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.

Debt Freedom Calculator

Reduce your debt by up to 80%

With a Spergel Consumer Proposal, you can reduce what you owe and become debt-free faster.

We’re having trouble calculating your options. For further assistance, you may request a call or use the LiveChat function to contact a Spergel representative who will be able to assist you immediately.

Enter your total unsecured debt. Unsecured debt means debt that is not tied to an asset or collateral like credit cards. Do not include any secured debt (like mortgages, car payments, etc.).
A Spergel Consumer Proposal is structured into monthly payments paid over a period of up to 5 years. You will not pay additional interest or fees during that time.

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%

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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.

ABOUT SPERGEL

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Rated 4.9 out of 5 based on 659 reviews.

Ashish Jordan

November 27, 2020

Great team 👏 Ewelina is amazing helpful and understanding. Thank you for the help Ewelina Keep up the great work. All the best.

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Amanda

November 26, 2020

Nice and very friendly very helpful and knowledgable couldn’t ask for a better service

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customer

November 25, 2020

She’s very good representative and she’s explain friendly clearly from the start to the end specially for managing the financial situation. Katila

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customer

November 25, 2020

Perveen and Chris have been extremely helpful and reassuring during a very difficult time.

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Mario Formenton

November 25, 2020

So far the service has been excellent.

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SW

November 24, 2020

Perveen Katila was excellent in her help with us during counseling sessions. Answered all our questions and gave suggestions.

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Satisfied customer

November 22, 2020

I want to thank the wonderful team at Spergel for helping me get my life back. I was in a financial bind, did not know where to turn. Theyhave help me back on my feet debt free. I...

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Nathalie

November 19, 2020

Everyone's circumstances are different, but I am sure that going through bankruptcy is one of the most stressful (and shameful) things one can experience. I didn't know how I...

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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.

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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.

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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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