Consumer Proposals in Edmonton, Central and Northern Alberta
When is a Consumer Proposal in Edmonton, Central and Northern Alberta the Best Option for Me?
- If you have debts over $5,000 but not exceeding $250,000 (not including 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 rigors 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 if you default more than, or equal to, three payments (where payments are made monthly or more frequently) or (if less frequently) 3 months after being in default of any payment that is not remedied within the prescribed time limit.Back to top
If I Choose a Consumer Proposal, What Are the Drawbacks?
- 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
Back to top
If I Choose a Consumer Proposal, will My Credit Report at the Credit Bureau be Affected?
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 Trans Union for 3 years after your last payment in your consumer proposal.
Back to top
I’ve Done Some Research, Now What Should I Do?
If you are unsure of what to do during your financial crisis, call our professional credit counsellors at A.C. Waring & Associates Inc. 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.Back to top