A consumer proposal stops virtually all collection agency calls and letters in Ontario.
Here’s how it works: as soon as a consumer proposal is filed, all creditors are notified, and they are all given 45 days to vote to accept or reject your proposal. During that 45 day period, creditors are not permitted to contact you or attempt to collect money from you.
If they do call you, you simply advise them that you have filed a consumer proposal with Hoyes, Michalos & Associates Inc., you give them our phone number, and from that point on they are required to deal directly with us.
You file a consumer proposal, and the collection agency calls stop. Is it really that simple?
Yes and no. The calls will stop as soon as the creditor is notified of the proposal. At Hoyes Michalos we file all consumer proposals electronically, and we notify all major creditors by fax, so they are usually notified within two or three days of you signing the paperwork.
At the end of the 45 day voting period, the creditors vote on the proposal, and if a majority of the dollar value voting votes in favour, your consumer proposal is accepted, and the collection calls stop permanently.
Obviously the “trick” is to make sure that we are offering a consumer proposal that will be accepted by your creditors, but that will also be affordable for you.
What will a proposal cost, and what are the chances of success? Contact Us today, and in most cases we can book you an appointment to meet with one of our professionals within 24 to 48 hours, Monday to Friday, to review your situation and stop collection calls.
To speed up the process, you can download our Fresh Start application form and complete it and bring it with you to your meeting with us.
Imagine what it would be like not to have to worry about collection agency calls. Contact us right now, and let's get started.