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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. Filing a consumer proposal in Brampton can solve many problems that you may experience with creditors such as collection calls, garnishments, notices and letters stating legal action that has been taken against you. For better guidance on consumer proposals and other debt solutions, consult EmpireOne Credit.

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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Legal protection with a consumer proposal
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If you are in debt and have failed to make the payments, your creditors can take legal action against you. Applying for a consumer proposal in Brampton ensures that you are not harassed by unsecured creditors and all the legal proceedings are stopped immediately.

We at EmpireOne Credit strive to provide the best solution for individuals that are experiencing debt issues. Helping you to file a consumer proposal under a 3, 4 or 5-year plan. You can accelerate your monthly payments and this will eliminate your debt faster without any penalty. The faster you complete your proposal, the sooner you will regain a favorable credit rating.

Proposals are legal and straightforward contracts with your creditors that end upon completion, eliminating the listed debts once and for all.

Secured lenders are neutral to proposals. There is no risk of repossession providing that, installments are up to date. Your employer cannot also terminate, lay off or suspend by reason, when you file a consumer proposal in Brampton.

You can keep your home, vehicle and other assets under a consumer proposal

It is common for debtors to fear that assets will be repossessed. This is far from the truth as only unsecured debt comes under the radar of consumer proposals. If you own a financed or leased vehicle, you can keep the vehicle because it is a secured debt, (there exists collateral security that covers this debt). Another asset that is not subject to the proposal is your principal residence. Your house or condominium may be burdened by a mortgage or a total equity line of credit and there may be other liens against it like property management fees and property tax arrears that are once again beyond the scope of the proposal.

If you are self-employed, there are no restrictions when it comes to pursuing your business activities. In case you wish to discontinue your business at the time of filing the consumer proposal in Brampton, you may include all reasonable debt you incurred in your sole proprietorship in the proposal.

After 3 years of receiving the Certificate of Full Performance, the consumer proposal will be removed from your credit history and your credit rating can be restored.

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Is Declaring Bankruptcy the only solution to Your Debt Issues?

For most people in debt, filing bankruptcy is the easiest solution. Little do they know about the ramifications of the bankruptcy on your financial credibility. We, at EmpireOne Credit, provide you solutions that can lift off the financial burden from your shoulders. Educating and empowering people to overcome the debt crisis and gain financial stability is our sole motive. Request for professional consultation from our experienced credit counsellors in Brampton today.

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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)