Consumer Proposals in Cambridge

If you listened to myself and Doug Hoyes on Jan 14th on radio talking about Consumer Proposals in Cambridge you’d have heard us mentioning that a Consumer Proposal is the only “government program” available to you that allows you to offer a settlement to your creditors to reduce the amount you owe. You can catch a clip of the show here.

Lots of companies seems to have appeared lately claiming to offer “government programs” that can help you reduce your debt.  If they’re not a trustee in bankruptcy, the claim is likely unsubstantiated and mis-leading. Only a trustee can offer a consumer proposal.

Some of these companies have appeared because they have seen how popular consumer proposals have become in recent years and they are trying to profit from their success by offering a similar sounding program.  Unfortunately, many people we meet with who get sucked in by the commercials end up coming to us saying the money they’ve been paying into the program has simply disappeared and the creditors are still hounding them daily.

In the next video, Doug & I talk about how do you know how you can trust to help you?
Some companies, such as ours are legitimately trying to help people by explaining all your options and coming up with a practical solution that is designed to suit you and your specific situation.  We don’t try and sell you anything.

We tell you the pro’s and con’s or each of your relevant options and let you decide which one is the most logical.  It’s often the case that around 5 out of every 10 people that contact us thinking they need to file a consumer proposal or bankruptcy don’t end up needing our services because we can point them in the right direction of other more suitable options.

If you’re talking to someone about your debt situation, here is a quick overview of the types of questions you should be asking:

  1. Are you a trustee?
  2. Will you end up referring me to a trustee?
  3. Where are you located and where can we meet?
  4. What service do you offer exactly?
  5. How does it work?
  6. Who regulates or licences you to do what you do?
  7. What fee do you charge before you contact my creditors?

If you’re talking to a trustee, the answers to the questions above should be:

  1. Yes
  2. No
  3. Here in Cambridge our office is at 8 George Street North (we’re not a call center in Florida)
  4. We’ll talk to you about all you options and we’re licenced to administer Consumer Proposals and personal bankruptcies
  5. A consumer proposal is where we negotiate a legally binding settlement on your debts with your creditors that you’ll pay over a period of time.
  6. The office of the superintendent of bankruptcy which is part of Industry Canada
  7. Nothing.  We only get paid if the creditors accept the proposal offered and the creditors only have a maximum of 45 days to say yes or no.

It’s hard to know who to trust with so many companies trying to gain your attention.   If you think you’ve started a program and are unsure after reading this that your program is legitimate, it’s not too late to contact us and stop the bleeding…

Hopefully after reading this blog you’ll feel like you can trust us.  Give us a call today at (519) 622 3773. It’s free, there’s no obligation to do anything and most people that call are glad they did!



Howard has worked in our Cambridge office for many years helping Cambridge residents find solutions for debt problems. As a licensed trustee in bankruptcy Howard is able to explain all your options and find a solution that works for you.

Howard Hayes – who has written posts on Bankruptcy Cambridge: The Insider's View from Howard Hayes.

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