Consumer Proposal Reviews and Experiences
You have probably already heard about consumer proposals as one of the formal debt settlement options provided by Licensed Insolvency Trustees. If you or someone you know is wondering if a consumer proposal is a good idea, then you may be interested in seeing real consumer proposal reviews and reading consumer proposal experiences from actual clients. We have been providing services for over 30 years, with more than 60,000 clients throughout Canada and hundreds of public reviews. In this article, we are sharing some of the more helpful customer service and consumer proposal reviews. There are also examples of typical consumer proposal experiences based on real-life scenarios.
Recent Customer Service Reviews:
At Spergel, we take a personalized approach to make sure we understand what you are going through. We will provide support throughout the entire process, beginning with the initial phone call or chat. The experiences of Cindy and Suzanne below are great examples of what you can expect.
Review from Cindy on December 18, 2019:
“I was treated without judgement and as a genuine person. From the start of my process, with Hinna arranging me to meet with Barb. Barb has given me a fresh outlook on my situation and a new start at getting my life back. I waited too long. She is truly my saviour!! Thank you all so much. I highly recommend if you are feeling the financial crunch, bills piling and calls never ending, do not hesitate to contact Spergel.”
Review from Suzanne on December 16, 2019:
“I felt really taken care of in a very vulnerable time in my life; now I can move on. Thank you, Chris and your great team.”
THE TAKEAWAY: We understand that this may be a vulnerable time for you, and we will treat you with respect. We do not judge. Our role is to administer insolvency solutions designed to help you get a fresh start. Our consumer proposal reviews demonstrate this.
Recent Consumer Proposal Reviews:
Consumer proposals can be structured based on your unique circumstances. In the following review, Robert shares how his consumer proposal allows him to pay less than half of what he originally owed over a period of five years.
Review from Robert on December 14, 2019:
“Spergel [are the] most caring and professional bankruptcy trustees I have ever seen. I dealt with Mr. Robert W Kilner and Jody [from the] Barrie office in summer 2017… Rob and Jody were empathetic and assisted me [in setting up a] consumer proposal that I am now paying down to 2022. [My] debt was 15000 to 20000, and now [I] just have to pay down $7200 over 5 years…”
THE TAKEAWAY: We will take the time to understand your situation and work with you to create a proposal that makes sense. A consumer proposal allows you to pay back only a fraction of what you owe over an extended period of time.
More Consumer Proposals Reviews from 2019
We value our clients and make it a priority to listen to their feedback. Over the course of the past year, we have received many new reviews. We take the time to read each one. Here are some public reviews that others have found helpful while considering who to talk to about a consumer proposal or where to go for help with unmanageable debt:
Review from Franco on July 4, 2019:
“From the first day I walked into the Spergel office in Mississauga, I was greeted with smiles and confidence that my situation would be taken seriously and I would be treated like a valued customer.
Any time I’ve had a question or concern the answer was a simple phone call or email away. Throughout the entire process, I was kept in the loop and my monthly payments were perfect, a small surplus was left to pay and all was easy and most importantly, stress-free.
I’ve already recommended Spergel to a couple of people who I knew needed the assistance.
Honestly, my life has changed since working with Spergel. My debt is gone, I have no garnishments on my pay and for the first time in 20 years I have gotten my license back and I’m driving again.”
Review from Van on June 10, 2019:
“I have never use Bankruptcy or Consumer Proposal services, so I was clearly hesitant as to where to go or what the process would be.
Luckily, I found Spergel at the Danforth location. From the very first appointment, my experience was great. [They are highly proficient] at what they do, friendly and welcoming. The process was extremely easy and once I brought the requested documentation, they took care of everything else for me. Highly recommended.”
Review from Mark on May 28, 2019:
“As part of my restructuring process with Spergel Toronto, I recently met with Samantha in the Danforth office to fulfill one of the key steps.
I wanted to post a review because I found this to be an extremely positive experience — particularly because of Samantha and her expertise. In this sensitive and complex situation, it was a relief to find such an honest and direct advisor in Samantha.
