Tom Locke, ThreeBestRated® award-winning Licenced Insolvency Trustee from London, explains about Consumer Proposals

Managing one’s finances is not always easy. Especially when they have a lot of debts. While many find ways to stay afloat, it cannot be the case for everyone. That is why Consumer Proposal is considered to be a popular alternative to bankruptcy among many Ontarians.

But what exactly is Consumer Proposal? And how can it benefit people? Tom Locke, a 2021 ThreeBestRated® award-winning Licenced Insolvency Trustee from London, ON, answers the questions.

“A proposal can reduce the face value of your debts very significantly,” says Tom Locke. “If 50% (in dollar value) of your creditors vote in favour of your proposal, it will become a binding legal agreement between you and your creditors,” he explains.

Tom further explains the benefits of Consumer Proposals. “Under a consumer proposal, you will receive two counselling sessions designed to help you learn to budget better and to understand credit management,” he says.

A consumer proposal will show on your credit report for about three years after you have completed your payments. Since most proposals are for a term of five years, your credit report will be impacted for a total of eight years.

About Tom Locke – Locke Consulting Inc:

Tom has been in the insolvency industry since 1995 and has met with and helped thousands of individuals and families. He initially worked for two large accountancy firms as well as a local boutique-style firm before starting his own firm, Locke Consulting Inc, in 2012.

In addition to qualifying to become a Licensed Insolvency Trustee, Insolvency Administrator, and Qualified Insolvency Counsellor, Tom also has a degree in Psychology and studied Human Resources. “My best achievement is reflected in the everyday lives of clients who have found relief from debt and developed effective strategies to not only avoid the pitfalls of excessive debt but have also gone on to successfully save money and acquire assets,” he says proudly.

Tom started Locke Consulting Inc with an aim to help people solve their most challenging debt problems. They help people get out of debt, learn to balance their budget and keep their assets. They also provide you with good budgeting information and money management tips and advice.

Tom has a positive outlook for 2021. “We hope that 2021 provides us with an opportunity to reset our financial lives and to lean back into good old-fashioned values such as home-cooked meals, small but intimate family gatherings and a full reopening of our economy,” he says.

To know more about Locke Consulting Inc and their services, visit their website, fixmydebt.ca.

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