Pros & Cons of Consumer Proposal

Pros and cons of consumer proposal

Table of Contents

Advantages and Disadvantages

Evaluating the pros and cons of a consumer proposal. As you can see with our list, the pros outweigh the cons. Many times, a consumer proposal can be the right answer to helping you dealing with your debt and rebuilding your financial future and getting on with your family life.


  • Reduces the amount of debt you have to pay back to your creditors.
  • You have 60 months (5 years) to pay back with installment payments.
  • Your payments will stay the same over the course of 60 months. If you happen to earn more money over this time period, it will not affect your payments. This is not the case with a Bankruptcy.
  • Your credit rating is not impacted as much as with a bankruptcy. With bankruptcy, this will be on your credit history for 6/7 years after completion, while a consumer proposal will be 3 years after completion.
  • Necessitates that all unsecured creditors stop any wage garnishment
  • If your consumer proposal is accepted by the financial majority, you will also get to keep your assets, provided that you fully complete your proposal with no missed payments.
  • Collection Calls will stop.
  • Interest stops accumulating


  • If you miss 3 months payments without filing an amendment to your consumer proposal, it will be annulled,
  • Regardless, your credit score will be affected with a consumer proposal.
  • Does not cover secured debt credit/creditors

If you are experiencing problems repaying your debt, contact us today for a free initial consultation. Find out what the options are for you, and take that needed next step to getting back on track.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
Great experience with Jerry and staff. Thank you.
Harold Hutchings
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