Consumer proposals can benefit both you and your creditors

By filing a consumer proposal, you will:

  • Stop all interest charges from the date the proposal is filed
  • Negotiate to repay just a portion of your debt
  • Repay your debts in equal monthly payments over a period of three to five years
  • Stop all wage garnishments and harassing phone calls from creditors
  • Pay off unsecured debts such as credit cards, lines of credit, payday loans and taxes
  • Keep all of your assets including your car and your home
  • Pay no additional costs or fees beyond your regular monthly payments

How the consumer proposal process works

When you visit a Licensed Insolvency Trustee (LIT), they will explain every debt relief solution available to you. If you decide that a consumer proposal is the best option for yourself and your family’s situation, an LIT will negotiate with your creditors and file the proposal on your behalf. They will also be able to explain every step of the process and answer any questions you might have.

Learn more about filing a consumer proposal.

Please visit the Consumer Proposal FAQ page or contact your local BDO office for more information about consumer proposals.

Licensed Insolvency Trustees Since 1958