and past collections.

That is why 99 % of consumer proposals filed with us are accepted.

As you can see, the cost of your consumer proposal is structured through the negotiation process to ensure you can afford the monthly payments.

Once payments are completed you will receive a certificate showing the terms of the consumer proposal have been completed and you will be relieved of any balance still owed from the debts that were in the proposal.

Whereas consumer proposal presents no such danger, angst, leaving you free to explore creditor tolerance while in control throughout the period of the consumer proposal provided payment is made in amount and time agreed.

Consumer Proposal Payments: The cost of a consumer proposal is based on a negotiated settlement between the debtor and the creditors.

There is a lot of flexibility in how the terms of a consumer proposal can be structured.

A consumer proposal in Ontario is a legally binding, negotiated debt settlement made between you and your creditors with the assistance of a consumer proposal administrator.

If accepted, you make payments to Hoyes, Michalos (the Consumer Proposal Administrator) who in turn makes payments to the creditors according to the terms of the consumer proposal.

Each creditor receives a percentage share of the consumer proposal.

When your student loans are less than 7 years old, your creditors still receive a prorated share of your consumer proposal payments, just like any other unsecured creditor.

Obviously, an R7 rating in a consumer proposal is much worse than a perfect R1 credit rating, so that is an obvious disadvantage of a consumer proposal.

The disadvantage of a consumer proposal can be related to your credit score, as it will be damaged and you will have either an R7 or an R9 credit rating — depending on how you handle your different debts.

The practice is based on historic provincial debt collection legislation intended in part to provide consumers with voluntary debt consolidation service when no one will lend — before the availability of the consumer proposal embodied in federal debt relief, financial restructuring legislation.

Learn more about the benefits of a consumer proposal as a way to both consolidate and eliminate your debt.

However the actual cost of a consumer proposal is a much more complicated calculation that requires a debt assessment.

Upon completion of your consumer proposal, your obligations will be over and you will be free of your debts.

If you are at the point where you think you do not have any other options to deal with your debt, think of a consumer proposal or bankruptcy as an opportunity.

This video explains how the cost of your consumer proposal is included as part of your monthly payment.

That is the ultra quick summary of consumer proposal vs. personal bankruptcy.

A consumer proposal is a legally binding arrangement made through the Bankruptcy & Insolvency Act with the assistance of a consumer proposal administrator.

The filing of a consumer proposal puts a stop to these calls and letters.

One of the key benefits of a consumer proposal is your assets are protected, which means you keep your assets while achieving debt relief.

The biggest advantages of a Consumer Proposal are that the payments are designed to be affordable, interest is eliminated, and the amount of debt you owe is reduced.

When the bank receives notice of your consumer proposal, or bankruptcy, they have the right to offset the money that was in your bank account as of the day you filed against any debt you owe them.

The payday loan company claimed that since it took time to get notice of the consumer proposal, they can do this.

the reason bankruptcies are down is because more people are taking advantage of the consumer proposal solution.

Ted breaks down the benefits of a consumer proposal instead of a personal bankruptcy for a couple like Mary and Joe.

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.

When you file a consumer proposal there will be a note in the Legal Items section of your credit report that notes the date of filing, and the name of your consumer proposal administrator.

Doug is the co-founder of Hoyes, Michalos & Associates Inc., the largest independent firm of consumer proposal administrators in Canada.

The goal of a consumer proposal is to make your monthly payments more realistic and affordable, without the need to take out any kind of additional debt.

While both involve negotiation with your creditors with the assistance of a third party (a trustee in the case of a consumer proposal and an accredited credit counselling agency for a debt management plan), a consumer proposal can provide more relief in terms of lower monthly payments in most situations.