Consumer Proposals in Canada
A consumer proposal is a way to come up with a solution with your creditors to repay your debts. In most proposals you repay less than the full sum outstanding, plus your creditors agree to write off the rest of your debts. It’s a “win-win” for both of you.
Just what is it?
Unlike an informal debt settlement plan, a consumer proposal is a legally binding agreement that you and your consumer proposal administrator work out with your creditors.