Combining all your debts into one interest-free monthly payment, your Consumer Proposal allows you to cut your debt repayment down to what you can afford, with the remaining unpaid balance being legally forgiven by your creditors.<\/p>\r\n\r\n\r\n\n\n
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- Most people will offer a Consumer Proposal to repay an amount in the range of 20-50% of their total debt, by way of monthly payments for a period of up to 60 months.<\/li>\r\n<\/ul>\r\n\r\n\r\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\r\n\r\n\r\n
In addition to cutting your debt down to what you can afford to repay, some significant advantages to a Consumer Proposal<\/a> include:<\/p>\r\n\r\n\r\n\r\n
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- Virtually all types of debt can be settled, from credit cards to payday loans, student loans to taxes to CERB overpayments<\/a> and more.<\/li>\r\n\r\n\r\n\r\n
- Your debts are frozen, so balances are no longer a moving target with interest charges continuously being added.<\/li>\r\n\r\n\r\n\r\n
- Creditors who have been pursuing you in collections or even putting through a wage garnishment will be barred from continuing these actions.<\/li>\r\n\r\n\r\n\r\n
- A Licensed Insolvency Trustee<\/a> will coordinate the entire Consumer Proposal for you, including communications with your creditors.<\/li>\r\n\r\n\r\n\r\n
- Because you don\u2019t need to borrow to consolidate debt in a Consumer Proposal, there are no added financing charges or even additional administrative fees tacked onto your monthly payments.\r\n
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- The administration costs of your Licensed Insolvency Trustee are essentially covered by your creditors; calculated and payable from the funds your creditors receive. All you<\/em> pay is what you\u2019re offering to your creditors.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\n\n\n\n
\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\r\n\r\n\r\n
Consumer Proposal Payment Example<\/strong><\/h3>\r\n\r\n\r\n\r\n
Here\u2019s a quick example of a real Consumer Proposal filed by Sands & Associates \u2013 significant debt reduction, no added interest, no added fees:<\/p>\r\n\r\n\r\n\r\n
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- A person with debt totalling $42,360 and struggling to afford their minimum monthly payment of over $1,200 per month made a Consumer Proposal to cut their debt by 55% – from $42,360 down to $18,600.<\/li>\r\n\r\n\r\n\r\n
- Their new monthly payment was just $310 per month, and they will be debt-free in five years.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
Consumer Proposals are very flexible, tailored to your specific situation and needs \u2013 and you can pay off your Consumer Proposal early at any time, without penalty!<\/p>\r\n\r\n\r\n\r\n
How Much Debt will a Consumer Proposal Eliminate?<\/a><\/p>\r\n\r\n\r\n\r\n
How Do I Do a Consumer Proposal?<\/strong><\/h2>\r\n\r\n\r\n\r\n
To make a Consumer Proposal the first thing to do is connect with a Licensed Insolvency Trustee<\/a> local to your province. If you\u2019re anywhere in BC, Sands & Associates can help you \u2013 we serve residents across the province and we can help you in person, virtually, or even over the phone.<\/p>\r\n\r\n\r\n\n\n
\n\n\n\n \n\r\n\r\n\r\nIt\u2019s very important to understand that to do a Consumer Proposal you must<\/em> work with a Licensed Insolvency Trustee. You do not<\/em> need a referral to connect with a Licensed Insolvency Trustee.<\/p>\r\n\r\n\r\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\r\n\r\n\r\n
- \r\n
- You cannot file a Consumer Proposal by yourself, nor can a credit counsellor, debt settlement agent<\/a>, or any other type of debt management service file a Consumer Proposal for you.<\/li>\r\n\r\n\r\n\r\n
- If anyone is attempting to charge you a fee to speak with a Licensed Insolvency Trustee or telling you they can do a Consumer Proposal for you but are not a Licensed Insolvency Trustee (or an Estate Manager working with a Licensed Insolvency Trustee), this should be a red flag that you are not in the right place!<\/li>\r\n<\/ul>\r\n\r\n\r\n\n
\n\n\n\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\r\n\r\n\r\n
3 Steps to Starting Your Consumer Proposal<\/strong><\/h3>\r\n\r\n\r\n\r\n
At Sands & Associates we plan to have your Consumer Proposal officially filed in three steps, and this process can be done in person at a local office nearest you, or virtually \u2013 whatever is most comfortable and convenient for you.<\/p>\r\n\r\n\r\n\r\n
The timeline here is really driven by you. We understand that once you\u2019ve discovered there is a solution to deal with debt and resolve any debt-stress you\u2019ve been experiencing, you may want to move forward quite quickly.<\/p>\r\n\r\n\r\n\r\n
