- Help Center
- Debt Repayment Options
- Do Nothing
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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
What are the disadvantages of doing nothing about my debt?
There are 3 main disadvantages when you choose to do nothing about your debt.
- Creditors will still continue to contact you
- Your debt with continue to grow with accruing interest
- It will have a negative impact on credit rating