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this video covers a very sensitive and legal topic I did my best to get you the most accurate information including the government's website on what a consumer proposal is for your specific matter always consult a licensed insolvency trustee I have included three to five names of reputable licensed insolvency trustee firms can help you because they're credible this is not a sponsored video I do not get any an affiliate or referral income from the companies or their trustees so I'm not getting a referral fee for this whatsoever if you clicked on this video and you're going through a difficult time in your life due to mounting debt that's holding you back I want you to know that I made this video for you it's not hopeless and it's going to get better this video has been intentionally made to give you information from the point of view of a person maybe you like you needing to utilize the consumer proposal as a debt relief option and not information given to you in a dry unrelatable and doubtful manner if you're in debt do yourself a big favor and just take a deep breath and watch this video till the end and if it doesn't make sense watch it again I cannot give you any clarification or advice on this video so don't contact me but contact a licensed and solvency trustee who can help you out if you owe between 1 000 to 250 000 in unsecured credit card or unsecured debt in general your debts can be settled legally through a consumer proposal filed with a licensed insolvency trustee before I get into it here are some points of a consumer proposal that are public and that you need to keep in mind a consumer proposal is not a bankruptcy if you file for a consumer proposal you stop creditor actions like collection calls Port actions and wage garnishments meaning that they cannot just take money out of your paycheck and this is all happening while you negotiate your debt settlement no payments or fees this is a very important point I want you to remember throughout this video no payments or fees are required from you until your settlement proposal is filed with the government and you receive a full creditor protection a CP also known as consumer covers all of your unsecured credit card debts and lines of credits including Canada Revenue Agency debts CRA debts you will not lose your tax return your home your car your rrsps or resp's and Investments and you will not lose your ability to sponsor your spouse for immigration into Canada and I remember that I came across a Facebook post where this was an issue now that I've said that let's continue getting a second chance at dealing with up to 250 000 worth of crushing debt and not losing your car Investments or your home in the process is nothing short of a privilege and a blessing fact is even the federal government knows that in life things happen in comes the consumer proposal which is under the bankruptcy and insolvency act but is not a bankruptcy it's a formal legally binding process that can only be administered once again that can only be administered by a licensed insolvency trustee the trustee will work with you to develop a proposal which is an offer to pay your creditors a smaller amount then the total full amount of your debt here it is again and I'm going to repeat the government of Canada legitimately as in for sure offers a debt relief program called the consumer proposal which can reduce your debt by up to 80 percent through a negotiated settlement with your creditors without interest or penalties the remaining debt is repaid based on what you can afford on a monthly basis without interest so you can get out of debt without ever declaring personal bankruptcy or resorting to costly debt consolidation loans that have ongoing interest accruing even debt settlement options or whatever that's out there in the market don't stop your interest the interest is constantly including with the consumer proposal it just stops once you file a consumer proposal and it's accepted the interest stops the collection calls stop the wage garnishment meaning they're taking money out of your paycheck stop so if you have credit cards lines of credit personal loans payday loans CRA debt and depending on certain conditions even student loans which can be included in a consumer proposal but there are some conditions to it please consult a licensed insolvency trustee regarding which of your debt can be included in a consumer proposal for your circumstance now watch out for scammers placing themselves between yourself who's probably being crushed by mountains of debt and the actual license insolvency trustee being the only one who can file the consumer proposal to reduce a person's debt by 80 or more providing them that much needed relief that they need so if someone says to you pay us 200 to 3 000 or more upfront is a scammer yeah you don't need that extra consultation any type of consultation that you need should be directly from your license and solvency trustee upfront payment is not a part of the process because that would be counterintuitive right it doesn't make sense for example you're somebody who is under lots of financial pressures you know you're being crushed by debt you're creditors are taking a portion of your monthly income because they have wage garnishment against you for example why the heck would a debt relief option make you pay up front wouldn't make sense so just keep that in mind so I'm gonna make this clear again you the person filing a consumer proposal does not pay any money up front until your proposal is accepted and when I say proposal is accepted there are specific rules as to how a licensed insolvency trustee may receive their fee the trustee makes their money from a portion of the monthly