Consolidate debt with a Consumer Proposal in Oshawa
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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.

Know what solutions are available for you. A consumer proposal in Oshawa consolidates all unsecured debt, stops collection proceedings and legal actions taken by the creditors such as a lawsuit, wage/ bank account garnishment and asset repossession. Gaining the knowledge of a debt relief solution in Oshawa allows you to maintain a monthly payment on a budget you can afford, with no added interest charges.

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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A consumer proposal has the force of law behind it.
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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.

There are 3, 4 or 5 year proposal plans available for you. You have up to 5 years to make a maximum of 60 monthly payments. You can choose to accelerate your monthly payments and thus eliminate your debt faster without any penalty. 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.

Continue to keep your assets while the consumer proposal is performed.

If you own a financed or leased vehicle, you can keep the vehicle. A consumer proposal in Oshawa does not address this type of debt because it is secured, (there is collateral security that covers this debt). Another major category of assets that is not subject to the proposal is your principal residence. A house or condo is burdened by a mortgage or a total equity line of credit and there may be other liens against it, such as property tax arrears and property management fees that are once again beyond the proposal.

If you are self-employed while you are performing a proposal, you can carry on your business activities as usual.

If you decide to close your business and you want to end all business activity at the time of filing a consumer proposal in Oshawa, you can include all reasonable debt you incurred in your sole proprietorship into the proposal.

Be assured that your credit rating will improve after three years of fulfillment of the proposal. After 3 years since you obtained a Certificate of Full Performance, there will be no reference to the proposal in your credit history report. Therefore, you will have access to credit once again.

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Filing Bankruptcy Is Not the Only Solution.

Many consider filing for bankruptcy the easiest thing to do. However, it is not the case as bankruptcy has serious consequences on your credit history. We recommend people facing debt or credit issues to get professional advice from a credit counsellor at EmpireOne. There are debt relief solutions like a debt consolidation and a consumer proposal to reduce or eliminate unsecured debt. Our debt and credit counsellors can help you with solutions that best resolve your financial problems.

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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)