What Is A Consumer Proposal?
A consumer proposal is a proactive 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 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 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
Learn more about how the consumer proposal process works.
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.
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.