Posts tagged as:

consumer proposal

Relief, from debts and stress

by Moneyproblems TipsThu Oct 20, 2011 consumer proposal

Guest commentary provided by Benny Mendlowitz, CA, Bankruptcy Trustee and Consumer Proposal Administrator
I meet with dozens of people every month.  They don’t feel good about the fact that they can’t pay their debts in full, but they do feel better when they have come up with a plan to deal with their debts. I [...]

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So What’s so great about a Consumer Proposal?

by Moneyproblems TipsThu Oct 06, 2011 consumer proposal

Guest Commentary by Wendy Young, Consumer Proposal Administrator, Hamilton, Ontario.
I meet with many people each day in m y Hamilton consumer proposal and bankruptcy office, and they want to avoid bankruptcy, but they aren’t sure why a consumer proposal is often a better alternative.  Here are some of the advantages I list for them:

You’ve done [...]

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Consumer Proposal - Pay a Portion of your Debts

by Moneyproblems TipsTue Oct 04, 2011 consumer proposal

A consumer proposal is a deal you make with your creditors to pay a portion of your debts.  The payment terms can last for up to a period of 5 years at a monthly payment that you can afford.  The proposal must be fair and reasonable to both you, and to the people you owe [...]

Tagged as: avoid bankruptcy, consumer proposal

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Advantages of Filing a Consumer Proposal - A Month Long Series

by Moneyproblems TipsMon Oct 03, 2011 consumer proposal

When you have debts, a consumer proposal is often a viable solution.  This month we will explore consumer proposals, and their advantages an disadvantages.
A consumer proposal is a negotiated settlement that becomes legally binding on your creditors.  You can use our debt options calculator to evaluate your different debt management options.
You start by contacting a [...]

Tagged as: consumer proposal, consumer proposal administrator

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The Disadvantages of Filing Bankruptcy

by Moneyproblems TipsWed Oct 06, 2010 bankruptcy Canada

Some of the disadvantages of filing bankruptcy are:

It has a negative impact on your credit rating (You will have to work hard to rebuild your credit after being discharged from bankruptcy; it is like starting all over again)
You may be required to surrender some of your assets to the trustee (see our article [...]

Tagged as: bankruptcy, bankruptcy trustee, consumer proposal

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When it hits the wall who gets splattered?

by Moneyproblems TipsFri Oct 01, 2010 bankruptcy Canada

A lot of people are afraid to take action to resolve their debt because they are worried about who will be affected. It’s important to understand that only the debt that you  sign for can directly affect you.
Even if you are married your spouse can not be made responsible for your debt unless they agreed [...]

Tagged as: bankruptcy, consumer proposal, spouse

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Don’t struggle alone

by Moneyproblems TipsTue Sep 28, 2010 consumer proposal

The hardest part about dealing with debt is the way it makes you feel: embarrassment, anger, frustration and fear come with the territory. The hardest part about dealing with debt is taking the first step to seek help. Once you look though, you will find a lot of options.
This presents problems in it’s self : [...]

Tagged as: consumer proposal, consumer proposal administrator

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How a Consumer Proposal Can Help You Avoid Bankruptcy

by Moneyproblems TipsFri Apr 02, 2010 consumer proposal

If you have two much debt, and are just making the minimum payments, you need to review all of your debt management options.  (Our free debt management options calculator can help).  For many people, a consumer proposal will be the solution.
In a consumer proposal you make one monthly payment, and that payment is distributed to [...]

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Snowball your way out of debt

by Moneyproblems TipsThu Apr 01, 2010 consumer proposal

To get out of debt fast, pay off your highest interest rate debts first, and then snowball to pay off the rest of your debts.  Here’s how it works:
Let’s assume you owe $3,000 on your highest interest rate credit card, a department store card with a 25% interest rate.  You are paying about $62 per [...]

Tagged as: consumer proposal, debt repayment, snowball

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The present is more important than the future

by Moneyproblems TipsTue Mar 09, 2010 consumer proposal

You have money problems.  Do you worry more about your credit in the future, or your debts today?
The future is important, but if you are about to have your wages garnisheed because you can’t pay your debts, the present is more important than the the future.
Take action today.  Talk to a consumer proposal administrator about [...]

Tagged as: consumer proposal, stop wage garnishment

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