- Help Center
- Debt Repayment Options
- Debt Management Program (DMP) - Offered through Credit Counselling Society
-
Consumer Proposals
-
Personal Bankruptcy
-
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 a Debt Management Program?
There are four main disadvantages of choosing a Debt Management Program.
- Creditors may report the program to the Credit Bureau(s)
- Up to a 5-year commitment
- You cannot surrender assets to secured creditors
- You cannot include debt owed to the Canada Revenue Agency