Looking to consolidate and reduce your debt into one simple, affordable monthly payment? You have come to the right place. The licensed Trustees in our Belleville offices will help you achieve that goal through the filing of a Consumer Proposal.
How Does a Consumer Proposal Help You Consolidate Debt?
While all of us have heard of debt consolidation loans, very few people know what a Consumer Proposal is. While a traditional debt consolidation loan typically requires you to borrow funds from a lender (often at high interest) to consolidate your various unsecured credit cards, loan, lines of credit and other debts into a single monthly payment, a Consumer Proposal has all of the benefits of such a consolidation without the additional costs:
- Just like a traditional debt consolidation loan, you would make one monthly payment to the licensed trustee (our team in Belleville will develop a repayment plan that fits your budget so you’re not struggling each month).
- Unlike a debt consolidation, there is no additional interest accrued when you file a Consumer Proposal. In fact, all interest stops dead the moment the Proposal is filed
- A Consumer Proposal usually requires the repayment of only a portion of the debt you owe (normally 30% to 50%), unlike a debt consolidation loan where you would have to pay back 100% plus interest on the amount borrowed.
- You do not need to have a co-signer to file a Consumer Proposal since you’re not borrowing any money.
- Unlike a short-term consolidation loan, a Consumer Proposal gives you up to five years to repay. This allows each monthly payment to be smaller and more manageable
- Once approved by your creditors and the court (which usually takes approximately 60 days), a Consumer Proposal can be paid off at any time without penalty. In fact, we encourage you to pay the proposal off before the five-year period is up, as doing so helps you improve your credit rating sooner.
Learn More About Debt Consolidation
Looking to learn more about debt consolidation? Why not take a look through our valuable articles below to learn more:
How Debt Consolidation Loans Work
Advantages of a Debt Consolidation Loan
How to Qualify For Debt Consolidation
Disadvantages of a Debt Consolidation Loan
We Are Here To Help You Get Out Of Debt
A. Farber & Partners has assisted the citizens of Belleville and surrounding areas with their debt problems for years. We are here to help you make sense of it all, and provide legal protection from your creditors should you need it. If you live or work in the Belleville area of Southeastern Ontario, and are experiencing financial stress, we can help. Our experts in Belleville can explain all the options available to help get you out of financial difficulty.
Our Personalized Debt Solutions Work
Please call our Customer Service Team toll-free at (844) 507 7526, so we can arrange a free, confidential, face-to-face meeting for you in Belleville. At that meeting we will review your financial situation, discuss all debt relief options available to you, and discuss bankruptcy (and, more important, bankruptcy alternatives such as consumer proposals or consolidation loans). Alternatively, book your free, confidential consultation online.
Meet Our Trusted Debt Relief Professionals
Our Debt Relief Experts in our Trenton location are: Dennis Kish and Pamela Powell.
Pamela Powell, Debt Solutions Manager
Pamela is the Debt Solutions Manager in our Belleville and Trenton offices. She helps people and business owners solve debt problems and rebuild their financial futures by protecting them from their creditors and helping them develop a plan to eliminate debt and the interest charged on that debt. Pamela has worked in the financial services industry for more than 20 years and has achieved certification in financial security, retirement and estate planning. Her experience and proven track record of coaching people on how to budget and save for the future, helps ensure that you are receiving accurate and sincere advice. With compassion and understanding, Pamela will show you how to reduce the stress of debt overload. Pamela welcomes you to make an appointment to confidentially discuss your struggle with debt. Pamela can help you discover that there is “life after debt".
Dennis Kish, Licensed Insolvency Trustee
Dennis Kish is a Licensed Insolvency Trustee with the Insolvency & Restructuring practice of Farber Financial Group. Prior to becoming a Licensed Insolvency Trustee, Dennis practiced law in the areas of insolvency and creditors’ rights, having acted as legal counsel to Insolvency trustees, people in debt, and banks in a wide variety of insolvency proceedings. Dennis works closely with people and business owners dealing with debt. He is able to outline all your options for debt relief. Whether you need a Consumer Proposal or bankruptcy protection, Dennis helps people by providing you with strategies to help rebuild your financial future.
"I go out of my way to ensure you will fully understands your options, and I encourage you to bring your questions with you to our meeting," says Dennis. "I do my best to put you at ease, so we can find the right solution to your financial pressures."
If you've been turned down for a consolidation loan, and credit counseling is just not the right fit for you, then speaking with Dennis as soon as possible could get you back on track financially and reduce your stress and anxiety. He helps erase debts!
Reaching Our Belleville Insolvency Trustee Office
Suite 205 Belleville, Ontario K8P 5A5
Phone: (844) 507 7526