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 solutions 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.
Yvonne Militello
March 21, 2019
Great staff and very helpful with my financial situation. The staff had made me understand how to livewithin my means .thank you so much for everything
More Christine
March 20, 2019
Great company to deal with. Any questions or help ever needed they have been there and done what they can to help out. Would recommend them hands down if you have debt issues.
More Barbara Sawyers-Downes
March 19, 2019
I used Spergel in 2007 for Bankruptcy and then again in 2014 for Consolidation. Your staff provided excellent service. They were very understanding. I have recommended them to...
More Adam
March 6, 2019
My entire experience with Spergel was excellent. They made the entire process seamless and stress free. The team made themselves available with any questions or concerns in a...
More customer Rupinder Kaur
March 5, 2019
I really appreciate Spergel company and entire staff to help me in my difficult time. I will try me best to help others in this way, by reffer spergel to needy person. Thank you.
More Andrea Quiano
March 1, 2019
I was really nervous when I finally decided to take my financial woes in hand and make an appointment with a trustee at Spergel. I was pleasantly surprised by how helpful, clear...
MoreFrequently 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.
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