MyConsumerProposal.org

Design Your Consumer Proposal

We offer you a free tool to estimate your consumer proposal in a simple and fast way.

Complete the calculator and see how much you could save on your debts with the help of a consumer proposal.

Tool provided by

Consumer Proposal Calculator

Debt

Please note: You must have at least $5,000 of debts to design a consumer proposal

Credit cards

Line of credit

Unpaid bills

Eg. cellphone, electricity, internet, etc.

Personal loans

Do not include loans for assets: boat, snowmobile, RV, etc.

Student loans

Tax debt

If you owe money to Revenue Canada or Revenu Québec

Other debts

Revenus

Your after-tax salary

per

Alimony (received)

per

Family allowances

per

Other income

Eg. self-employed, pensions, employment insurance, government benefits, etc.

per

Assets

Home (equity)

Market value of your home minus your mortgage balance

Car (if paid)

If you have a paid car (not financed or leased), enter its value here

Investments and Savings

With the exception of your RRSPs

Calculate my consumer proposal

Erase my data

Summary

Total Debt Amount
Total Monthly Income
Total Assets Value

Your Options

Current Situation (Do Nothing) Your monthly payments are estimated to 5% of your debt total.	per month
Debt Consolidation If you consolidate your debts at an interest rate of 5% over 5 years	per month
Consumer Proposal Over 60 months, without interest	per month

The consumer proposal might not be viable because the monthly payment is more than 20% of your income

The above amounts are calculated based on the limited information you have provided to us and are estimates only. Only a Licensed Insolvency Trustee (LIT) is able to give you a complete picture of a possible consumer proposal.

Next Step?

If you would like to proceed with a consumer proposal to reduce your debt, we invite you to make an appointment with a financial reorganization advisor from Pierre Roy & Associés. The advisor can review your situation and answer all your questions. This first meeting is free of charge and without obligation.

Free Consultation More Information

Learn more

What is a Consumer Proposal?

Looking to pay off your debts without going bankrupt? Consider a consumer proposal

What is a Consumer Proposal?

A consumer proposal is a legal process that allows individuals who are insolvent to pay back a portion of their debt to their creditors. It is a formal and legally binding process administered by a Licensed Insolvency Trustee (LIT). A consumer proposal will put an end to harassment and often help debtors reduce their debt by 70% or more.

It is important to note that a consumer proposal does not eliminate the debt, but instead provides an option for debtors to repay their creditors over time.

A consumer proposal is a viable option for individuals who are insolvent, but are still able to make regular payments toward their debt. It is important to note that a consumer proposal is not without risks, and it is important to consult with a LIT to ensure that the proposal is the best option for the individual's financial situation.
Which Debts Can Be Included in a Consumer Proposal?

Typically, consumer proposals encompass unsecured debts

Which Debts Can Be Included in a Consumer Proposal?

The debts that can be included in a consumer proposal are usually unsecured debts, such as credit cards, lines of credit, personal loans, payday loans and income tax debts. All of these debts must be owed to creditors and not to individuals. This means that debts owed to family members, friends, or landlords cannot be included in a consumer proposal.

Secured debts, such as mortgages and car loans, are not eligible to be included in a consumer proposal. This is because the creditor has a secured interest in the property or asset, and so the debtor must continue to make payments on these loans.

In order to decide if a consumer proposal is the right solution for a debtor, they must ensure that all of their debts are eligible to be included in the proposal. The Licensed Insolvency Trustee (LIT) will be able to explain which debts can and cannot be included in the proposal and provide advice on how to best manage their debts.
Why do Creditors Accept a Consumer Proposal?

Consumer proposals as allows creditors to recover a larger portion of the debt than they would in the event of a bankruptcy

Why do Creditors Accept a Consumer Proposal?

When filing a consumer proposal, the consumer proposes a plan to the creditor that outlines the terms of repayment. The creditor reviews the proposal and decides whether or not to accept it.

Creditors may accept a consumer proposal for a number of reasons. If the consumer were to file for bankruptcy, the creditor would receive little to no amount of what was owed to them. A consumer proposal would then benefit creditors because they would receive at least a portion of their funds back from the consumer.

Moreover, creditors will have more control over what’s owed to them since they are able to negotiate the proposal’s terms and conditions, such as interest rates, payment amounts, and payment schedules. Consumer proposals can also help creditors avoid costly legal fees that may be associated with pursuing debt collection.

It is a process that can provide an effective way for both the consumer and the creditor to resolve their financial disputes in a way that is mutually beneficial.
What determines the amount of a consumer proposal?

Your monthly payment amount will be based on your total debts, your ability to pay, and the duration of the proposal

What determines the amount of a consumer proposal?

By taking the time to understand the payment requirements, debtors can make sure that they are able to meet their obligations and manage their debt in a more sustainable way.

The first step to calculating a consumer proposal payment is determining the total amount of debt owed. Once the debtor has an accurate picture of their total debt, they can then contact a Licensed Insolvency Trustee (LIT) and discuss the options available to them.

The LIT will review the debtor's financial situation and determine the amount that can be paid back in a reasonable amount of time. The amount calculated is usually based on the debtor's income, living expenses, and other factors.

The creditors must then vote on the proposal and accept or reject it. If accepted, the debtor will be required to make regular payments to the LIT, who will then distribute the payments to the creditors.
What is the impact of a consumer proposal on my credit?

Being debt-free makes rebuilding your credit easy

What is the impact of a consumer proposal on my credit?

A consumer proposal can have an impact on your credit score, both positive and negative. It can be a beneficial option for those who are struggling to meet their monthly payments, as it allows them to reduce their debt burden and make payments on a manageable schedule.

In the short term, a consumer proposal will likely have a negative impact on your credit score, as it appears on your credit report as a delinquent debt. In most cases, submitting a consumer proposal results in a R7 rating for 6 years starting on the date the proposal is filed or three years after the proposal is finished — whichever comes first.

However, over time, the positive effects of making regular payments and reducing your debt can help to improve your credit score. It can help you pay off your debt, which can be beneficial if your debt was unmanageable. If this is the case, then a consumer proposal can actually help you achieve a better credit rating faster than if you were to try to pay it off without any help.

Need Help?

If you are concerned about your level of debt, you can get a free consultation with a financial reorganization advisor by visiting the pierreroy.com or by dialing 1 877 796-3427.

Questions?

If you still have questions about the consumer proposal, you can write to us at question@proposition-consommateur.ca.

À la recherche d'une version française de cet outil? Rendez-vous au Proposition-Consommateur.ca

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