What Happens When You File a Consumer Proposal?

Consumer proposal Winnipeg

Explained: What Happens When You File a Consumer Proposal?

So, what happens when you file a consumer proposal

There are a number of things that happen when you file a consumer proposal – but the first thing that should happen is you should feel a sense of relief! 

Your unsecured creditors can no longer pursue you for the balances that they are owed.

You also no longer have to make any payments on your credit cards, your unsecured lines of credit or your payday or other unsecured loans

All collection activity against you should stop. 

That sounds too good to be true – but it’s not! Read on below to see how it works. 

How a Consumer Proposal Works

With help of a Licensed Insolvency Trustee (you must consult a Trustee before you can file a consumer proposal) you can prepare a payment plan that works for you. 

With that payment plan in place, all other actions to pursue your unsecured debts halt (excluding mortgages and car loans)- you only have to worry about the payment agreed upon in your consumer proposal – what a relief! 

And it won’t cost you a cent! Find out more here: what does it cost to file a consumer proposal.

How Do I Get a Consumer Proposal?

Who should you call to help you achieve these amazing results? Simple: call Caplan Debt Solutions. 

We will walk you through every step of the process and ensure that you are able to reach the best possible results.  

To every client, we strive to deliver two things: the relief that you are so desperately seeking from your debt and a dedication to working with you throughout the entire process in order to develop the best proposal for you that will appease your creditors.  

And we won’t simply walk away after the consumer proposal is filed. 

Far from it; we are there every step of the way to answer any questions that you may have and provide whatever assistance you may need.

We understand that debt is stressful and can be complicated – that’s why we work to make sure that the process is as stress-free and uncomplicated as possible when working with Caplan Debt Solutions. 

What Are the Consumer Proposal Steps?

First, you’ll need to meet with a Licensed Insolvency Trustee (at Caplan Debt Solutions, that means meeting with Burce Caplan, who has more than 25 years helping people free themselves from debt). 

Next you need to attend two counselling sessions with a qualified insolvency counsellor.

The counselling sessions covers:

  • Budgeting 
  • Financial goal setting
  • Spending habits and shopping tips 
  • Credit rehabilitation.

Once the counselling sessions have been completed and all your payments are made, you will receive a certificate of full performance. The filing of this certificate will trigger the credit reporting agencies to update your credit rating from R9 to R7 (settled debt).  

Many people who come to see us are concerned about their credit rating and if they will be able to access credit again. The answer to that question is a resounding yes!  You can get credit cards while you are going through the consumer proposal and once the proposal is complete, you can even get a mortgage.

Start Solving Your Debt Issues Today with a Consumer Proposal  

Consumer proposals are a great way to consolidate your debts and all for zero percent interest.  The way to get started with a consumer proposal is to take the first important step and contact Caplan Debt Solutions. You will not be sorry you called.