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.

A consumer proposal is a legally binding, negotiated settlement made between you and the people you owe money to.

In a typical debt proposal you would make a single monthly payment over a period of no more than 5 years.

Consumer Proposal

  • A negotiated 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
  • Legally binding for you and your creditors

Those funds would be distributed among your creditors. Once the final payment is made, your debts are eliminated. In most credit proposals you will pay less than the full amount you owe and still get discharged from your debts.

Immediate Debt Relief – Lowest Cost, Safest, Debt Settlement Program

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. Imagine having some cash left over at the end of the month!

Consumer Proposal Debt Settlement

Example payments for illustrative purposes only. The actual amount you pay may be higher or lower, and depends on how much owe and what you can afford to pay each month.

To compare your payments under different debt relief programs, try our consumer proposal calculator or learn more about how a consumer proposal works.

If you need debt help in Ontario, talk to us about a consumer proposal. Contact a qualified consumer proposal administrator in any of our Ontario locations.

Find Out If You Qualify