hello I am Andy Fisher I’m a partner with A.Farber and Partners we are licensed by the federal
government act as administrators for consumer proposal we have helped thousands people deal
with their debt at your first no obligation no cost initial meeting with
our team we will listen to what you have to say
and draft a plan that fits your needs today I’m going to talk to you about a
consumer proposal let’s say you’re someone who was incurred debts over
number two years to meet some with your expenses you’ve use your credit cards are taking
out a loan to pay for car repairs take a vacation or just help manage your
expenses through tough times you’ve done your best to try and reduce
the balance is ongoing but after all these years you don’t seem
to be making any progress the interest charges are high and the
amount owing has stayed more or less the same if you continue along the same path
nothing will change and you won’t make any progress to
improving your financial situation a consumer proposal as an option that
can provide you with financial relief by eliminating a substantial part is
your debts it’s an option available to individuals who are not able to pay
their debts in full but can’t afford to pay some amount
every month let me be clear a consumer proposal is not a bankruptcy
it is a legally binding agreement between you and your creditors to pay them a specific amount of money
usually around 30 percent of your original debt over a fixed period of time let’s look
at the sample love nicole and Mike they owe a total of forty six
thousand dollars on credit cards and San income taxes they both work and take all around forty
three hundred dollars per month but after mortgage payments car payments
and other living expenses they are barely making the minimum
credit card payments this couple was able to eliminate their debts including income taxes through a
consumer proposal the creditors accepted a proposal that
we’ve seen the call Mike reduce their forty-six thousand dollars and thats to fifteen thousand dollars they were
able to accomplish this through the proposal by paying the creditors two hundred
fifty dollars a month for 60 months as with most consumer proposals payments
are usually made on a monthly basis but it does not necessarily need to be
set up that way there are many creative ways to structure your proposal so what are the advantages to you
generate you will not lose your house vehicle or our skis all your assets are
usually protected from your creditors there is no interest on the payments and
there are no additional cost for the administrators involvement unlikely informal settlement a proposal
does not require one hundred percent acceptance by your creditors if the required majority of your
creditors accepts the proposal it is legally binding on all of them a
consumer proposal provides complete legal protection from your creditors it will and harassing phone calls it
starts wage garnishments and other legal actions that may have
already been commenced against you it also prevents legal actions from
being started in Canada a consumer proposal can only be filed by
federally licensed administrator such as a farmer partners a lawyer
accountant credit counseling or debt counsellor may
be able to help you with advice but they cannot file a consumer proposal
as part of a farmer partners our plan we will listen to your concerns we will
treat you with respect and we will review your situation to
structure a consumer proposal that make sense for you you’ll be provided with relief
from your creditors and the pressure you’re feeling and will
help you rebuild your financial future