When is a Consumer Proposal in Edmonton, Central and Northern Alberta the Best Option for Me?

  • If you have debts over $5,000 but not exceeding $250,000 (not including your home mortgage)
  • If you have a job and can afford to make some monthly payments
  • If you are unable to afford repaying all your loans with interest
  • If you are unable to obtain a debt consolidation loan because your debts are too high
  • If you don’t want to lose any assets in bankruptcy such as your home or car
  • If in bankruptcy your income would be subject to surplus income payments

Be aware, however, that the court can nullify the consumer proposal in Edmonton if you default more than, or equal to, three payments (where payments are made monthly or more frequently) or (if less frequently) 3 months after being in default of any payment that is not remedied within the prescribed time limit.

If I Choose a Consumer Proposal, What Are the Drawbacks?

  • You will not be able to choose which debts are included
  • You must still deal with secured debts, such as your home mortgage and car loan
  • You cannot eliminate your child and spousal support obligations and arrears
  • You cannot eliminate student loan obligations
  • You cannot eliminate government overpayments
  • You cannot eliminate court ordered fines and debts from fraudulent activities

If I Choose a Consumer Proposal, will My Credit Report at the Credit Bureau be Affected?

Your credit report has already been affected by late or minimum payments or non-payment of the loan. The consumer proposal remains on your record at Equifax and Trans Union for 3 years after your last payment.

I've Done Some Research, Now What Should I Do?

If you are unsure of what to do during your financial crisis, call our professional credit counsellors at A.C. Waring & Associates Inc. to help you determine the best option that suits your situation. We offer a FREE consultation based on your individual needs. Call us from anywhere in Alberta at 1-800-463-3328 or from the Edmonton area at 780-424-9944 or drop by our office to discuss your situation.

A.C. Waring & Associates

First Edmonton Place, 410-10665 Jasper Ave NW, Edmonton, AB, T5J 3S9|
Main: 780-424-9944 | After Hours: 780-423-3328 | Toll Free: 800-463-3328
A.C. Waring & Associates is your trusted Edmonton-based regional bankruptcy trustee and debt solutions company. We specialize in debt solutions for personal or business matters, including debt and credit counselling, debt consolidation, consumer proposals, bankruptcy proceedings and other debt help solutions. If you are overwhelmed by debt and need solutions, A.C. Waring & Associates will help you find the path to a debt-free life. We proudly offer services to Northern Alberta communities as far as Grande Prairie, Fort McMurray and the surrounding areas. Contact us today for a free consultation at 780-424-9944 or toll-free at 1-800-463-3328.