Consumer Proposal Canada

Advantages and Disadvantages of a Consumer Proposal

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Main Benefits of a Consumer Proposal

  • Stops all collection calls
  • Stops all garnishments of your pay
  • Stops all future interest charges
  • Stops legal actions taken by your creditors
  • Avoid filing for bankruptcy
  • Protect your assets
  • Pay back only a fraction of the total amount you owe
  • It is a legally binding agreement. No false promises.
  • One affordable monthly payment covers all fees and payment to your creditors
  • Proposal payments can be up to a 5-year term. This helps to keep your monthly amount to a reasonable affordable amount
  • A better credit rating than a bankruptcy (an R7 vs. an R9 in a bankruptcy) and
  • Gives you a Fresh Start. This could be the solution to get yourself out of your debt problems and rebuild your life.

Disadvantages of a Consumer Proposal

  • Income or financial assistance (from family or friends) is required to fund the monthly proposal payments
  • Creditors vote if they want to accept or reject your proposal
  • Not all debts are discharged (erased) and
  • Results in an R7 credit rating and stays on your records for 3 years after your last payment.

Over 12 Locations Across Southern Ontario to Serve You

With Chande, you can book a free consultation at one of our locations across the Greater Toronto Area, Hamilton and Southern Ontario.

Finding an office that’s closest to you is as easy as clicking the link below.


Book a free, no-obligation consultation with us today!

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