A Consumer Proposal May Be Your Solution
An alternative to filing bankruptcy, the Consumer Proposal is an interest-free repayment option that protects you against creditors and allows you to keep your assets.
A Consumer Proposal is a debt relief solution that allows you to reduce your debt and repay a portion without interest. It is a formal, legally binding process with an offer to pay back a percentage of what is owed to your creditors, extend the time you have to pay off your debts – or both. It’s a repayment plan where you pay back your creditors, but often at a fraction of what you owe them.
The length and amount of your offer will depend on a combination of affordability and how your offer compares to bankruptcy. A Consumer Proposal is a popular alternative to bankruptcy because it allows you to keep your assets.
Benefits of a Consumer Proposal
- • Allows you to keep your assets
- • Stops collection calls and wage garnishments
- • Freezes interest and penalties on your debts
- • Reduces the amount you pay back on your debts by 70%
Eli’s Path to Debt Freedom
After cashing out an RRSP to pay for his wedding. Eli received an unexpected tax bill. With his other debts he could not afford to pay and eventually the debt grew. CRA decided to initiate a wage garnishment. We helped Eli avoid bankruptcy with a Consumer Proposal. Debt consolidation saved Eli’s pay cheque and his Consumer Proposal taught him to plan for unexpected expenses in the future.
March 25, 2020
Third time will be the charm. I have used Spergel before and the trustee's and staff are amazing to work with. I look forward to having this one be more successful than the past...More
March 23, 2020
I just got off the phone with one of their Marketing Client Managers. With what is going on in the world today (Covid-19) I wanted to weigh all of my options. Hinna was not only a...More
March 23, 2020
Helpful people. Reasonable monthly payment.More
March 21, 2020
March 16, 2020
Great customer service. very knowledgeable and professional. I am Very satisfied with the results.More
A very satisfiedcustomer
March 14, 2020
Everyone in the stablishment is very professional. Cris C.,and Ewelina of Mississauga office , did their jobs far and beyond my expectations. I will definitely recommend...More
March 13, 2020
Very helpful and accommodating. Always answered my questions and emailed me back within a couple of days.More
March 13, 2020
She explained the options for my debt.More
Frequently Asked Questions
Consumer Proposal vs. Bankruptcy
A consumer proposal gives you the flexibility to ensure your monthly payments fit into your budget. Unlike in a bankruptcy where payments are determined solely based on income, a proposal fixes your monthly payment. You decide what you can afford that offers a fair return to your creditors – based on your current earnings, not your future ones.
Who Qualifies For Consumer Proposals
Anyone with enough debt to file bankruptcy may also consider a consumer proposal. The proposal offer must be better than what creditors would get if you were to file a bankruptcy. WE will help you calculate this amount and use our experience provide advice on what an offer your creditors would likely accept.
Debt Help Learning Centre
If you’re just starting to explore your options, visit our learning centre to learn from our articles and resources to start on your path to debt freedom, and when you’re ready, our trustees are always available to listen.