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.
Maria
January 17, 2019
All the staff, were wonderful, understanding, very professional, I would I refer their services to everyone.
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January 17, 2019
I was going through some financial hardship where I couldn’t keep up with my monthly payments. I was recommend by a friend to Spergel. I was sceptical at first thinking...
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January 17, 2019
Perveen, Chris and Staffs (msi spergel, Mississauga) are very nice and helpful. A company you can rely on.Thanks again for excellent service and helping people.
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January 14, 2019
They are a great company to deal with I am so thankful that they're in my life and looking out for my financial situation. They are very flexible, and meet you're personal ...
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January 12, 2019
The msi Spergel team was amazing throughout the process of a bad situation. Extremely professional, helpful and considerate to my situation. So glad I worked with them.
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January 12, 2019
I HAVE NOTHING MUCH TO SAY …… EXCEPT I TRUST THEM AND HAVE GUIDE ME IN THE RIGHT DIRECTION WHEN EVER I NEEDED THEM...…… 110 % GREAT PEOPLE THAT I CAN TRUST!!!!!!!!!
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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