(416) 650-1100
Can I get OSAP While in Bankruptcy or Consumer Proposal?

Can I get OSAP While in Bankruptcy or Consumer Proposal?

by | Bankruptcy, Consumer Proposal, Student Loan

It is very common for people that when they filled a bankruptcy or consumer proposal. That many people have filed the bankruptcy and after that, return to finish their studies. If a person when files a bankruptcy or consumer proposal and getting funding through the Ontario Student Assistance Program (OSAP). Then they have to provide some additional details in order to apply for the OSAP scholarship. So, there is nothing such a case that stops anyone from applying for an OSAP scholarship. After filling the bankruptcy or consumer proposal, they just need to provide additional details for the purpose of the application review process.

And if a person doesn’t provide the additional details, then their application will be considered incomplete. No further actions will be taken on that application. So, it is better to fill out all the application form very carefully and provide all the necessary documents with it. And also, the additional details of filing the bankruptcy or consumer proposal. In order to get the loan. Only those applications will be considered whose applications are complete and provided all the necessary documents.

The situation is an important thing in the approval of the loan

The situation plays a vital role in the approval of the loan. The committee will decide the students of whom they want to give the loan. And the basic thing is first they will look for a complete application. And after that, they will look up to the situation of the student. So, if the student is applying for the first time then their chances are high that they will get the loan. And if someone has some default loans which are not being paid. Then the chances are less of getting the loan.

Provide all the documents about bankruptcy or consumer proposal

It is a very important thing in order to get the loan approved. And in section 610, the application asks the applicant that “Have you ever filed for bankruptcy or initiated a relevant event?” so, it becomes important for all the students to mention it correctly. And if the answer is yes then enclosing all the documents with it needed.

Take the help of professionals

Many companies in the market can help students in such cases. Just ask for their help, and they will give the best advice on such topics, and get relief from such problems are prevailing.  In case you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

 

 

Choosing Between A Consumer Proposal and Bankruptcy:

Choosing Between A Consumer Proposal and Bankruptcy:

by | Bankruptcy, Budgeting, Consumer Proposal, Credit Counseling, Credit Repair, Job Loss

The major difference between the consumer proposal and bankruptcy is that the consumer proposal gives the person more rights on their assets. It means that the person can learn more of their assets. And also, it has less effect on the credit score of a person. That can stay only three years in comparison to 6 years of bankruptcy. But both of the solutions are made to clear out the debt on the person. In a consumer proposal, the person gives some percentage of the amount of debt money. And can hold more of their assets.

Whereas in bankruptcy, the asset will be sold out. And from selling those assets the debt amount will be cleared. But in a consumer proposal, not many items will be sold. The person needs to pay some percentage of the debt amount to the creditor and can possess more of their assets. And the rest amount which will be paid monthly or something will be decided by the committee. It depends upon the income of the person and what the person has in their asset list. So, just choose wisely which one to go with.

According to the experts, the consumer proposal is good to go with

Many financial experts suggest that consumer proposal is the best solution in, debt relief solution. Because in consumer proposal the person needs to pay some fixed amount decided by the person and the creditor. And it is good so, even a person is making some more money at some time. They only need to give only a fixed portion of their money. And it also allows possessing more assets. So, it is better to go with it.

Consumer proposal mainly have a lower monthly payment

In a consumer proposal, the monthly payment is always lower. But when a person filed bankruptcy, they need to show the trustees about their growth in income. And that could trigger the surplus charges on recovering the debt amount. While in a consumer proposal, the monthly amount doesn’t change and is less than bankruptcy.

Get help from the professions

Always take help from the professional. Because they are the person who regularly deals with such a case. So, it is better to ask for their advice on this case. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100