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A consumer proposal in Canada is an alternative to bankruptcy

Not everyone has heard of it, but a consumer proposal is an excellent debt-relief solution offered by the government that can reduce or eliminate your debt. It can only be managed by Licensed Insolvency Trustees (LITs) like us.

What is a consumer proposal?

One of the best solutions for debt relief

A consumer proposal is a formal and legally-binding debt settlement agreement between you and the companies you owe money to (your creditors).

It can help you keep your assets, stop collection calls and reduce your debt, often by up to 80%. As LITs, we handle all the negotiations with your creditors, which can help take the pressure off you.

Types of debt we help with

  • Credit card debt
  • Tax debt
  • Student loans
  • Personal loans
  • Lines of credit
  • Payday loans
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Advantages

Is a consumer proposal worth it?

A consumer proposal is an alternative to the impact of declaring bankruptcy, and unlike a consolidation loan, it can actually reduce your debt. It ensures that you pay only some of the money you owe. The rest of the debt is forgiven–forever.

Interest charges are frozen
Stops collection calls and creditor action
0% interest
Monthly payments always based on what you can afford

Consumer proposals cover unsecured debt. A key advantage is your secured assets are not impacted, as they are in bankruptcies and consolidation loans.

How it works

Filing a consumer proposal

  1. Book your free consultation
  2. We gather the information needed to file your consumer proposal
  3. We talk with you about what is a manageable monthly amount for your proposal
  4. We then prepare your proposal, file it with the court and notify your creditors. You are now on your path to better financial health.
  5. Creditors have 45 days to review, reject or accept your proposal – all legal action, interest and collection calls stop
  6. Once approved, it becomes legally binding through the court

A consumer proposal is one of Canada’s best solutions for debt

A consumer proposal can reduce your debt by up to 80% and stops interest and legal action.

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$6,000$250,000

You Pay:

$6,000

You Save:

$0

Consumer Proposal (0% Interest Rate)

You Pay

$6,000

You Save

$0

Debt Consolidation (12% Interest Rate)

You Pay

$8,008

Do Nothing (19% Interest Rate)

You Pay

$9,339

Eligibility

Wondering if you qualify?

If you're struggling to repay debts and can manage to pay back a portion, a consumer proposal might be the option for you to consider.

  • You are at least 18 years old
  • You are a Canadian resident or own property in Canada
  • You are an individual – businesses cannot apply
  • Your total debts are less that $250,000
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Why Farber?

We believe that everyone can prosper

The debt you’re facing today is not forever. With more than 43 years of experience in Canadian debt relief, we’ve helped over 100,000 people just like you build a better relationship with money and put their debt behind them.

What makes us different

The truth about debt

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Frequently asked questions

Get answers to the most commonly asked questions about debt-relief solutions, debt terminology, budgeting and more.
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For more than 43 years, we’ve helped over 100,000 people get out of debt

We’ll meet to discuss your debt-relief options, guide you to the best solution, and assist you in building a better relationship with money.  We’re here when you’re ready.