Consumer Proposal

What is Consumer Proposal?

The consumer proposal is an alternative option to bankruptcy. If you are having trouble paying all your bills and find yourself in this situation month after month, you just cannot afford to make even minimum required payments, even though you have a good job and stable income. You do not want to go bankrupt because with your income, you would be subject to surplus income penalties. You do not want to loose any of your assets, such as a valuable home or car, or simply looking for more information about ways to deal with you debts. A Consumer Proposal may just be what you are looking for. Ideal candidates for consumer proposals are those who have stable income, and can afford to make some payment each month. Consumer proposal works best for individuals with debts in excess of $5,000.00 to a maximum of $250,000.00 (not including your home mortgage).

credit counselling process

We work exclusively on your behalf, offering innovative alternatives to bankruptcy. Our solutions are based on your best interests not your creditors. When you contact us, we will start with a free one-on-one assessment of your financial situation. Together we will look at where you stand today, evaluating what you have (Assets) and what you owe (Liabilities). From there, we will help you to decide which financial option makes the most sense in your situation (Proposal/DMP/Debt Settlement), then we will help you take the right steps toward paying off your debt. You have nothing to lose except your debt.

There are several advantages the consumer proposal has over bankruptcy.

Advantages of consumer proposal include:

  • You pay back only a portion of your debts with one monthly payment.
  • They can last to a maximum period of 5 years/60 months.
  • You do not loose your house or any other assets.
  • Proposal helps you to avoid bankruptcy.
  • The effect on your credit rating is less severe than a bankruptcy.
  • All of your unsecured debts example: credit cards, bank loans, payday loans, and income taxes are included, except some limited categories.
  • The proposal is usually accepted by creditors.
  • Interest is frozen from the date of filling.
  • Wages garnishments stops immediately.
  • Stops collection calls immediately.
  • Your creditors cannot pursue further legal action against you.

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