Category: Consumer Proposal Information

Ask Ross Toronto questions and answers

Ask Ross Toronto questions and answers Sometimes readers send in questions we think will be of interest to many people. Here are a couple from the AskRoss mailbag: Dear Ross, with prices so high in the Greater Toronto Area, which  nearby markets do you think have the best balance of affordability and value?  I try to stay …

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Private Second Mortgage Solved Big Problems

Private Second Mortgage Solved Big Problems Here in the Greater Toronto Area I arrange private second mortgages on a regular basis. I feel private mortgages can be an excellent tool to solve a specific problem. The most common reasons to have a private second mortgage are: Pay off a consumer proposal early Debt consolidation Reputable …

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Why you should pay off a consumer proposal early

Why you should pay off a consumer proposal early Before you filed your consumer proposal (CP), your debts were out of control. Your CP gave you relief from your creditors, collectors and even garnishments. It was a very responsible way to deal with your debts – creditors appreciate that. How well are you balancing your income …

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Pay off consumer proposal early – led to best mortgage possible

Pay off consumer proposal early – led to best mortgage possible. It seems to be happening more often these days where chartered banks might not renew the mortgages of borrowers who included the bank’s credit cards and lines of credit in a consumer proposal or personal bankruptcy. Earlier this year Cindy and Miles Baird were in distress …

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Buying a home after a consumer proposal

Buying a home after a consumer proposal. We’re told that a consumer proposal or bankruptcy gives us a second chance to get things right. A fresh start. But what does that mean when it comes to buying a home? Will you qualify for a mortgage after you complete a consumer proposal? We received an email …

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Real estate agents with CRA debt

Real estate agents with CRA debt Success in real estate can lead to income tax problems with CRA, unless you take care to set aside money each month to pay your income taxes next  Spring. I have often provided debt relief services for real estate agents who ran afoul of CRA. Problems can arise because they don’t …

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Use Home Equity to Pay off Consumer Proposal

Use Home Equity to Pay off Consumer Proposal If you are a homeowner in the middle of a consumer proposal, did you know you can  use your home equity to pay off your consumer proposal and get on with your life? A few weeks ago a reader asked me if there is any way he …

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Can a student line of credit be included in a proposal or bankruptcy

Can  a student line of credit be included in a proposal or bankruptcy I met a long term client today who has returned to school to upgrade his skills, and has accumulated a fair amount of debt, including a $40,000 student line of credit from a major chartered bank. He needs relief from all his …

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Secured Visa Application

Secured Visa Application Each week I receive calls and emails asking me for help in rebuilding damaged credit histories. Often, s/he has come off (or is still in) a consumer proposal, or debt settlement or personal bankruptcy and is truly starting from ground zero. How to rebuild your credit history is the topic of other …

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Large CRA debt holding him back

Large CRA debt holding him back There have been several questions sent in recently by people who have run afoul with CRA. Often the rest of their picture is quite healthy actually. I see this often with realtors and other self employed people who have a breakout year or two, but did not set aside …

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When will I be ready for a mortgage

When will I be ready for a mortgage Alexander wrote me a few days ago to ask if he can qualify for a new mortgage, given he completed a consumer proposal a few months ago. I asked him some questions and learned he is in his early fifties, he has excellent income and stable employment, …

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Proposal and bankruptcy consumers feel relief

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Proposal and bankruptcy consumers feel relief Over the past few months I have attended more than thirty insolvency counselling sessions with clients who have recently either declared bankruptcy or entered into consumer proposals. By law, anyone entering into one of these debt solutions MUST attend two credit counselling sessions over the next few months after …

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