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.
Keith
September 15, 2018
They treated me like a human and went over all my options. They understood my situation and worked to help me through.
More Cristina R
September 15, 2018
Polite, and very professional staff, place is clean, they keep in touch with me through emails and phone calls regarding my file.
More customer
September 14, 2018
Great service. Very fast and extremely helpful. Very reassuring and eased many of my stresses regarding filing. I would highly recommend them!
More Judith Williams
September 14, 2018
very responsive to initial request - flexible meeting times - easy to work with
More AT
August 1, 2018
With the delicate nature of this type of service, I was nervous to deal with it all, so I conducted interviews with 3 companies and this was the one that rose to the service for...
More Keith
August 1, 2018
For the past year my debt has been out of control. With a family of four I found that I was just making minimum payments with no reduction in my debt, it's like my tires were...
More Happy Danforth Customer
July 31, 2018
Samantha and Chad were excellent. I was anxious and had a lot of questions regarding the whole process. Questions were answered in a way that I could understand. I felt more...
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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