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Enjoy a debt-free life with a consumer proposal in Pickering
Personalized debt and credit counselling services
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At EmpireOne Credit, our debt consultants 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 for a consumer proposal in Pickering will stop the collection proceedings and legal action by your creditors. Thus, you will have peace of mind and a reliable, non judgemental credit counsellor by your side for financial guidance.

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.
A Family in the Beach

A consumer proposal is a legally binding contract that prohibits unsecured creditors to take any action against the debtor. Any legal proceeding, whatsoever, ceases to exist after a consumer proposal comes into effect.

The consumer proposal plans are for 3, 4 or 5 years. Make a maximum of 60 monthly payments during the course of 5 years. But that’s not a rigid rule, and you can pay off the debt faster without any penalty.

Also, no interest is charged during this duration, The sooner you fulfill the terms of the consumer proposal in Pickering, the faster you’ll get a favourable credit rating and will be debt free.

Secured lenders are neutral and do not come under the purview of consumer proposals. Also, your employers have no right to terminate or suspend your services after filing a consumer proposal.

Your assets remain unaffected while the consumer proposal is being performed.

Many debtors fear that their assets like a car, motorcycle or even their home will be taken and sold off. It is far from the truth as the secured debt remains untouched when filing a consumer proposal. Whether earning for yourself or self-employed, you can continue your life without any financial stress.

You can carry on your business activities if you are self-employed while you are in a consumer proposal in Pickering. However, if you decide to close your business, and you want to end all business activities when filing the proposal, then you may include any debt that incurred in your sole proprietorship in the proposal.

Confused if and when your credit rating will be restored? Your credit rating can be restored within months. The proposal will show on your credit until it is fully paid, obtaining a Certificate of Full Performance, and it will be erased after 3 years have passed.

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Is Filing For Bankruptcy the only solution to Your Debt Issues?

Debt can be overwhelming but declaring bankruptcy is not the only solution. Most debtors find bankruptcy the easiest option but it has long-term repercussions on your financial credibility. We at EmpireOne Credit will help to eliminate your debt with a solution that fits your needs. We aim to put you in control of your finances so that you do not feel the debt burden anymore.

About us

EmpireOne Credit Solutions 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. 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 A Free Consultation

(416) 900-2324
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)