Why Choose A Consumer Proposal?

Consumer Proposals
Why Choose A Consumer Proposal?
Facts & Myths
Debt Reduction Calculator
Bankruptcy Solutions
How to file for bankruptcy
Bankruptcy vs. Consumer Proposal
Bankruptcy Requirements
Frequently Asked Questions
CERB repayment
Credit Counselling
Doyle Salewski Difference
Debt Management Solutions
Business Solutions
Court Documents
Consumer Proposals
Why Choose A Consumer Proposal?
Facts & Myths
Debt Reduction Calculator
Bankruptcy Solutions
How to file for bankruptcy
Bankruptcy vs. Consumer Proposal
Bankruptcy Requirements
Frequently Asked Questions
CERB repayment
Credit Counselling
Doyle Salewski Difference
Debt Management Solutions
Business Solutions
Court Documents

Consumer proposals are the only government approved debt settlement program in Canada. 60% of Ontarians choose a consumer proposal as an alternative to filing for bankruptcy.  

A consumer proposal has multiple advantages over bankruptcy:

  • You repay as little as a fraction of your accumulated debts
  • Singular, affordable, monthly payments
  • Interest frozen on your debts
  • A negotiated debt settlement which is legally binding for all parties involved

Benefits of Choosing a Consumer Proposal

Avoid Bankruptcy

If you have an honest desire to repay what’s possible given your circumstances, a consumer proposal is a great option to consider. Being an alternative to bankruptcy, a consumer proposal helps you avoid it.

Keep Your Assets

If you choose a consumer proposal, know that all your assets are protected.

Fixed Payments

Fixed payments ensure that, should your income increase over the course of your settlement, your payments won’t. If you were to declare bankruptcy, you would pay more as you continue earning more.

Lower Payments

When it comes to a consumer proposal, you only repay a portion of your debt. Your debt may be reduced by as much as 70%, should you choose this option. As well as this, the interest you’ve been accumulating on your debt is halted, resulting in further savings.

Creditor Protection

As a consumer proposal is a legally binding settlement that has been agreed upon by the majority of your creditors, you are protected from harassing phone calls, wage garnishments, or legal threats.

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!!!.”

Disadvantages to Filing a Consumer Proposal

It’s important to note that a consumer proposal is not always the right option for everyone. A consumer proposal does take more time to complete than if you were to declare bankruptcy. As your payments are lower than other options, the sum of the payments in their entirety takes longer to pay off. This being said, if your income were to increase during the course of your payments, your payments will not increase, allowing you an opportunity to pay off the proposal early. If you don’t have any assets that need protecting, a consumer proposal may not be the right choice . Filing a consumer proposal does affect your credit rating, similar to most alternative options. The effect that a consumer proposal has on your credit rating would be similar impact to that of a debt management plan. Lastly, an R7 note will remain on your credit report for three years following the completion of your proposal.

Who to Talk to About Filing a Consumer Proposal

If you’re considering declaring bankruptcy or filing a consumer proposal, ensure that you meet with a Licensed Insolvency Trustee, like Doyle Salewski Inc. Only an LIT can file a consumer proposal for you, so be sure to meet with one to discuss your options, including the filing of a consumer proposal. A consumer proposal can only be filed in person. take care to avoid any individuals or debt management organizations that refuse to meet with you in person and/or ask for money up front. You do not need to pay a debt consultant to file a proposal for you, and creditors often trust these organizations less than a Licensed Insolvency Trustee. Meet with us to find out if a consumer proposal might be the way towards improving your financial situation.

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Doyle Salewski is here to give you options to choose your path to freedom from debt. Find the best debt relief option for you here.

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Gatineau
Montreal
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Renfrew
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Arnprior
Barry’s Bay
Brockville
Carleton Place
Cornwall
Embrun
Gatineau
Montreal
Nepean
Belleville
Orleans
Ottawa (Centretown)
Pembroke
Perth
Renfrew
Smith Falls
Toronto
Windsor

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