In Ontario, the most effective way to obtain relief from debt without filing for bankruptcy is through a Consumer Proposal.
A Consumer Proposal is a legal agreement between you and your creditors (including income tax owing to CRA) that stops interest from accruing on the amount owed, and may reduce your total debt amount to be paid back.
The rate of debt reduction varies case by case. Sometimes applicants are able to get up to 75% written off and at times only 30%. The main factor determining this will be the total amount of debt you owe.
To get a rough idea what you’ll pay under the Consumer Proposal we created a Consumer Proposal Calculator. The calculator will also compare monthly payments between Consumer Proposal, Debt Settlement, Credit Counselling, Debt Consolidation and Repayment of Debt on Your Own.
Enter the debt amount in a form field below and clicks calculate to start:
A Consumer Proposal is an exceptional program for individuals, families and business owners who are facing financial hardship and need a practical solution to their debt problems. If that sounds like you, Click below to Schedule your free, no-obligation phone interview with a Consumer Proposal Administrator.