When should an Ontario Resident hire CDPC to negotiate an Informal Settlement?
CDPC offers two different services to Ontario residents who seek to eliminate their debt for less than 100 percent of the current outstanding balance.
Check out the video below.
Consumer Proposal Representation:
A consumer proposal is an arrangement, subject to the federal Bankruptcy and Insolvency Act (BIA), under which a consumer makes a proposal to his or her creditors. Under this proposal a consumer will repay a percentage of his current unsecured indebtedness in monthly installments over a period not to exceed five years.
Since 2004 CDPC has represented more than 15,000 Canadians seeking to eliminate their debt by way of a consumer proposal under federal insolvency law.
Informal Proposal Representation:
An informal proposal arises where a creditor and a consumer voluntarily negotiate a mutually satisfactory settlement of a consumerâ€™s indebtedness based upon a lump sum payment by the consumer. Creditors will often agree to accept a one-time lump sum paymentâ€”for significantly less than the current outstanding balance–as settlement in full.
CDPC is licensed by the Ontario government to negotiate informal proposals on behalf of Ontario residents.