Make A Deal To Eliminate Your Debt

  • Reduce your monthly payments
  • Freeze interest
  • Creditor protection
  • Federally licensed administrator
Contact a Consumer Proposal Administrator

Consumer Proposal: Canada's #1 Alternative to Bankruptcy

A consumer proposal is the only debt settlement program administered by the federal government. It was introduced into the Bankruptcy & Insolvency Act as an alternative to bankruptcy for individuals who are struggling with debt payments but do not want to file bankruptcy.

A consumer proposal gives you protection from your creditors while you make a deal to repay a portion of your debts. You pay only what you can afford. Your creditors get more than they would in a bankruptcy. It’s a win-win for both you and your creditors.

The only way to file a Consumer Proposal is through a licensed Consumer Proposal Administrator. Your administrator is also a licensed bankruptcy trustee since both procedures are governed by the federal government through the Bankruptcy & Insolvency Act. If your counsellor is not a trustee, they cannot file a Consumer Proposal for you.

Read More About Consumer Proposals

Avoid Filing Bankruptcy – Compare Your Options

You don’t want to go bankrupt but are confused about your options. Each have different advantages and disadvantages and we recommend you compare each alternative carefully to see which might be best for you. In Canada, you may choose to consolidate your debts through a debt consolidation loan, refinance with a second mortgage, talk to a credit counsellor about a Debt Management Plan or settle your debts through a Consumer Proposal.

A Consumer Proposal Administrator is required by law to discuss all of these alternatives with you.

Compare Your Options

Consumer Proposals Blog | Latest Articles

How Long Does A Consumer Proposal Last?

Because a consumer proposal is a negotiated debt settlement, how much you pay and for how long depend upon the agreement, or proposal, you put to your creditors. There are some conditions however. The maximum period of time that you can offer to pay a consumer proposal over is five years. However, there is no minimum time frame.  If you have the ability to offer to repay a portion of your debt as a one-time…

Do Banks Like Consumer Proposals?

To understand how creditors, like your bank, view a consumer proposal, it’s important to understand exactly what a consumer proposal is and how it affects the money you owe them. Here’s the quick version: A consumer proposal is a federally regulated process to settle your debts for less than what you owe.  It will not change secured debts like a mortgage or car loan.  If you want to keep your house or car, you have…

Beware Ads Advertising Government Debt Relief Programs

Have you seen any of the ads touting “Government of Canada Debt Relief Programs with promises to reduce your debt by 60, 70, even 80%?”  The businesses running these ads are trying to sell you “consulting services” – they’ve “been there before,” they know the “tricks of the trade,” they “know a guy…”  Please tell me you are not falling for any of this. The Government of Canada is not in the debt reduction business….