payment you make to your creditors as far as you the person filing the consumer proposal is concerned you don't pay anyone anything until your consumer proposal is filed accepted and now you make only one low monthly payment to your creditors which already includes that trustees fees that's it not a penny up front to anyone let's say you have a hundred and twenty thousand dollars in credit card debts thirty thousand dollars in Canada Revenue Agency taxes eighty thousand dollars in lines of credit that just keeps getting worse totaling 230 thousand dollars in an unsecured debt alone and this is before the interest mounting right but the interest is occurring in that oh and you have a car and a house with mortgage and maybe some Investments right that you just don't want to lose so here's what happens when you file a consumer proposal taking into account all of your regular household expenses a licensed insolvency trustee will negotiate an amount that you can afford to pay based on your debts and income then prepare and distribute a proposal to your creditors this is an amount that you can afford to pay just keep that in mind so then the license and solvency trustee will when they distribute the proposal to your creditors will request a settlement that is less than the full amount of debt that you owe no creditor can refuse to participate in the debt settlement process because it has been brought into law under the bankruptcy and insolvency act it's literal federal law keep in mind if your consumer proposal is not prepared properly by a licensed insolvency trustee and does not explain to your creditors your situation well then it is very be possible that your proposal will get rejected making you have to file an amended one which can cause complications moving on in order for the proposal to be successful at least half of your creditors must agree to the proposed debt settlement amount if the proposal is acceptable to the majority of your creditors a proposal will be accepted you will have only one low monthly payment that includes payments towards your debt and fees for the license insolvency trustee that's it so for example if your monthly payment was four hundred dollars for the next five years that's all you pay from start to finish once again if your consumer proposal is accepted by your creditors you will pay back less than what you owe often 70 to 80 percent less debt collection calls will stop immediately let me make you feel better a little bit all high interest charges will stop you will make one low monthly payment directly to your trustee consolidating all of your debt without interest and without penalties the monthly payments are based on what you can afford and are flexible you can pay everything right away or you can stretch your payments over a maximum of five years the choice is yours you will not be bankrupt this won't affect your sponsorship application in case you're sponsoring a loved one from abroad a bankruptcy will affect your sponsorship application but a consumer proposal will not you will not lose any of your assets including your house car and you're not required to surrender anything to pay off what you owe there are no additional fees or interest to worry about so where did the rest of the debt go that's a good question it's literally been negotiated down by 70 to 80 percent simply it's gone as long as the licensed insolvency trustee is managing your consumer proposal there's no catch as a Canadian citizen this is your right to use Across the Nation Canadian government would rather have you claim a consumer proposal than file a bankruptcy and your creditors would rather get 20 of your debt than nothing it's just a business that they're in right only licensed insolvency trustees are federally regulated by the government to guide you through the process of filing a consumer proposal just remember to stay away from scammers who claim they connect you to a licensed insolvency trustee and make it seem like you you paying an upfront fee of 200 to 3 000 is part of the process for filing a consumer proposal that's disgusting and not true there's no application fee there are no additional costs no interest or fees that you need to pay aside from your monthly consumer proposal payment after your consumer proposal has been accepted and you're making your first payment that's it the next part is important while everything in this video is important keep in mind that the one filing the consumer proposal must follow the terms of The Proposal if you miss three payments you will default and the proposal will become null and void and filing for bankruptcy may be necessary but again consult a license and solvency trustee I'm not licensed in solvency trustee I'm just a guy on YouTube promoting this to you because it may help you pray to God it does once again I've included three to five names of reputable licensed insolvency trustees that can help you in the description of this video to help you with the management of your finances because you probably will not have access to a Visa or Mastercard sign up for the no fee Coho prepaid Mastercard app when you spend five dollars you're actually going to end up getting 20 as a welcome bonus so if you're going to go to a gas station and fill your car up with gas you might actually just get 20 because you spent five bucks that's it it's easy to load you just email money transfer your money and then you can use it as a regular MasterCard and the best part is Costco takes MasterCard so it's a win-win I hope the content in this video helps you please share this video it may be helpful to someone out there like And subscribe hit the notification Bell icon to be notified of the future upcoming videos inshallah Allah reward you until the next one