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Don’t be defined by debt. Get the Truth.
You don’t have to be embarrassed about your debt. Just by getting to this page, you’ve taken a huge step towards regaining control of your debt. At Farber, we’re here to make sure the next steps toward reducing debt are straightforward, judgement free, and will save you money.
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Debt doesn’t come with instructions. That’s where we come in.
A Consumer Proposal is a formal agreement between you and your creditors that is submitted on your behalf by us, a Licensed Insolvency Trustee. Consumer Proposals are a way for you to consolidate your debt into one payment, and greatly reduce the total amount you would need to repay. You keep your assets, and get out of debt quicker.
A Consumer Proposal consolidates almost all unsecured debt including:
- Credit card debt
- Department store cards
- Unsecured lines of credit
- Bank overdraft fees
- Tax debt (CRA)
- Student loan debt (if you have been out of school for 7+ years)
- Payday loans
- Personal debts to individuals
An unsecured debt is any debt that does not have any collateral or lien against an asset. Secured debts are things like mortgages and automobile loans.
While Consumer Proposals do have a negative effect on your credit, the effects aren’t permanent. If you are in the position where filing a Consumer Proposal makes financial sense, your credit may have already been impacted. At Farber, we help you build good credit for the long term.
Building back credit is easier with a Consumer Proposal. Without debt weighing you down, you’re able to really start saving and building credit for your future! Imagine the possibilities.