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Bromwich & Smith
Create your debt free tomorrow ... starting today!

 

The team at Bromwich & Smith has helped thousands of Albertans just like you in Fort Saskatchewan and throughout Alberta gain control of their debt. We understand that each person is unique and that a debt solution that might work for someone else may not be the best solution for you. There are many options that can bring your finances back under control, and we will use our extensive experience to tailor a solution specific to your situation.

Stop Creditor Actions Today!
In some cases, you may be best served by debt and budgeting advice, or perhaps a consolidation loan. If this is the case, we will be able to point you in the right direction to find the help you need. When your debt crisis requires a firm and legally binding solution, such as a Consumer Proposal or Bankruptcy, we have over 40 years of agency experience and the legal authority to administer an agreement between you and your creditors.  Bromwich & Smith is licensed by the Federal Government and Government of Alberta as Consumer Proposal Administrators and Licensed Insolvency Trustees (previously known as bankruptcy trustees). This gives us the authority as an Agent of the Court to present options to your creditors that will legally force them into a settlement and immediately stop all creditor actions. Yes, the calls will stop!

Believing In Your Future!
Our team of qualified Credit Counsellors, Proposal Administrators and Licensed Insolvency Trustees can provide you with the guidance and debt solutions you need. In Fort Saskatchewan and across Alberta, we look forward to offering you reliable, non-judgmental and professional help. Together, we can create a debt free tomorrow, starting today.

What is a Consumer Proposal?

Consumer Proposals were created as an alternative to personal bankruptcy and can be a “win-win” situation for both you and your creditors. A consumer proposal can significantly reduce your debt and will immediately stop all creditor legal actions against you.

Based on your specific financial situation, a Bromwich & Smith trustee will negotiate with your creditors for you, offering a payment plan based on an amount that you can afford and not what creditors are demanding. Amount of settlement is usually only a percentage of what you originally owed. A Consumer Proposal is legally binding and once agreed upon, your settlement amount can't be increased...your creditors can't come back looking for more.

Creditors “win” with consumer proposals since they will receive more money then they would in a bankruptcy, and consumers win since they can keep all their assets, and can pay back their debt at a rate they can afford and not what creditors were demanding, interest free.

 

Your eligibity for a Consumer Proposal will depend on your particular financial picture. To discuss your options and eligibility, give one of our Credit Counsellors at Bromwich & Smith a call today.

Stop ALL Creditor Actions

As soon as a Consumer Proposal is filed, all actions against you will stop. This means collection calls will immediately stop, as will wage garnishees and all other creditor legal actions.

Make One Affordable Monthly Payment

When under the protection of a consumer proposal, all of your debts are included in one monthly payment. This payment amount is negotiated between your Bromwich & Smith Trustee and your creditors, and is set at an amount that you can afford, usually only a percentage of what was originally owed.

No Interest Charges

All interest charges stop.  There is no interest added to your proposal amount, for the entire duration of the proposal. Every cent you pay goes towards paying your debt and not interest!

Keep Your Assets. Keep Your Home.

A consumer proposal does not include assets in which creditors have leins, such as car loans. Mortgages are also not included. However, you may be able to make arrangements to continue with the payments so that the asset can be retained. If an individual has a mortgage on their residence, they can continue making the mortgage payments.

No Fee Payments From You!

Our fees are based on a tariff set by the Bankruptcy and Insolvency Act, and the fees are deducted from the payments made by you, before any funds are issued to your creditors. There is no additional cost to you above and beyond the monthly payment in the proposal.


Avoid bankruptcy in Fort Saskatchewan


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Fort Saskatchewan Credit Counselling
Helpful Advice on Controlling Credit Card Debt

1) Pay credit card balances off each month. The best way to stay in control of credit card use is to pay off your balance each month. When you carry a balance each month, you end up paying interest on it. This can be a pretty hefty amount, considering that the average credit card interest rate is around 15% but can jump to up to 30%, depending on your card.

2) Pay more than the minimum amount. If you do carry a balance, make sure you pay more than the minimum amount due each month. Minimum payments are designed to keep you in debt for as long as possible, so you pay significantly more money in interest. Any amount you pay over the minimum goes directly to reducing the balance.

3) Ensure you never make a late payment. This can result in overdue fees and will harm your credit score.

4) Avoid opening new lines of credit. It can be tempting to open up store credit cards to save an extra 15% on a purchase, or to apply for a new card to fund the vacation you’re dying to take. Don’t give in to this temptation! Even if you intend to pay the balance in full, it’s better not to take the risk. The more credit cards you have, the more debt you can potentially build up.

5) Remove credit card numbers from online retailers. If you love online shopping, retailers make it easy to incur debt by allowing you to save your credit card information. You can spend thousands from your own home with just the click of a mouse. Remove any stored credit card information you have so you’re not tempted to spend money you don’t really have.

6) Budget for debt reduction. If your monthly budget doesn’t include extra money for paying down debt, make it a point to put extra money each month towards reducing your debt.

Managing credit usage is an important part of staying in control of your finances. These tips can help you avoid the debt trap.
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