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Consumer Proposal Services in Victoria.
What is a Canadian Consumer Proposal and who can offer this service?
If you find that no matter how hard you struggle you simply cannot reduce your debt and credit card balances due to overwhelming interest rates and fees, a Consumer Proposal may give you the time to get ahead of you debts. If you live near Victoria British Columbia Canada and are unable to meet you debt obligations as they come due, a Consumer Proposal may work for you.
It is important to understand your options and what Canadian debt help is available to you. If you are considering bankruptcy but are somewhat uncomfortable with this choice, a Consumer Proposal may be your debt solution.
A consumer proposal is a contract negotiated between you and your creditors by a Bankruptcy Trustee. In Canada a formal repayment plan, or Proposal, to which ALL of you creditors are bound, MUST be done through a Trustee in Bankruptcy. Other types of arrangements with your creditors, including informal repayment arrangements that you may have negotiated yourself, or through debt pooling plan put together by a credit counselor who is NOT as trustee, is NOT binding on all creditors in the same way that a Consumer Proposal is when overseen by a Trustee. These other types of informal repayment options cannot deal with personal or corporate tax debts from the Canada Revenue Agency in the same way that a Proposal can when administered by a Trustee.
Some of the notable benefits of a Consumer Proposal include:
If the consumer proposal is the viable option you choose, it can benefit you in the following ways:
Even if you are already bankrupt in Canada with a bankruptcy trustee, you can still file a Proposal, which, if accepted by your creditors, will annual the bankruptcy or in other words lift you out of the bankruptcy.
A Consumer Proposal is an agreement for partial payment of your total unsecured debt. This legally binding agreement defines the portions of the outstanding debt that you are responsible to pay and the portion of your debts that the creditors will agree to ignore or write off. Generally a debtor can expect to write off at least 50% of their debts and not be subject to ANY ongoing interest charges. Each plan is different and must be fair to both the debtor and the creditors.
Once you have filed a Consumer Proposal with an Insolvency Professional in your area like C.E. Craig & Associates Inc, then the interest is immediately stopped as well as any legal action against you called a “Stay of Proceedings”. The Stay means that your wages cannot be garnished or you assets seized. This is also another benefit of a formal Consumer Proposal administered by a Trustee vs. an informal Debt Repayment Plan with just a credit counselor. Debt consolidation plans, or plans put together by debt poolers are not governed by the same Federal Insolvency Legislation (the Bankruptcy and Insolvency Act) that covers Bankruptcy Trustees.
A Trustee like Colleen Craig from C.E. Craig & Associates Inc, is also a Chartered Insolvency and Restructuring Professional (CIRP). A CIRP, due to their extensive education and training in the insolvency field, are seen in Canada as the proper and the only person who can be licensed as an administrator under the Bankruptcy and Insolvency Act to oversee the Consumer Proposal process. The Bankruptcy and Insolvency Act is a federal legislated Act in Canada that outlines the procedures that both debtors and creditors must adhere to under a Proposal. The fact that a Consumer Proposal and a Trustee are legislated by Canadian Federal Legislation means that all stakeholders including creditors and debtors, can have confidence that the proposal agreement reached is fair and equitable to all parties and has given consideration to the individual circumstances of the debtor, and adheres to a specific set of guidelines, fees and principles.
To see if a consumer proposal may be the right debt repayment option for you, contact Consumer Proposal Victoria and Colleen Craig of C.E Craig & Associates Inc for your free consultation. As a Chartered Accountant working in Victoria BC, who has been focusing exclusively in insolvency issues in the lower Vancouver Island area for over 15 years, Colleen and her team will offer you free, accurate and unbiased information about the your debt solutions.
We have extended hours of operation for those travelling from Duncan, Mill Bay, Langford, the Gulf Islands, Sooke, Greater Victoria or other areas surrounding Victoria BC. At your FREE consultation we will review your individual debt levels and income situation to see if a Consumer Proposal is right for you. If this type of debt repayment plan will work for you, we will outline your responsibilities and the benefits of filing a Consumer Proposal.
To learn more about Consumer Proposal Victoria and C.E Craig and Associates please visit our members page.
The first appointment is free and you’ll take away advice from a trusted professional who specializes in personal debt reduction.
Email us today or fill in our Evaluation Form to contact us directly.
CE Craig and Associates Inc.
#204 - 2736 Quadra St
Victoria, British Columbia
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