Sentences with phrase «pay in a consumer proposal»

The amount you will be required to pay in a consumer proposal is based on many factors.

How much do you get paid in a consumer proposal?

To determine how much to pay in a consumer proposal your trustee looks at three basic things:

Not exact matches

Under the proposal, consumers would pay a 5 - cent deposit on every disposable beverage container (glass, aluminum, or plastic), which they would collect when they returned the can or bottle to a «reclamation center» in the community.

You're still paying that whether you're bankrupt or not, whether you're in a consumer proposal or not, it's not going to affect it.

In more general terms, a consumer proposal is an offer you make to your creditors to pay a portion of your debts.

In our own practice, the average payment term offered is 47 months and the average length of time to actually pay off a consumer proposal is 42 months.

If you've failed to pay bills, have too much debt in general or have gone through bankruptcy or consumer proposal, then you will have a low credit score.

We helped her make a deal with her creditors through a consumer proposal to pay that amount for 31 weeks in full and final settlement of everything she owed.

In this type of proposal it is important not to assume your income will increase or hope that you will get a better paying job, as you do not want to default on your consumer proposal as that creates other ramifications.

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?

Or stay in the house, go through a consumer proposal, pay off $ 50,000 to his creditors now and pay the rest off over time.»

→ In your consumer proposal, you agree to pay $ 1 for every $ 10 owed, so your mortgage lender ends up getting approximately $ 25,000 from you, meaning the lender now has a loss of $ 225,000.

In the majority of cases, a Consumer Proposal will require you to pay less than the full amount you owe and still get discharged from your debts.

In a Consumer Proposal, you will make one reasonable monthly payment and will pay only a portion of your overall debt.

You should also make it a habit to pay all your bills in full and on - time to build a solid credit history during and after your consumer proposal filing.

And in a lot of cases well if they'd come in and, you know, for example filed a consumer proposal and dealt all their debt, their income is sufficient to pay their living expenses.

Many worry that they will not be able to pay themselves first while also paying off their debt; but what they haven't factored in, is that once you file a consumer proposal or bankruptcy, you are making a one time payment each month, for example $ 300, that is much lower than trying to pay the minimum payments at $ 700 a month.

In a consumer proposal you make an offer to pay your creditors a portion of your debts.

Doug Hoyes: Because I mean as you said with respect to your credit rating well, when you do a consumer proposal your credit rating will not be as good as if you paid all your debts in full and had a million dollars in the bank.

In a consumer proposal your income does not affect the amount that you pay or the length of your proposal.

Well okay, if I'm bring in $ 2,300, $ 2,400, $ 2,500 a month, rather than paying $ 1,000 on a debt consolidation loan to pay $ 200 or $ 300 a month on a consumer proposal, that sounds like it makes sense.

So, the whole concept then in a consumer proposal is, you take what I would have had to pay in bankruptcy, offer a little bit more because we need the creditors to say yes to it; but I can stretch those payments out over a longer period of time then what would happen in a bankruptcy.

Filing a bankruptcy or consumer proposal is asking for legal permission to be released from your debts when there is no reasonable expectation of being able to pay them in full.

For many, the answer is a consumer proposal, in which a Licensed Insolvency Trustee collectively negotiates with creditors the amount the client will pay off.

In a consumer proposal you are paying a set amount, so if you pay it faster, the proposal ends sooner.

Only licensed insolvency trustees (the new designation for bankruptcy trustees in Canada) may administer a consumer proposal, so before you sign any agreements to pay, make certain you are dealing directly with a licensed trustee and not a debt consultant that will pocket your money and refer you elsewhere.

If you can not pay more than the minimum, or if your debts have gone to collections and you will not be able to pay them in full within the next five years, you may want to consider a consumer proposal.

Also, keep in mind that you will have to earn the before tax income to pay off the CRA debt, not simply the amount of the debt itself, which is another reason you may want to settle with CRA through a debt repayment option such as a consumer proposal or bankruptcy.

Debts in collection put your rating at the bottom and they remain on the credit bureau for the time it takes to pay the debt in full plus three years, so a consumer proposal is an improvement on that.

A consumer proposal is open and can be paid in full at any time.

What kind of debt you owe to them, how much you owe them, how much you've paid to them in the past, what your current budget looks like, what assets you have, what your employment income is, and what kind of employment income you have can impact what may happen under a bankruptcy to how much you would need to offer in a consumer proposal.

A Consumer proposal is a way to negotiate a debt settlement with your creditors by offering to pay back a reduced amount of your debt, either in a lump - sum payment or in monthly installments over an extended period of time.

In a typical case the credit cards and other debts you owe money to will accept a consumer proposal where you pay $ 300 per month for 5 years, or $ 18,000 in totaIn a typical case the credit cards and other debts you owe money to will accept a consumer proposal where you pay $ 300 per month for 5 years, or $ 18,000 in totain total.

A consumer proposal in Ontario is registered on your credit report and removed 3 years from the date that it is paid in full.

The big difference between a bankruptcy and consumer proposal is that in a bankruptcy you are saying you can't afford to pay back any of your debt.

In addition, interest is frozen in a consumer proposal so your payments do not increase beyond what you agreed to pay at the beginning of the proposaIn addition, interest is frozen in a consumer proposal so your payments do not increase beyond what you agreed to pay at the beginning of the proposain a consumer proposal so your payments do not increase beyond what you agreed to pay at the beginning of the proposal.

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.

What is your family situation — if you are married and have children this has an impact on the financial calculations we would make in determining how much you would have to pay in a bankruptcy or consumer proposal?

If you are delaying filing bankruptcy or making a consumer proposal, and your lender increases your interest rate because they view you as a bankruptcy risk anyway, putting off filing for several months will only increase the amount of interest you pay in the meantime.

Doug Hoyes: But in a debt management plan you are paying 100 cents on the dollar, in a consumer proposal as you said, the average payment is somewhere around a third.

What the 407 was doing in practice was denying license plate renewals to any individual with 407 debt until that debt was paid off in full, regardless if they filed for bankruptcy or a consumer proposal.

If you have more debts than you can pay and you want help to eliminate those debts, there are two legal procedures that will work: a consumer proposal or personal bankruptcy in Canada.

By filing a consumer proposal, your monthly payment may be lower, and you know exactly what you are required to pay, which accounts in part for the increase in consumer proposal filings in Canada.

Consumer proposal administrators are paid by tariff, with fees set in accordance with bankruptcy legislation.

A consumer proposal is an offer made to your creditors, in which you request either a reduction in the balance you have to pay, an extension of the repayment period, or both.

Here are other top consumer proposal advantages, based on my experience in Mississauga, Ontario: You pay back... Read more

Ted: Now what people have to keep in mind is, a Consumer Proposal is not a solution for the guy that doesn't have any trouble paying his debts.

So in the future it will be more difficult to finance a car, buy a house than if you hadn't filed a Consumer Proposal than if you'd been able to pay your debts in full.

So if you think it's either pay it all in full or, I can pay 30 percent, it's a debt settlement over time and I'm not going to get sued, well, if those are your only two options and you can't afford to pay it in full, well, that sounds good but once you research all of your other options and essentially consumer proposal for most of the folks that I've seen, this is what they wanted all along, this is what they really needed and they just weren't aware of it.