Simplify with a Single Monthly Payment
Stop the collection calls. Stop the interest. Make an affordable, single monthly payment. A consumer proposal may be the best solution for you!
Yes – you can consolidate with a consumer proposal. Not to be confused with a debt consolidation loan, a consumer proposal affords you the ability to make a single monthly payment towards a determined sum, which typically is a portion of your total unsecured debt!
Tens of thousands of Canadians make the decision to consolidate with a consumer proposal each and every year.
How it Works
When you make a consumer proposal, a Licensed Insolvency Trustee will propose to your creditors an amount that you are able to pay based on a review of your income, expenses, assets, and debts.
- Your creditors then vote to accept or reject your consumer proposal. A simple majority of the unsecured debt amount owed approves the consumer proposal.
- In almost all cases, creditors approve consumer proposals because they are able to recoup more of the debt owed to them than if you had gone into bankruptcy.
- Once accepted, the amount of the proposal is typically paid over 4-5 years, leaving you with a single, affordable, monthly payment to your Licensed Insolvency Trustee which then distributes the funds to your creditors.
- You can pay your consumer proposal in full at any time without a penalty.
- Once your consumer proposal is paid in full it will be removed from your credit history in 3 years, thus helping you rebuild your credit.
Making the decision to consolidate with a consumer proposal may provide you with much needed financial relief and a fresh start.