Consumer Proposals in Perth


A consumer proposal is a formal agreement with your unsecured creditors, that prevents interest from accumulating while stopping creditor phone calls and legal threats. This financial option is a popular alternative to bankruptcy because it has less of an impact on your credit score and your assets aren’t put at risk.

We understand that dealing with financial burdens is stressful and are here to help. You might feel like your options are limited, but there are a number of strategies that we can use to help you manage or eliminate your debt, including our consumer proposals for Perth and it’s community. 

How Consumer Proposals Works

During a consumer proposal, a Licensed Insolvency Trustee will work with you to develop an offer to pay your creditors a percentage of what you owe. This proposal could also include an extension for you to pay off your debts. Your Trustee will also help to create a payment schedule based on your living expenses, income, and family responsibilities.

Most proposals begin with an offer to make low monthly payments and/or a lump sum payment. This is a useful strategy because it reduces your overall debt while putting an end to the interest charges that accumulate. You’ll pay that money to your Trustee, who distributes it to your creditors. For the proposal to be legal, the creditor who holds the majority of your debt have to agree to the terms.

A consumer proposal can only be established by a Licensed Insolvency Trustee. If you’re interested in qualifying for this option, your debts have to be between $5,000 and $250,000 (not including the mortgage on your primary residence). If you have joint debts that are between $10,000 and $500,000, you can file for a joint proposal. Once the consumer proposal is approved and filed, you’ll have a maximum of 5 years to repay the agreed upon amount.

The Benefits of Consumer Proposals

Compared to bankruptcy, there are a lot of benefits to consumer proposals. As we said, your assets aren’t at risk when you make a proposal to your creditors. Also, once your proposal is accepted, your payments won’t increase if your income does. The impact on your credit score is also less severe than if you declare bankruptcy.

Many creditors are also more willing to accept a consumer proposal because it lets them recover more than they would in a bankruptcy. Choosing a consumer proposal is the right fit if you can afford to make low monthly payments with no interest, or if you can put down a larger lump sum all at once. It’s also a viable choice if you can’t get a debt consolidation loan because your debts are too high.

Family in the fall

Couldn’t asked for a better service, all my questions were answered and my financial problems solved. Cheers to a new start!!!.”

Our financial services are designed for your unique situation. The debt strategies we create are tailored to help relieve you of your financial burdens. Our counsellors are experienced in working with creditors to find the best solution for everyone. By working with our team at Doyle Salewski Perth, we can find a strategy that gets you out of debt and on your way to financial freedom.

Our Perth office is located at 16 Gore Street West. You can reach us by calling 613-264-0220. We’re also available through our online consultation booking form. We offer free, no obligation consultations that provide you with the information you need to get started on a debt-free lifestyle. Our consumer proposals in Perth are a real solution to your debt issues so contact us today! 

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