Consumer Proposal Experts in Scarborough
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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. The proposal immediately stops all collection proceedings and legal action by your creditors, including lawsuits, asset repossession and wage garnishment. This will improve your household budget and put you in a better position to manage your finances.

If you are interested in knowing more about debt relief solutions, EmpireOne Credit is ready to assist you with a consumer proposal in Scarborough and provide financial advice.

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.

A Family in the Beach
A consumer proposal has the force of law behind it.
A Family in the Beach

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 proposal plans 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.

Proposals are contracts with your creditors that end upon completion, eliminating the listed debts once and for all. Proposals are remarkably straightforward arrangements.

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.

Your personal assets remain untouched.

At EmpireOne Credit, a common concern many debtors express is about the ownership status of their personal assets like a vehicle. A consumer proposal does not impact a secured debt as it is taken against collateral security.

Another category that remains untouched is your principal residence. Generally, a family home is purchased with a mortgage or a total equity line of credit. Also, there can be liens on a house, which are beyond the purview of the consumer proposal.

Self-employed people can continue running their business while performing a consumer proposal. In case you decide to close your business at the time of filing a consumer proposal in Scarborough, you can include all reasonable debt you incurred in your sole proprietorship into the proposal.

Concerned about your credit rating after performing the consumer proposal? We, at Empire One Credit, can answer all your debt and credit-related concerns. Your credit rating will be restored after three years of obtaining a Certificate of Full Performance. There will be no mention of the consumer proposal in your credit history.

A Family in the Beach
Is Declaring Bankruptcy the only Solution to Your Debt Issues?

Overwhelming debt can be difficult to handle without seeking any professional help. While most clients consider filing bankruptcy as the easiest solution, we believe, there are other options to manage the mounting debt. From a debt consolidation to a consumer proposal, we can help you come out of the financial crisis. We educate and empower our clients to effectively manage their debt-related issues without losing control over their finances. You can be debt-free in a reasonable period of time and provide a financially secure life to your family for years with the help of EmpireOne Credit Solutions by your side.

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)