Helping you file a Consumer proposal in Whitby
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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 Whitby that puts an end to all the legal proceedings, high interest rates and collection calls from your creditors and puts you back on track with your 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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Legally protected with a consumer proposal in Whitby
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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 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.

In a consumer proposal you can keep your vehicle and house

Many clients come to us with a fear that their home or vehicle would be seized under a consumer proposal in Whitby, However, it is far from the truth as only unsecured debt comes under the consumer proposal.

Your vehicle with a security would remain with you as long as payments are up to date, this would not be included in a consumer proposal in Whitby. Even if you are self-employed, there will be no impact on your business activities while pursuing a consumer proposal.

Worried about your credit rating? Well, we at EmpireOne Credit, have the market knowledge and experience to guide you through what options are best for you so that you can be debt-free in no time. Even when filing a consumer proposal your credit rating would recover after a time of 3 years of obtaining a Certificate of Full Performance.

Answering every question that you may have about what options are best, to chalking out a plan for financial budgeting, we are with you every step of the way.

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You Can Prevent Declaring Bankruptcy

Overwhelming debt can destroy your peace of mind. But with EmpireOne Credit, we are dedicated in our approach to provide debt relief solutions in Whitby that can prevent bankruptcy. Our debt and credit counsellors will discuss all the available debt consolidation options with you and help you come out of the debt crisis you are in , and finding the financial freedom that you deserve.

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)