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Video Transcript

Hello I am Andy Fisher I'm a partner with A.Farber and Partners. We are licensed by the federal government to 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 of your expenses you've use your credit cards are taken 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 balances owing 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 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 example of Nicole and Mike they owe a total of forty six thousand dollars on credit cards and some income taxes they both work and take home 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 will see Nicole and Mike reduce their forty-six thousand dollars in debts 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 generally you will not lose your house vehicle or RRSPs 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 stops 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.Farber & 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.Farber & Partners R-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.

 

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