Debt is the vicious cycle that goes on and on until you have solid financial planning and solution ready to get out of it. At Faber, we have trained experts who have a conversation with you to understand your situation and the cause of your debt, and
plan a solution for you accordingly. Our Licensed Insolvency Trustees will assist you with the process
of a consumer proposal and get you out of debt. Read on to know
​how we go about consumer proposals.

What is a consumer proposal?

A consumer proposal is a legally binding process administered by a Licensed Insolvency Trustee (LIT). LIT will talk with you and give you practical solutions, like budgeting and debt management. The contract offers to pay creditors a percentage you owe to them or an extension of time to pay off debts and sometimes both. However, consumer proposal contracts cannot exceed five years. Our LIT experts are experienced enough to develop a strong proposal for you.​

When is a consumer proposal appropriate?

At Faber, our experienced LIT experts will closely understand your status, examine your eligibility for consumer proposals. Plus, observe if you can accept all the conditions, weigh the pros and cons of various options that could solve your financial problem - and then develop a consumer proposal for you. Also, note that if you owe between $1,000 to $250,000, you can file a consumer proposal and if you owe more than $250,000, then apply for Personal Bankruptcy.​

What are the steps of filing a consumer proposal?

Step 1:

LIT will file with the Office of the Superintendent of Bankruptcy (OSB)

Step 2:

LIT will submit the proposal to your creditors

Step 3:

Creditor will take 45 days to accept or reject your proposal

Our LIT experts will give you peace of mind in just three steps.

When is a consumer proposal appropriate?

Once your proposal is accepted, you will have to pay our LIT experts a lump sum or periodic payment. It will become essential for you to adhere to the conditions mentioned in the proposal. Once you complete your payment, you can retain your assets. On the other hand, if your proposal is rejected, we will help you make changes and submit the proposal or suggest additional options to solve your financial problem.
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Faber will be your backbone throughout the process and ensure that your future is debt-free and secure.