What Is A Consumer Proposal?

A consumer proposal is a proactive credit proposal solution to your debt problems enabling you to propose a direct debt settlement with your creditors. Consumer proposals help you take charge of your money problems. With the support of your consumer proposal administrator, you create a repayment plan that can result in savings of up to 70%.

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 credit proposal is often a viable alternative to filing bankruptcy.

In a typical consumer 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 creditors. 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

Learn more about how the consumer proposal process works.

Consumer Credit 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.

Consumer Proposal Debt Settlement

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.

Where Do I Get A Consumer Proposal?

In Canada, a consumer proposal must be filed with a Licensed Insolvency Trustee. No-one else can file a consumer proposal for you. You also do not a referral to a trustee. All consultations with one of our Hoyes Michalos licensed experts are free. Our team will meet with you as often as you need to be satisfied that a consumer proposal is the right solution to meet your needs.

You can contact one of our experts in a location near you.