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a. The LIT will record the proposition with the Office of the Superintendent of Bankruptcy (OSB). Once your proposition is documented, you quit making installments specifically to your unsecured lenders. What’s more, if your loan bosses are gathering your pay (decorating your wages) or have documented claims against you, these activities are halted.

b. The LIT will present the proposition to your banks. The proposition will incorporate a report on your own circumstance and the reasons for your monetary troubles.

c. Banks then have 45 days to either acknowledge or dismiss the proposition. They can likewise do this either preceding or at the meeting of loan bosses, in the event that one is held.

Consumer Proposal

A Consumer Proposal is a game plan that is arranged with your leasers through a Consumer Proposal manager (who is likewise a Licensed Insolvency Trustee). It’s a contrasting option to individual insolvency. A legitimately official agreement is set up to furnish you with quick security from obligation authorities and mastermind an incomplete reimbursement of your aggregate unsecured obligation owing.

When you record a Consumer Proposal you consent to pay a segment of what you owe, and your loan bosses consent to excuse the parity.

Consumer Proposal in Mississauga | GTA Financial Hub – Financial Agency Mississauga

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Due to my personal disability I was off for over a year but disability insurance provided by GTA Financial Hub kept me financially sound. All the payments to me were on time and there were no surprises.

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