DEBT SETTLEMENT OPTION
Consumer Proposal Guidance
A Consumer Proposal is a formal debt settlement program administered by a Licensed Insolvency Trustee. If repaying your debt in full is not affordable, this option may allow you to repay a reduced portion of what you owe through structured monthly payments.
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Helping Canadians Become Debt Free Since 1991
UNDERSTANDING THE OPTION
How a Consumer Proposal Works
A Consumer Proposal is a legally binding agreement between you and your creditors that allows you to settle your unsecured debt for less than the full amount you owe.
The program is administered by a Licensed Insolvency Trustee (LIT), who negotiates with your creditors and manages the repayment plan. Instead of paying multiple creditors separately, you make one fixed monthly payment over an agreed period of time.
In many cases, this option allows individuals to resolve their debt while avoiding bankruptcy.
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THE PROCESS
The Steps Involved in a Consumer Proposal
Financial Review
We begin with a free review of your financial situation, including your income, expenses, and outstanding debts.
Referral to a Licensed Insolvency Trustee
If appropriate, we connect you with a trusted Licensed Insolvency Trustee who administers the program.
Formal Proposal Created
The trustee prepares a proposal offering creditors a structured repayment plan based on your financial situation.
Single Monthly Payment
Once accepted, you make one fixed monthly payment through the trustee until the agreed amount is paid.
Wondering how long it will take to pay off your debt? Use our debt repayment calculator to see what it's costing you.Â
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IS THIS THE RIGHT OPTION FOR YOU?
When You Should Consider a Consumer Proposal
A Consumer Proposal may be considered if repaying your debt in full within five years is not affordable, if interest charges and minimum payments have become unmanageable, or if you are looking for a structured way to resolve your debt while avoiding bankruptcy.
During your free assessment, we review your full financial situation and determine which option may be the best fit for you.
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Debt Assessment
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Speak with a credit counsellor about your situation and learn what options may be available.