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 Windsor 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 Windsor 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.
How We Can Help
Our licensed Trustees will help you assess if debt consolidation through the filing of a Consumer Proposal is the correct option for your specific situation. With more than 40 years of experience helping Windsorites find the right debt solutions, our Trustees will be able to help you, too!
Meet Our Trusted Debt Relief Professional in Windsor
Sherri Evans, Licensed Insolvency Trustee
Sherri joined Farber (A. Farber and Partners) in February 2018, bringing over 32 years of insolvency experience with 20+ of those years as a Licensed Insolvency Trustee. She is also a life member with the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”) serving on various committees throughout those years. Sherri joined Farber (A. Farber and Partners) in February 2018, bringing over 32 years of insolvency experience with 20+ of those years as a Licensed Insolvency Trustee. She is also a life member with the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”) serving on various committees throughout those years. She enjoys working with people and has a passion for helping individuals, small businesses and corporations in finding solutions to deal with their financial challenges. She is down to earth, compassionate and respectful realizing the stress and fear that financial difficulties create for people and their families. Sherri works out of our Chatham and Windsor, Ontario offices and invites anyone wanting to seek information and solutions in dealing with their debt to contact her for a free consultation.
Yousef Shaban, Debt Solutions Manager
Yousef is a Debt Solutions Manager covering Farber’s Windsor and Chatham offices. He brings several years of prior experience in the banking industry to his role at Farber, including several financial industry professional accreditations. Yousef’s well-rounded experience enables him to take a holistic view of an individual’s financial situation and provide sound options to help them resolve their debt. Yousef began his banking career in 2014 as a Financial Services Representative with a major financial institution and had progressed to more senior roles throughout his career at the banks including specialized roles for financial planning and mortgage lending.
Yousef is a graduate of both the University of Windsor and St. Clair College. During his career, Yousef completed The Investment Funds Institute of Canada’s (IFIC) Canadian Investment Funds Course and the Retirement Planning course and the Financial Planning Program from the Canadian Institute of Financial Planning.
Please contact our Customer Service Team today so we can arrange a free, confidential meeting for you in our Windsor, Ontario office. At that meeting we will review your financial situation in detail, discuss the various options available to you and discuss bankruptcy and bankruptcy alternatives (such as consumer proposals or debt consolidation), allowing you to make a decision based on both knowledge and sound financial advice. If you've been turned down for a consolidation loan, and credit counseling is just not the right fit for you, then speaking with one of our debt relief professionals as soon as possible could get you back on track financially and reduce your stress and anxiety. We help erase debts and give you the tools to rebuild your finances.
We serve our clients in the Windsor area from our Insolvency Trustee office below:
339 Dougall Square,
Windsor ON N9G 1X3
Phone Toll-Free: (844) 616-2529