She was comforting and understanding from the outset. Because of my complicated needs, I had many questions, and thankfully, Samantha was extremely knowledgeable. She had detailed, helpful answers – obviously, she knows this industry inside and out.
Samantha was thoughtful and thorough and provided me what felt like a customized experience.”
Review from Yanike on March 28, 2019:
“They make you feel so comfortable and not ashamed of all the debts that you have to make it seem as if yes we can help you and we’re not going to judge you or look down on your wonderful services I go win, and I feel amazing when I leave. Great bunch of people to work with fabulous.”
Review from Barbara on March 19, 2019:
“I used Spergel in 2007 for Bankruptcy and then again in 2014 for [a Consumer Proposal]. Your staff provided excellent service. They were very understanding. I have recommended them to friends and family and would use them again if the need arises.”
Review from Adam on March 6, 2019:
“My entire experience with Spergel was excellent. They made the entire process seamless and stress-free. The team made themselves available with any questions or concerns in a timely manner. In fact, I reached out 2 years later requesting information and obtained it the same day. I would highly recommend their services.”
Review from R.M. on January 31, 2019:
“I have to say when I met with Spergel it’s was nothing short of professional, they are a group of people that understand your situation with one on one consultation giving you options to get you out of debt and make it easy for you to succeed . Spergel is very attentive to your needs and they’ll help in any way possible. I have to say that Spergel has given me my life back I’m debt-free own my home and feel like I can breathe again.”
Consumer Proposal Examples
The consumer proposal reviews above will give you a good idea of what kind of experience to expect as you work with our Licensed Insolvency Trustees to find out what solutions are available and as you go through the process. Here are some additional examples of consumer proposals to give you an idea of how they can be structured in different situations.
In each example, remember that a Licensed Insolvency Trustee will help you determine what repayment amount will be acceptable to your creditors. In many cases, your overall debt can be reduced by up to 70%.
For these examples, imagine that you have unsecured debts totalling $40,000 and that your Trustee is suggesting a proposal to pay back 30%. Your repayment amount would be $12,000.
Example 1 – Fixed Monthly Payments
This is the most common structure for a consumer proposal. You and your Trustee will consider your monthly income and expenses to determine an amount that you can afford to pay each month. The repayment period can be adjusted to make the payments more manageable.
Imagine that the proposed repayment amount is $12,000
- You can pay $200/month for 60 months (5 years)
- Or pay $250/month for 48 months (4 years)
- An alternative offer would be to pay $334/month for 36 months (3 years)
The repayment period will typically range from 12 months to a maximum of 60 months. A longer term means lower monthly payments.
Example 2 – Lump Sum Payments
It may be the case that you have access to a large sum of money or that you can sell some of your assets to collect a large amount of money. If this is the case, then you may wish to offer your creditors a “lump sum payment” to cover a portion of the repayment amount. It may even be possible to cover the entire amount in one payment.
Imagine again that the proposed repayment amount is $12,000
- Pay the entire $12,000 as one lump sum payment
- You can offer $10,800 upfront and then pay $50/month for the next 24 months (2 years)
- Or, as an alternative, offer to pay $50/month for the next 60 months with the condition that you will pay $9,000 upon the sale of a significant asset (like a house)
There are different ways to structure a consumer proposal that includes a lump-sum payment, but the maximum repayment period is always 60 months. The first step is talking to a Licensed Insolvency Trustee to see what options are available in your case.
Creating Positive Consumer Proposal Reviews and Experiences
If you are considering filing a consumer proposal to get out of debt or are just starting your journey and are unsure what your options are, we are committed to providing you with a positive experience. Many Canadians have felt the same pressure and stress that come with unmanageable debt and are already finding relief. We hope that these consumer proposal reviews and experiences have been helpful. If you have any questions, please don’t hesitate to reach out through live chat, by phone, or schedule a time for us to call you for a free phone consultation. We will guide you through the consumer proposal process and make sure that your experience starts off on the right foot.