Debt Glossary of Terms
Safe, secure & confidential
Safe, secure & confidential
Glossary
Asset
In financial terms, an asset is a resource owned by an individual or a business that has value. The expectation is that it will provide a future benefit of some sort. It can be something physical, such as cash, machinery, property, or inventory, or it can be an enforceable claim against others, such as accounts receivable.
Consumer Proposal
A consumer proposal is a legally binding promise to pay your creditors a percentage of your debt over a period of time. Unsecured debts between $10,000 and $250,000 qualify for this option as long as you have a sufficient income to make monthly payments. It is a good alternative solution to bankruptcy and can relieve a lot of stress.
Credit Report
A credit report is a report on your credit history. Credit bureaus will collect information from various sources and create the report based on that information. This information can then be used to determine whether or not you should be approved for a loan.
Creditor
A creditor is an individual or company who is owed money, usually at a predetermined interest rate. A creditor does not have to accept less than the agreed amount. Even if there was no actual agreement, the debtor must pay the creditor if the creditor loaned money, performed services or sold a product to the debtor.
Debt/Liability
Debt and liability often refer to the same thing. Debt is any amount of money or other assets that are borrowed (e.g., a loan). Debt makes large purchases possible that would otherwise not be affordable. In nearly all circumstances, debt costs the debtor interest in addition to principal repayment.
Browse Debt Review Options in Canada
Why choose us for consumer proposals in Ontario?
Our Licensed Insolvency Trustees can provide a customised consumer proposal that could shrink your debt by up to 80%.
Our multilingual team offers debt support in Farsi, Portuguese, Italian, Tamil, and more, so you can feel comfortable every step of the way.
With offices in nine provinces, we offer in-person debt support across Canada—from Atlantic provinces to Ontario to British Columbia.
Get in touch with Harris & Partners
If you need help from those who specialize in solving debt problems, contact us at Harris & Partners Inc. Licensed Insolvency Trustee. In Toronto, NorthYork, Brampton, St.Catharines, Ottawa, Pickering, Oshawa, Hamilton, Kitchener, Brantford, Barrie and Markham, our federally Licensed Insolvency Trustees can help you achieve long lasting financial solutions.
It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 800-268-8093
- hello@harrispartners.ca
