99% of Hoyes Michalos Consumer Proposals Accepted by Creditors

99% of Hoyes Michalos Consumer Proposals Accepted by Creditors

If you file a consumer proposal with Hoyes Michalos, you have a 99% chance that your proposal will be accepted by your creditors.  You read that correctly: our consumer proposal acceptance rate is 99%!

Our proposals group maintains detailed statistics on all proposals filed at Hoyes Michalos, and I am very pleased to report that if you file a proposal with us, it is very likely to be accepted by your creditors.  Here are the detailed statistics for the last three years (up to the end of October, 2013):

MOC Requested
Passed as Filed
Amended Proposals
Success Rate Including Amendments

Here are the details:

  • These results include all of the many thousands of proposals we have filed during this period;
  • “MOC Requested” are proposals where the creditors requested a Meeting of Creditors, which is required if 25% of the creditors request a meeting;
  • “Passed as Filed” are proposals where no changes were required; the proposal originally presented to the creditors was accepted;
  • “Amended Proposals” are proposals where the creditors requested amended terms (generally more money), and after the debtor agreed to the changes the proposal was accepted.

What does this mean to you?

If you select Hoyes Michalos to be your consumer proposal administrator, you have a 99% chance that we will be able to negotiate a settlement for your debts that will be acceptable to both you and your creditors.  That’s great peace of mind.

As you can see from the numbers, the number of proposals “passed as filed” has declined slightly over the last three years (from 92% to 88%), indicating that creditors have become somewhat more “picky” in the amounts they are willing to accept.  That’s why it is critically important to use an experienced firm like Hoyes Michalos to act as the administrator of your consumer proposal, so that you can be confident that you are offering a proposal that is “just right”.  If you offer too much you may not be able to afford the payments; too little and the creditors may not accept it.  By offering the correct amount it’s a “win-win” situation, with all parties satisfied with the outcome.

How does Hoyes Michalos compare to others?

I have no idea what the success rate is for other trustees, although mathematically it can’t be much higher than 99%.

I do know that many people choose to use a debt settlement firm instead of a firm like Hoyes Michalos to deal with their debts.  What is the success rate for debt settlement firms?


According to the Canadian Bankers Association, “only about 10 percent of proposals that banks receive from debt settlement companies are actually accepted.”

If you have more debt than you can handle, you have a choice.  You can go to a debt settlement firm and have a 10% chance of success, or you can call us at 1-866-747-0660 today and have a 99% chance of success on your proposal.

99% or 10%.  It’s your choice.


Similar Posts:

  1. What Happens If My Creditors Reject My Consumer Proposal?
  2. Do Banks Accept Consumer Proposals?
  3. When is a Consumer Proposal Legally Binding on your Creditors?
  4. EXCLUSIVE: Why does the Royal Bank vote NO on consumer proposals more than all other creditors combined?
  5. Are There Typical Consumer Proposal Terms?

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