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FAQs: Consumer Proposals

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Consumer Proposals in Edmonton, Central & Northern Alberta

Consumer Proposals can seem daunting and overwhelming, especially when you’re already dealing with debt. The team at A.C. Waring & Associates can help navigate your financial situation and get you back on track. Here are some frequently asked questions and answers that can help you find some clarification.

When Is a Consumer Proposal the Best Option for Me?

  • If you have debts over $5,000 but not exceeding $250,000 (excluding your home mortgage)
  • If you have a source of income and can afford to make your monthly payments
  • If you are unable to obtain a consolidation loan from a bank because your debts are too high
  • If you are unable to repay all of your debts on time
  • If you want to avoid the rigours regarding income and asset rules when filing bankruptcy
  • If you are in danger of losing assets such as your home or car, or you intend to release them to the secured party

Be aware, however, that the court can nullify the Consumer Proposal in Edmonton. This can happen if you default more than, or equal to, 3 payments (where payments are made monthly or more frequently) or 3 months after being in default of any payment that is not remedied within the prescribed time limit.

  • You will not be able to choose which debts are included
  • You must still deal with secured debts, such as your home mortgage and car loan
  • You cannot eliminate your child and spousal support obligations and arrears
  • You cannot eliminate student loan obligations
  • You cannot eliminate government overpayments
  • You cannot eliminate court-ordered fines and debts from fraudulent activities

Your credit history may have already been negatively affected by late or irregular payments or non-payment of the loan. The Consumer Proposal remains on your record at Equifax and TransUnion for 3 years after your last payment in your consumer proposal.

If you are unsure of what to do during your financial crisis, call our professional credit counsellors at A.C. Waring & Associates to help you determine the best option that suits your situation.

We offer a free consultation based on your individual needs. Call us from anywhere in Alberta at 1-800-463-3328 or from the Edmonton area at 780-424-9944. Or drop by our office to discuss your situation.

Where To Find Us

Find us in the First Edmonton Place building on the corner of Jasper Avenue and 107th Street, behind the Corona LRT Station. Street meter parking is available along Jasper Avenue as well as 106th and 107th Streets, and paid surface parking is off of 106th Street, and underground parking for First Edmonton Place is off of 107th Street.

A.C. Waring &
Associates Inc.

  • First Edmonton Place
    410-10655 Jasper Ave NW
  • Edmonton, AB T5J 3S9

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