Get protection without going bankrupt

Can we work something out?

An easy-to-stick-to "payback plan" can help take the weight off your shoulders.

A personalized "payback plan," known as a consumer proposal, is a special arrangement made with your creditors that gives you more time to pay off your debt in payments you can afford. And because it's a legal process under the Bankruptcy and Insolvency Act, a consumer proposal also stops creditors from harassing you and protects you from any legal action. So, you can breathe a little easier.

How does it work?

A consumer proposal applies to your unsecured debt (credit cards, lines of credit, personal loans). Your secured debt (car loans, mortgage on your house) are not part of the proposal unless you want them to be.

Our counsellors will help you make an offer, based on your income and living expenses, to the credit card companies, banks and other organizations you may owe money to. If at least half of the dollar amount of your creditors accept the offer, all remaining unsecured creditors are forced to accept it.

The offer to the creditors is usually in the form of affordable monthly payments over a period of time to a maximum of five years.

As part of a consumer proposal, you must attend two credit counselling sessions. Each session is held with a qualified credit counsellor to help you learn how to manage your money and stay on top of your financial situation.

When you complete the payments, your debt is eliminated, and you can get on with your life!