Consumer Proposals in Ottawa & ANYWHERE in Ontario
Serving Residents of Eastern Ontario, Including Kingston, Brockville, and Surrounding Areas
Are you saddled by large consumer debts? Are you having difficulty paying your credit cards and are considering bankruptcy? A consumer proposal may be the best way to help you avoid bankruptcy and achieve real relief from your outstanding debts.
Unlike a bankruptcy settlement, your assets are actually protected under a consumer proposal. This means, in many cases, a consumer proposal may incorporate in the payment amounts, which will allow you to retain your home, investments, and other non-exempt assets that would otherwise be surrendered in a bankruptcy. Another benefit is that the payment, once accepted, will never go up.
If you’ve been looking for ways to get out of debt, or are considering consumer proposals, Ottawa, Kingston, Brockville and Eastern Ontario residents are encouraged to contact D. & A. MacLeod Company Ltd. to speak with our debt-relief specialists. Call us today for a free initial consultation and get started on a debt-free tomorrow!
WHAT IS A CONSUMER PROPOSAL?
A consumer proposal is a formal, legal procedure under the Bankruptcy and Insolvency Act (BIA) which allows an individual to compromise his or her debts owing in order to resolve financial obligations. If accepted, the terms and conditions of the consumer proposal become a legal binding agreement.
If you move forward with a consumer proposal in Ottawa, Kingston, or surrounding areas of Eastern Ontario, the process will be facilitated by a Licensed Insolvency Trustee (LIT), known as the “Administrator.” The Administrator will assist in developing the proposal which generally requires the debtor to pay a percentage of what may be owed, or extend the time to pay.
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ADVANTAGES OF A CONSUMER PROPOSAL OVER FILING FOR BANKRUPTCY
The payment terms are negotiable and tailored to an individual’s circumstances, while payments in a bankruptcy are set out in the directive known as the Superintendent’s Standards.
In some situations, you may wish to save an asset such as a home, RESP, life insurance policy with cash surrender value, etc., but with bankruptcy you may not be able to pay the amount due to the trustee and the asset will be required to be sold or realized on. Payments can be incorporated in a consumer proposal to retain the asset.
Monthly payments are agreed upon in a consumer proposal that can be up to five years in duration, while in a bankruptcy the payment amounts can increase or decrease, depending on each month’s income.
The credit bureau reporting by your unsecured creditors will be better once the proposal terms have been met. A consumer proposal can typically result in an R7 credit rating, while in bankruptcy, your credit rating will be R9 (the worst rating on a scale of R1 to R9);
You are entitled to have a secure credit card (which may be important to conduct business or required for other financial reasons).
Your credit rating can be improved sooner with a consumer proposal, which remains on your record for 3 years. In comparison, a second bankruptcy can remain on your credit rating for 14 years.
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1. What general and personal information do we gather about you?D & A MacLeod Company Ltd just collects your personal information for your purchase delivery and confirmation and we will collect your IP address to protect your benefit against credit fraud and spiteful registration.
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2. How is the information used?D & A MacLeod Company Ltd uses your information to monitor general use of our service and to provide personalized service to you and to better serve you, our advertisers and our sponsors. For example, we may use the personal information that you have provided us to send an email in response to a question that you have asked. We won't send your advertisement to us through email without your permission. The general information that we gather about you is aggregated with general information of all users to help us better understand how our service is used. In addition, we aggregate the general information and the personal information. We compile and analyze this aggregated information so that we can provide more meaningful information to advertisers and sponsors and more relevant content and advertisements to you.
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3. With whom do we share the information?D & A MacLeod Company Ltd will not use or disclose your personal information with any third party without your prior express consent except (i) as necessary to provide the Site, (ii) as required by law, governmental authority or court orders, (iii) in order to cooperate with law enforcement authorities or governmental regulatory bodies or (iv) as we deem necessary to enforce our rights under this Privacy Policy. We may ask your permission to release your personal information to a third party. If you consent to such a release, then that third party will have access to your information. If you do not consent, then we will not release your personal information to that third party. We may contain links to other sites from our website. D & A MacLeod Company Ltd does not control the content or practices of any other site, including what information those sites collect about you. Although we try to link only to reputable companies, we do not control the privacy policies of any web site other than ours and we do not hold ourselves responsible for the privacy policies of any site that you may link to from our site. In addition, you may choose to respond to advertisements that are posted on our web site or to direct marketing offers from third party sponsors or advertisers. We do not control the content or practices of our sponsors or advertisers and, accordingly, we do not hold ourselves responsible for the privacy policies of any third party sponsors or advertisers who may collect information about you. D & A MacLeod Company Ltd cooperates with law enforcement agencies to identify those who use our services for illegal activities. D & A MacLeod Company Ltd reserves the right to release information to law enforcement agencies about our registered users or any user of our Site who we believe is in violation of applicable law, even without a subpoena, warrant or court order. We also reserve the right to report to law enforcement agencies any activities that we reasonably believe may be unlawful.
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4. What are "cookies" and how are they used?A cookie is a very small text file placed on your hard drive by a web server. We use cookies for a variety of reasons. For example, a cookie may be used to identify each user who accesses our Site and to obtain session information for users of our Site. We may use this information to deliver a more personalized service to our users. In addition, cookies allow advertisers and merchants to track responsiveness to their marketing efforts and to process transactions at their online stores. Thus, we allow advertisers or partners to set cookies, but only if they agree to comply with our privacy policy. Please note that, in addition to allowing you to accept all cookies, your internet browser software may also allow you to be warned before accepting a cookie or to reject all cookies. Our Service is dependent on the acceptance of cookies by our customer. Therefore, if your browser is not set to accept cookies, you may experience problems using our Service and will not be able to use all of the services offered on our Site.
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5. Amendments to our Privacy PolicyWe may, from time to time, amend our Privacy Policy. If we do, then we will post such amendments to this document so that you may always have access to our most recent policy. We reserve the right, at our discretion, to change, modify, add or remove portions of our Privacy Policy at any time and from time to time. This Privacy Policy has not been modified since its original posting date of May 1, 2013.
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6. Acknowledgment and acceptance of our Privacy PolicyYour use of D & A MacLeod Company Ltd is subject to this Privacy Policy and by using the Site and/or registering as a user on the Site, you affirmatively agree to all terms of this Privacy Policy. Your continued use of the Site constitutes your continued agreement to the terms of this Privacy Policy. If you do not agree with the terms of our Privacy Policy, then you are not permitted to use the Site and if you have provided personal information to us via the Site, then we ask that you remove your personal information, as described in paragraph five above. If you have questions concerning our privacy policy, please direct them to our Privacy Officer.
CONSUMER PROPOSALS IN OTTAWA & ACROSS EASTERN ONTARIO
Team up with D. & A. MacLeod Company Ltd.and let our family help your family and provide professional advice regarding your specific financial situation. A consumer proposal may be the right alternative to free you of your debt burden and start a new beginning™.
We can meet you in any one of our convenient locations to answer questions you may have about consumer proposals in Kingston, Ottawa, Cornwall, Pembroke, Smiths Falls, Brockville, Kanata or anywhere in Canada.
Contact us today online or at 613-236-9111 for a free, confidential consultation at one of our locations.
LEARN MORE ABOUT CONSUMER PROPOSALS
Read through our latest blogs to dig deeper in to the world of consumer proposals and debt management.
