If you have been struggling with financial challenges and difficulty managing your debt, you may have already considered debt consolidation options, including Consumer Proposals. Deciding who to turn to when you have a financial problem can be confusing with so many different types of companies purporting to offer financial help. If you are wondering where to get a Consumer Proposal and how the process works, read on…

1. What is a Consumer Proposal?

Let’s start with the basics. A Consumer Proposal is an alternative to personal Bankruptcy that’s negotiated with your creditors through a Licensed Insolvency Trustee. It’s a legally binding agreement that can set up a partial repayment plan of your remaining debt with your creditors and immediately stops most collection action. When you file a Consumer Proposal in Ontario, you will make a single payment to the Licensed Insolvency Trustee. Consumer Proposals are interest-free and often reduce the overall sum of your debt.

2. Where to Get a Consumer Proposal

In Canada, the only professional granted permission by the government to file and administer a Consumer Proposal is a Licensed Insolvency Trustee. A Licensed Insolvency Trustee can give information and advice about the Consumer Proposal and Bankruptcy processes. Licensed Insolvency Trustees are federally regulated and licensed by the Office of the Superintendent of Bankruptcy. Unlike some financial consulting and debt consulting companies, Licensed Insolvency Trustees do not charge up-front fees for their services.

3. How to Choose a Licensed Insolvency Trustee

In some cases, such as with a court-mandated Bankruptcy, a Licensed Insolvency Trustee will be appointed to you. But in most scenarios, particularly when it comes to filing a Consumer Proposal, you can contact Licensed Insolvency Trustees of your choosing. Most Licensed Insolvency Trustees will offer a free consultation, so you can assess the advice they give you. Use the initial consultation to ensure you’re comfortable with the people you’re dealing with, ask questions about the Consumer Proposal process, and learn about possible long-term solutions for your financial problems. If you’re uncomfortable with the Licensed Insolvency Trustee you spoke with or don’t feel they adequately answered your questions, you can contact another Licensed Insolvency Trustee before signing any paperwork.

A good Licensed Insolvency Trustee will help you understand the Consumer Proposal process, make sure you’re comfortable moving forward, and let you know your options.

At Fuller Landau Debt Solutions, our Licensed Insolvency Trustees take a personal approach to personal debt. We know struggling with personal debt can be stressful and overwhelming. That’s why we do everything in our power to make the debt management process as comfortable and efficient for you as possible.

If you’re looking to file a Consumer Proposal in Ontario, contact Fuller Landau Debt Solutions today to schedule a free consultation at (927-7200.