A consumer proposal is a legal form of debt relief that reduces your debt by up to 80%. At Spergel, unlike other debt relief firms, you will be assigned your very own Licensed Insolvency Trustee to walk you through the entire process of filing a consumer proposal. You will begin by working with your trustee to establish a reasonable monthly payment to make to your creditors. Your trustee will then work to negotiate this amount with your creditors on your behalf – usually at a fraction of the original debt. Together, you will create an affordable payment plan, and the rest of your debt will be cleared. The advantages of a consumer proposal include the following:

• Overall debt reduced by up to 80%
• Protection from collection calls and wage garnishment
• Frozen penalties and interest rates on your debt
• Ability to keep your assets
• Great bankruptcy alternative

Debt consolidation most often refers to a debt consolidation loan – a new loan that is taken out to condense multiple separate debts into one. As well as allowing for a single simplified monthly payment, it often lowers your interest rate or clears it completely. In order to gain a debt consolidation loan, you need to have a steady stream of income, and be able to cover your payments including interest. Debt consolidation loans allow you to spread your payments across a longer period of time, making them much more affordable overall.