Credence Financial Services provides products and services specifically designed to help you build wealth while reporting your payment history to the credit bureau.
If you need to file a Consumer Proposal then a Settlement Loan can get you out of debt quickly and fast track your road to financial recovery.
As part of a restructuring process Settlement Loans offered as one time payouts on Consumer Proposals are highly effective when debtors are required to make a settlement with their creditors. Our experience is that creditors may accept smaller settlements on Consumer Proposal when presented with a one time lump sum payment.
One time Settlement Loans benefit the debtor because the Consumer Proposal and settlement with the creditors is removed after only 3 years*. This is up to 5 years sooner than a Consumer Proposal paid through monthly installments. In addition, the Consumer Proposal loan is reported on the your credit file.
These Settlement Loans create new opportunities that benefit the debtor, Trustees, and creditors in quickly settling Consumer Proposals filed in Canada. The Settlement Loan approval process is based on the borrower's assets, income level, and strength of their consignor, if applicable. Currently our Settlement Loans are granted up to $25,000*.
* A Consumer Proposal remains on a debtors credit file for 3 years past the day of the last payment of the Consumer Proposal.