A.C. Waring & Associates Consumer Proposals in Edmonton

Finding Common Ground
Many people who find themselves mired in debt and negative credit reports feel helpless, but this doesn't have to be the case. Besides structuring a plan to get you out of debt, we can also help by discussing your situation with creditors in an effort to come to a resolution beneficial to both parties. If creditors believe you’re acting in good faith, they will often work with you.

If your account is in collection or is otherwise delinquent, and/or you’re having trouble making payments as they are constructed, we can work with your creditors to try and reach a settlement. One option, subject to creditor approval, is to determine an agreeable lump sum payment offer, after which your credit score rating may change, pending no other outstanding issues.

The more likely scenario is creating a payment plan to help alleviate the burden of high interest and establish a timeline by which your debt will be cleared.

Call A.C. Waring & Associates so one of our professional, knowledgeable staff can help you figure out the best approach to tackle your debt negotiations.

Private Creditor Negotiations


  • Great if there is mutual trust.
  • Avoids bankruptcy or OPD.
  • Offers more time to make good.


  • Discussing your financial problems with creditors may ‘show your hand’ and some creditors may proceed to seize assets.
  • Your handshake agreement with creditors will not be binding.
  • Informal agreements are hard to negotiate alone when a number of creditors are involved.
A. C. Waring & Associates Inc. - CD3769B494BB.jpg

Consumer Proposals


  • Your assets are still under your control.
  • Creditors cannot seize assets or garnishee wages.
  • Creditors must file less derogatory credit bureau reports once the terms of the proposal are met.
  • Opens the opportunity for creditor negotiations.
  • Settlements are based on your ability to pay.
  • Proposals envision paying less than the full amount of the debt.
  • Once accepted, the proposal is binding on most unsecured creditors.
  • Under consumer proposals, 51% of creditor votes in favour of the proposal, based on dollar value, can bind 100% of the unsecured creditors.
  • Reasonable offers to creditors are rarely refused. No automatic bankruptcy is incurred in the unlikely case that the proposal is rejected.


  • Proposals do not affect obligations for alimony, child maintenance, student loans or change the position of secured creditors.
  • Ordinarily proposals must give creditors more than they would otherwise receive if bankruptcy was the debt solution chosen.
  • For individuals whose creditor claims are over $250,000, excluding a home mortgage, a consumer proposal may not be filed.