A Consumer Proposal in Mississauga
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At EmpireOne Credit, our certified credit counsellors will review your financial situation and work with you to resolve your credit issues.

If you owe less than $250,000, other than the mortgage and charges against the principal residence, there exists an affordable monthly payment plan, which is completely interest free. A consumer proposal in Mississauga ensures that legal proceedings started by your creditors come to end. This may include but not limited to lawsuits, asset repossession and wage garnishment. This will improve your household budget.

A consumer proposal addresses unsecured debt that can take on five aspects.
  • Credit card balances
  • Personal lines of credit
  • Bank loans and bank overdrafts
  • Personal loans advanced by finance companies, payday lenders and friends/relatives
  • Income tax debt owed to Canada Revenue Agency

A joint proposal may be filed by two or more individuals if the consumer proposal can reasonably be dealt with as one because of the financial relationship of the debtors involved (i.e. a married couple, common law partner or unrelated people with a large amount of shared debt). In practice, a joint proposal is often filed when there is 70% shared debt and when the individuals have both co-signed for the same loan or credit card. You may wish to consult with EmpireOne on the subject of joint liabilities.

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A consumer proposal in Mississauga offers legal-protection.
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If at least half of the creditors by dollar amount vote to accept the offer, all remaining unsecured creditors are bound by this offer and cannot take any action against the debtor.

There are 3, 4 or 5 year consumer proposal plans in Mississauga available for you. You have up to 5 years to make a maximum of 60 monthly payments. You can choose to accelerate your monthly payments and thus eliminate your debt faster without any penalty. The sooner you complete your proposal, the faster you will regain a favorable credit rating.

Consumer proposals are legal contracts that provide debt relief to people under debt. Completely eliminating the listed debts for good.

Secured lenders are neutral to proposals. There is no risk of repossession provided that installments are current. Also, your employer cannot terminate, lay off or suspend by reason, when filing a consumer proposal.

You do not lose your personal assets after filing a consumer proposal in Mississauga

Consumer proposals are a straightforward arrangement that allows you to retain your home and/or vehicles since they are secured debts. Only unsecured debt comes under the scanner of a consumer proposal. Let your fears rest and be assured to know what solutions are available, like a consumer proposal in Mississauga with full confidence, education and obtaining financial freedom.

You can continue to run your business as usual while pursuing a consumer proposal in Mississauga. For those who wish to close their business at the time of filing the consumer proposal, they can also include the debt incurred from their sole proprietorship.

Be assured that your poor credit rating due to the debt will recover after three years of the fulfillment of the consumer proposal in Mississauga. Talk to one of our experts and get answers to all your questions.

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Is Declaring Bankruptcy the only solution to Your Debt Issues?

Living under extreme debt is painful but bankruptcy is not the only solution. We at EmpireOne Credit can help you to reduce or even eliminate all unsecured debt. Be aware that claiming bankruptcy is not the only financial option to clear up debt. Request for professional advice to avoid declaring bankruptcy and find a way out of the growing debt crisis.

Empireone
About us

EmpireOne Credit 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. Through credit counselling, 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.

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(416) 900-2324
FAQ
Browse through these FAQs to find answers to commonly raised questions
about Consumer Proposal.

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.

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.

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.”

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.

  • 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)