Consumer Proposal Experts in Markham
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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.

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.

A Family in the Beach
A consumer proposal protects against legal action
A Family in the Beach

Mounting debt leaves people frustrated and irritable causing them to make rash decisions. EmpireOne Credit is here to help by discussing options like a consumer proposal, as one of the popular debt relief options that help individuals reduce their debt and repay a portion of what they owe, stopping all interest.

The length of the term will depend on a combination of your monthly affordability. A consumer proposal can be 3, 4, or 5 years term that is open and can be paid off at any time. The sooner you fulfill the proposal terms, the faster you will become debt free.

A consumer proposal in Markham provides a great opportunity to eliminate the debt once and for all and help clients enjoy a debt-free life. The future prospects are bright if you are financially secured and that’s what we aim to achieve. Debt free… feels good!

Your Personal Assets are protected

Your personal vehicle like a car or motorcycle are protected by a consumer proposal in Markham. The proposal addresses only unsecured debt and anything else including your mortgage home will remain unharmed, as long as payments are current.

You can continue with your business as usual when a consumer proposal has come into action. In case you wish to close the business, you can include all reasonable debt you incurred in your sole proprietorship in the proposal.

Your credit rating will be restored after three years of the fulfillment of the proposal. Your personal credit history will not mention the consumer proposal after 3 years since receiving a Certificate of Full Performance.

A Family in the Beach
Declaring bankruptcy should not be the first solution to debt issues.

Dealing with debt can be exhausting but filing for bankruptcy should not be considered as the only solution. There are better and often sensible methods to overcome the debt crisis. EmpireOne Credit provides debt relief solutions instead of filing for bankruptcy. From a debt consolidation to a consumer proposal, our experienced credit counsellors will help you with the best affordable debt solution. Bankruptcy has its long-term ramifications that raise doubts over your financial stability. We will educate debtors to make an informed decision about their finances.

Empireone
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.

Call Us For Free Consultation

(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)