What Is A Consumer Proposal?
Consumer proposals are a proactive solution to your debt problems. Consumer proposals take charge of your money problems, enabling you to propose a direct debt settlement with your creditors. Filing bankruptcy in Canada will also deal with your debts, but bankruptcy is a more reactive approach, when you have no other options.
In a typical debt proposal you would make a single monthly payment over a period of no more than 5 years. Those funds would be distributed among your creditor. Once the final payment is made, your debts are eliminated
Why File a Consumer Proposal
- A legally binding debt settlement
- Repay only a portion of your total debts
- One, affordable, monthly payment over no more than 5 years
- Interest is frozen when you file
Consumer Proposal: Immediate Debt Relief
Even if you qualify for a debt consolidation loan, you will be repaying all of your debts, in full, plus interest. If you have more debt than you can handle, that's very expensive.
Consumer proposals feature a single, reasonable, affordable monthly payment to deal with all of your unsecured debts.
To compare possible payments in a consumer proposal with other options, try our consumer proposal calculator or talk to one of our consumer proposal administrators about your situation.