What is a Consumer Proposal?

A consumer proposal is a legally binding payment plan between you are your unsecured creditors (the people you owe money to). The proposal is made to creditors such as your credit cards and loans. If you have a mortgage or car loan, you just keep making those payments as scheduled.

Payments are made at least once a month for a period of time not longer than 60 months. In Windsor, the most common proposal is for 48 months.

Your creditors vote on the proposal and the proposals is approved based on the majority in dollar value of your debt.

Once you have paid the agreed amount, your debts are eliminated. In most cases you can settle your debt for a lot less than what you owe.

Who can file a consumer proposal?

In order to be able to file a consumer proposal your debt (not including your mortgage) must be less than $250,000. You must have the income to be able to make monthly payments.

How much does it cost?

Every consumer proposal is different. We look at your situation and suggest a payment plan based on both your situation and your creditors recent voting history.

What are your fees?

The fees are set by the government and are included in your monthly payment.