A consumer proposal is a legal option in Ontario that can cut your debt by up to 80%, without filing for bankruptcy. It allows you to pay back your reduced debt at an amount you can afford, interest-free, within 5 years.
Benefits of a Consumer Proposal
Keep your assets such as your home & car
Lower payments
Stops wage garnishment, collection calls, and legal threats
Clear path to financial freedom
Less impact on your credit score
Who Qualifies for a Consumer Proposal in Ontario?
You reside, have property, or carry out business in Canada
You owe more than $10,000 in unsecured debts (not including your mortgage debt)
You can make monthly the payments
Consumer Proposals in Ontario
Frequently Asked Questions
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A consumer proposal does impact your credit score but it’s less damaging than a bankrupcy. We can help you rebuild your credit as soon as possible.
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Yes, you’re immediately and legally protected from collection calls and lawsuits from the moment you file and sign your proposal.
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You have a total of 5 years to pay off your debts with a consumer proposal but most people do it in 2-4 years.
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Many people do buy homes after completing a consumer proposal, especially once they have rebuilt their credit and demonstrated stable income. Approval will depend on your overall financial situation and lender requirements.
Most major banks often want 2 years to have passed since the completion of your consumer proposal.
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During our free call, we’ll go over your financial situation and I’ll explain your options to see if it’s the right choice for you. If you go ahead with a proposal, I’ll guide you step-by-step in collaboration with a licensed trustee.
Not sure which debt solution is right for you? Book a free call and I’ll help you understand your options.