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- Sands & Associates can work with you to get your official Consumer Proposal signed and registered in as little as 24 hours after your consultation should you have an urgent situation.<\/li>\r\n\r\n\r\n\r\n
- Otherwise, most people move through these three steps within a week or two.<\/li>\r\n<\/ul>\r\n\r\n\r\n\n\n \n\n\n\n \n\r\n\r\n\r\n
Step 1<\/strong>: Have a Free Confidential Debt Consultation<\/strong><\/p>\r\n\r\n\r\n\r\n
Connect with one of our qualified, non-judgmental experts to talk about your situation. Together we\u2019ll review your personal circumstances, including what your debts are, what sort of income you have, and any goals or specific challenges you are looking for support with.<\/p>\r\n\r\n\r\n\r\n
- \r\n
- We\u2019ll take time to discuss all <\/em>your options with you including self-directed strategies, borrowing options and legal solutions (including Consumer Proposals).<\/li>\r\n\r\n\r\n\r\n
- If you\u2019re interested in a Consumer Proposal, we will work out an estimate together for a Consumer Proposal that is affordable for you. We\u2019ll take into consideration important factors including the total amount of debt you have, who your creditors are, your family size and income \u2013 no two Proposals are exactly alike!<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
We always aim for a \u2018no surprises\u2019 experience, making this first step crucial to ensure you get all the information relevant to your situation so you can make a fully informed decision about how you want to move forward.<\/p>\r\n\r\n\r\n\r\n
Preparing for Your First Meeting with Sands & Associates<\/a><\/p>\r\n\r\n\r\n\r\n
Step 2: Collect and Review Your Financial Information<\/strong><\/p>\r\n\r\n\r\n\r\n
If you\u2019re moving forward with a Consumer Proposal, we will prepare all the required paperwork for you. For us to do this you\u2019ll fill out a basic information form and gather relevant documents detailing your debts, income, and assets.<\/p>\r\n\r\n\r\n\r\n
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- We\u2019ll have our second meeting together to review these materials and fill in any missing information. We\u2019re here to help you, so don\u2019t stress if paperwork is not your strong point!<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
From here, Sands & Associates will prepare your formal Consumer Proposal documents.<\/p>\r\n\r\n\r\n\r\n
Step 3: Sign Your Official Consumer Proposal Documents with Your Licensed Insolvency Trustee<\/strong><\/p>\r\n\r\n\r\n\r\n
After you sign your Consumer Proposal documents (in-person and virtual appointments are available) your Licensed Insolvency Trustee will register your Consumer Proposal with a branch of Industry Canada called the Office of the Superintendent of Bankruptcy (\u201cOSB\u201d for short).<\/p>\r\n\r\n\r\n\r\n
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- No, a Consumer Proposal is not bankruptcy<\/em>, but it is a type of legal debt solution and the OSB is the government body with oversight of all types of filings that Licensed Insolvency Trustees do.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
Three steps done \u2013 now your Consumer Proposal is signed, filed and official!<\/p>\r\n\r\n\r\n\n
\n\n\n\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\r\n\r\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\r\n\r\n\r\n
The First 60 Days of Your Consumer Proposal<\/h3>\r\n\r\n\r\n\r\n
Some important milestones happen in the first 60 days after your Consumer Proposal is formally filed.<\/p>\r\n\r\n\r\n\r\n
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- If you\u2019re working with Sands & Associates, during the first month after you\u2019ve signed your official Consumer Proposal documents you\u2019ll make one<\/em> of your regular monthly payments.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
For most people this is the first payment they are making in their Consumer Proposal; Sands & Associates does not charge any fees to get your Consumer Proposal started.<\/p>\r\n\r\n\r\n\n\n
\n\n\n\n \n\r\n\r\n\r\n- \r\n
- You should have stopped making payments to your creditors by the time you signed your Consumer Proposal documents (the trigger to the 60 days).<\/li>\r\n<\/ul>\r\n\r\n\r\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\r\n\r\n\r\n
During this 60-day period you normally don\u2019t need to do anything else.<\/p>\r\n\r\n\r\n\r\n
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- Immediately after filing your Proposal, your Licensed Insolvency Trustee will take over communications with your creditors and send them official notice of your Consumer Proposal – the built-in legal protection has kicked in!<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
Your creditors included in your Consumer Proposal must now stop contacting you for payment, stop charging interest (or other fees), and cease any legal actions (including wage garnishments or account freezes<\/a>).<\/p>\r\n\r\n\r\n\r\n
