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How Consumer Proposals Work


A consumer proposal is one of the fastest, safest and legally authorized ways to get out of debt and to get a fresh financial start. Accumulating too much debt or a sudden financial problem can pose serious challenges – challenges that you don’t have to face alone!

  • 1. You meet with a federally Licensed Insolvency Trustee and regulated Proposal Administrator who will review your finances and discuss your options with you.
  • 2.With your approval, an offer (the consumer proposal), is made to your creditors with the assistance of the Proposal Administrator.
  • 3. Typically, a consumer proposal will require monthly payments over a period not to exceed 5 years.
  • 4. Collections, enforcement actions and interest are immediately stopped on unsecured debt by the Proposal Administrator upon the filing of the consumer proposal.
  • 5. No new interest can be added/accrued on your debts once the consumer proposal is filed and accepted by your creditors.
  • 6. The total amount you will pay to fully settle your unsecured creditors will typically be substantially reduced.
  • 7. Your consumer proposal can be paid in full at any time without a penalty.

A consumer proposal is one of the fastest, safest and legally authorized ways to get out of debt and to get a fresh financial start. Accumulating too much debt or a sudden financial problem can pose serious challenges – challenges that you don’t have to face alone!

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