- Help Center
- Debt Repayment Options
- Informal Agreement with Creditors
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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 choosing an informal agreement with creditors?
There are 3 main disadvantages of choosing an informal agreement with creditors.
- They are not binding on creditors.
- Creditors can proceed to take enforcement actions
- Formal admission of debt and insolvency