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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. The proposal immediately stops all collection proceedings and legal action by your creditors, including lawsuits, asset repossession and wage garnishment. This will improve your household budget.

At EmpireOne Credit, you can have the best solution for your debt and credit-related concerns. A knowledgeable and experienced team will guide you every step of the way in a consumer proposal in Etobicoke. Our experienced credit counsellors tirelessly work to eliminate your debt-related issues while reinstating your creditworthiness.

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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Get protected from your creditors with filing a consumer proposal in Etobicoke
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If at least half of the creditors by dollar amount vote to accept the offer, all remaining unsecured creditors are bound by this offer and cannot take any action against the debtor.

By protecting your legal rights after applying for a consumer proposal in Etobicoke to financial advice, you will have our team by your side every step of the process. A typical consumer proposal runs for 3,4 or 5 years. This means that you have a maximum of 5 years to make a maximum of 60 monthly payments. You also have the flexibility to clear your debt faster by increasing your monthly payments, the sooner you complete your proposal, the faster you will regain a favorable credit rating.

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

Secured lenders are neutral to proposals. There is no risk of repossession provided that installments are current. Also, your employer cannot terminate, lay off or suspend by reason, when filing a consumer proposal in Etobicoke.

You keep all your assets such as your house and/or vehicle while the consumer proposal is being performed.

Your owned or leased vehicles are protected while your consumer proposal is performed. Your personal vehicle as well as principal residence come under secured debt which is not part of the consumer proposal.

Continue with your business activities if you are self-employed while you are undergoing a proposal. In case you are quitting the business at the time of filing the consumer proposal, you can include all reasonable debt you incurred in your sole proprietorship in the proposal.

Your credit rating will be restored three years after the fulfillment of a proposal. The reference to the proposal will be expunged from your personal credit history after 3 years have passed since your obtaining a Certificate of Full Performance.

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Is Declaring Bankruptcy the only Solution to Your Debt Issues?

For most people, yes. Bankruptcy sounds a reasonable option to a majority of people but there are serious consequences to it. We educate our clients with all the possible debt relief solutions so they can regain financial control and provide a financially secure future for their family.

Dealing with debt might be troublesome. With our professional credit counselling team, you can have tailored debt solutions while recovering from the financial crisis. A debt consolidation, consumer proposal and so much more, seeking debt help from EmpireOne Credit can be a rewarding experience for you.

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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)