- Help Center
- Debt Repayment Options
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
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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
When is a Consumer Proposal a viable option?
There are many reasons why a consumer proposal may be a viable option for you.
- If you have debt that is unmanageable, are struggling with high-interest payments, have debt owed to numerous institutions, and require creditor protection.
- If you have a steady income and are willing to offer your creditors more than they would receive in a bankruptcy scenario, by making an offer for repayment over a 5-year period.
- Alternatively, if your income is low but you have equity in assets, these can be pledged as part of your proposal offer.