What Our Clients Say
Our concept is simple. If you give us 30 minutes of your time, our knowledgeable, experienced team will help you build a plan to become debt free.
A lot of people are into debts but only a few know about consumer proposals unless they’ve gone out and... read moreA lot of people are into debts but only a few know about consumer proposals unless they’ve gone out and done their research. When I first contacted Hoyes, Michalos & Associates, I had no idea what the firm was all about. Customer Service was quick and efficient to answer my call. The rep explained very well how it works and I was then connected to a Licensed Trustee Manager Scott. He guided me through all the steps and what to expect of the consumer proposal program. I was mentally burned out. My back-to-back debts were taking a toll on me but Scott helped me understand. My debts were reduced to more than half of what I owe provided I make sure I put equal amount of work on my consumer proposal programs That means, making consumer proposal payments on time based on what is approved by the creditors, attending a credit counselling with the licensed trustee and successfully finishing the program. Scott is always there when you have questions, very knowledgeable and professional. A heavy burden lifted off my shoulders. Thank you🙏🏼 I highly recommend this firm and talk to someone today! read less
Marie Desdemona Martinez
2/21/2023
Doug Hoyes and the entire the team at Hoyes, Michalos & Associates are top notch. Having run into some very... read moreDoug Hoyes and the entire the team at Hoyes, Michalos & Associates are top notch. Having run into some very difficult financial situation for my family and having no where to turn, we contacted Doug Hoyes for advice. Doug has gone out of his way to help and provide any level of comfort he can given our tricky financial debt. Everyone here in the Ontario location is incredibly courteous and equipped with expert level knowledge and advice. We, of course, never want to run into our financial situation again, but if we do, there is only one place we would call and that's Hoyes, Michalos & Associates. Amazing people, amazing company. If you find yourself in need of help, these are your people.
Seriously, they will listen to your financial hardships without judgment and point you in the right direction toward debt alleviation. Doug has personally given me the confidence with my own situation. I can't recommend him enough. read less
Allie Gibson
1/27/2023
Empathy, understanding and guiding hand - Scott Terrio from Hoyes, Michalos & Associates provided all three when I was looking... read moreEmpathy, understanding and guiding hand - Scott Terrio from Hoyes, Michalos & Associates provided all three when I was looking for solutions when faced with financial problems. Scott explained how the process worked, recommended options and answered all questions with great patience. Thank you Scott for all your help, responsiveness and patience! Highly recommend Scott!! read less
P F
1/20/2023
Find Our Downtown Toronto Bankruptcy Office
DIRECTIONS: Our Downtown King Street office is located at the corner of King Street and Yonge Street. It is the heritage Royal Bank tower and the entrance is on King Street just past Sleep Country. If this location is not convenient, we have 8 other Greater Toronto Area locations to serve you.
Consumer Proposals in Downtown Toronto
A consumer proposal is a legal debt relief solution legislated with the federal government to consolidate and settle your debt for less than you owe.
Here are the top 10 benefits of a consumer proposal.
- write-off up to 80% of your debts
- stop collection calls
- stop a wage garnishment
- unfreeze your bank account
- legally binding on all unsecured creditors
- deals with CRA and payday loan companies
- you keep your assets including your tax refund
- reduce your monthly payment to something that is affordable
- no interest on monthly payments
- avoid bankruptcy
Hoyes, Michalos has a 99% success rate for consumer proposals we file. We work with you to craft an offer you can afford.
The cost of a consumer proposal is known upfront. What you pay is exactly, and only, what repayment you negotiate with your creditors at the beginning of the consumer proposal process. Once you complete your payments and the terms of your proposal, your debts are eliminated.
A consumer proposal can only be filed with a Licensed Insolvency Trustee like Hoyes Michalos. Learn how to file a consumer proposal or contact our Downtown Toronto team today to talk about how a consumer proposal can help you get out of debt and avoid bankruptcy.
Debt Consolidation vs Consumer Proposal
If you have significant credit card debt, tax debts or other unsecured debts, you may be wondering if a debt consolidation loan, home equity loan or second mortgage are a good option to consolidate your debts.
There are risks with consolidating with a debt consolidation loan. You may have equity but may not qualify for a second mortgage at reasonable rates.
Our Downtown Toronto debt professionals can help you review your debt restructuring options and compare the pros and cons of a new loan or second mortgage with making a formal, debt settlement offer to your creditors through a consumer proposal.
Filing Personal Bankruptcy in Downtown Toronto
Personal bankruptcy should be a last resort, but sometimes it is the right solution to help you get out of debt. Our Downtown Toronto licensed insolvency trustee can help you decide if filing bankruptcy is the best option to eliminate your debt.
No matter how serious the debt problem, remember there are always debt relief options. At Hoyes, Michalos you always talk to an expert. Consultations are free and we offer flexible appointment times. Call our Downtown Toronto experts at 1-866-747-0660 or email us today.
A bankruptcy and consumer proposal can only be filed through a Licensed Insolvency Trustee. We are licensed by the federal government to help you deal with debt.
Downtown Toronto Debt Help
Debt problems don’t go away on their own. If you cannot afford to repay your debts on your own, as Licensed Insolvency Trustees we help you explore all your options and choose the solution that is best for you.
Break Free From Credit Card Debt
If you are only making minimum payments on your credit cards it will take you years to pay off your balances, if at all. We can help you consolidate your payments and make a settlement offer that can lower your credit card balances by as much as 70%. Your credit cards are rolled into one reduced monthly payment.
This is not a new loan, it’s a government-approved interest-free debt settlement plan payable over up to five years.
Stop the Payday Loan Cycle
Payday loans cause financial stress because the interest accumulates faster than you can pay it off. Over time this eats away at your paycheque. Once you fall behind, payday lenders use aggressive collection tactics like calling your employer and garnishing your wages.
We can include payday loans in your program and help you break the payday loan cycle.
Get Tax Debt Relief
Only a Licensed Insolvency Trustee has the options that can help you reduce your tax debt liability. We can negotiate directly with CRA to create a repayment plan, stop interest and penalties and settle tax debt. If CRA has frozen your bank account or garnished your wages, we can reverse those actions.
Student Loan Debt Forgiveness
Looking for help resolving student loan debt? If you have been out of school for 7 years, your government student loan debt can be discharged through a bankruptcy or consumer proposal.
Eliminate High-Interest Installment Loans
You may have tried to consolidate or pay bills by taking out a high-cost financing loan. While these types of consolidation loans can help you deal with the immediate demand for repayment, they come with an interest rate of 39%, 49% and even 59%. Installment loans meant for those already in debt or with poor credit just postpone, rather than solve the problem.
Unsecured loans, whether owed to a bank, credit union or financing company can be eliminated with payments determined based on what you can afford.
Why Talk with a Licensed Insolvency Trustee?
If like many of our clients, you are struggling with debt repayment, this is a cycle that is best broken by working with a Licensed Insolvency Trustee near you. We are licensed by the Government of Canada to help you with your debts.
We can help you break free from debt.
If you would like help becoming debt free, call our Downtown Toronto team today at 1-866-747-0660.
Debt Relief Experts