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- Your creditors will have 45 days to consider your Consumer Proposal consolidation offer and let your Trustee know if they are voting to accept it.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
Your Consumer Proposal will be legally binding on all your creditors if more than 50% of your creditors (by dollar value) vote \u2018Yes\u2019 to accept it.<\/p>\r\n\r\n\r\n\r\n
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- Consumer Proposals filed by Sands & Associates<\/a> are almost always accepted by creditors.<\/li>\r\n\r\n\r\n\r\n
- Even if you have a creditor who votes not to accept your Proposal, or any who don\u2019t vote at all, it doesn\u2019t necessarily mean the Proposal can\u2019t succeed \u2013 the Consumer Proposal will still be legally binding on all <\/em>when it is accepted by at least the 50% dollar-value majority.<\/li>\r\n<\/ul>\r\n\r\n\r\n\n
\n\n\n\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n
Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\r\n\r\n\r\n
Another built-in advantage to Consumer Proposals – creditors can\u2019t just change their mind once your Consumer Proposal has been accepted!<\/p>\r\n\r\n\r\n\r\n
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- Once day 45 passes and your Consumer Proposal is accepted by creditors, we\u2019ll allow another 15 days to pass, after which your Consumer Proposal will be deemed to be court-approved.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
After this deemed court approval (day 60) you can work through the rest of your Consumer Proposal and continue with your monthly payments (assuming that is what your Consumer Proposal offered).<\/p>\r\n
- Even if you have a creditor who votes not to accept your Proposal, or any who don\u2019t vote at all, it doesn\u2019t necessarily mean the Proposal can\u2019t succeed \u2013 the Consumer Proposal will still be legally binding on all <\/em>when it is accepted by at least the 50% dollar-value majority.<\/li>\r\n<\/ul>\r\n\r\n\r\n\n
- Consumer Proposals filed by Sands & Associates<\/a> are almost always accepted by creditors.<\/li>\r\n\r\n\r\n\r\n
- Your creditors will have 45 days to consider your Consumer Proposal consolidation offer and let your Trustee know if they are voting to accept it.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
- Immediately after filing your Proposal, your Licensed Insolvency Trustee will take over communications with your creditors and send them official notice of your Consumer Proposal – the built-in legal protection has kicked in!<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
- You should have stopped making payments to your creditors by the time you signed your Consumer Proposal documents (the trigger to the 60 days).<\/li>\r\n<\/ul>\r\n\r\n\r\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \n\n\r\n\r\n\r\n
- If you\u2019re working with Sands & Associates, during the first month after you\u2019ve signed your official Consumer Proposal documents you\u2019ll make one<\/em> of your regular monthly payments.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n
- No, a Consumer Proposal is not bankruptcy<\/em>, but it is a type of legal debt solution and the OSB is the government body with oversight of all types of filings that Licensed Insolvency Trustees do.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
- If you\u2019re interested in a Consumer Proposal, we will work out an estimate together for a Consumer Proposal that is affordable for you. We\u2019ll take into consideration important factors including the total amount of debt you have, who your creditors are, your family size and income \u2013 no two Proposals are exactly alike!<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
- We\u2019ll take time to discuss all <\/em>your options with you including self-directed strategies, borrowing options and legal solutions (including Consumer Proposals).<\/li>\r\n\r\n\r\n\r\n
- If anyone is attempting to charge you a fee to speak with a Licensed Insolvency Trustee or telling you they can do a Consumer Proposal for you but are not a Licensed Insolvency Trustee (or an Estate Manager working with a Licensed Insolvency Trustee), this should be a red flag that you are not in the right place!<\/li>\r\n<\/ul>\r\n\r\n\r\n\n
- You cannot file a Consumer Proposal by yourself, nor can a credit counsellor, debt settlement agent<\/a>, or any other type of debt management service file a Consumer Proposal for you.<\/li>\r\n\r\n\r\n\r\n
- Virtually all types of debt can be settled, from credit cards to payday loans, student loans to taxes to CERB overpayments<\/a> and more.<\/li>\r\n\r\n\r\n\r\n
![\"Compare](\"https:\/\/www.sands-trustee.com\/wp-content\/themes\/sands-trustee\/images\/home\/compare-debt-options.png\")
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