Debt Repayment & Consumer Proposal Calculator
Estimate Your Monthly Payment and Savings
How the Calculator Works
1. Enter your total unsecured debt (credit cards, payday loans, tax debt, unsecured lines of credit)
2. Compare options side-by-side (consumer proposal vs. consolidation vs. continuing minimum payments)
Note: Don’t include secured debts (mortgage balances or secured car loans)
Calculate savings
Consumer Proposal - 0% Interest
Debt Consolidation Loan - 30% Interest
Do Nothing - 19% Interest
* Calculations above are made over a 5 year period at a rate of 80% savings. This calculator provides an estimate of the total savings you may receive when filing a consumer proposal. Actual results may vary. Your payments will depend on your income, assets, and debts.
Advantages of a Consumer Proposal?
In this video, Richard Sklar, a Licensed Insolvency Trustee at David Sklar & Associates in Ontario, Canada, explains the top 5 benefits of filing a consumer proposal to help you take control of your debt.
Why Many Canadians Choose a Consumer Proposal
- Collection calls and legal action stop as soon as your Consumer Proposal is filed
- Interest stops on the debts included in your proposal
- In many cases, unsecured debt can be reduced, subject to creditor approval
- You make one monthly payment based on what you can afford
- you can keep your home, car, and other assets if you continue making those payments
- It is a legal alternative to personal bankruptcy
- You can spread your payments over a period of up to five years
Federally licensed and OSB-regulated
Licensed Insolvency Trustees (LITs) are the only professionals in Canada authorized to administer consumer proposals and bankruptcies. Their work is governed by the Bankruptcy and Insolvency Act and overseen by the Office of the Superintendent of Bankruptcy (OSB).
LITs can explain your options, file the required paperwork, and guide you through each step.
Clear advice. Trusted guidance. Regulated support.
Discuss your options with a Licensed Insolvency Trustee
Knowing your options can make the next step clearer. A Licensed Insolvency Trustee can explain solutions such as a consumer proposal or bankruptcy and help you understand which option may fit your circumstances.
Watch the video for a simple overview of the process and what to expect.
How We Speak to Your Creditors Directly
When a consumer proposal or bankruptcy is filed, a Licensed Insolvency Trustee notifies your creditors and handles the required communication. Depending on your situation, this may reduce collection contact and help you move forward with a better understanding of your options.
Debts that we can help you with
Whatever your situation, we’re committed to helping you get out of debt with your best interest in mind.
Is a consumer proposal your solution?
Book a free call, we’ve helped thousands of Canadians and we can help you too
At David Sklar & Associates, we’re proud of our 20+ years of helping people from all walks of life find freedom from debt through consumer proposals. Our federally regulated Licensed Insolvency Trustees have the knowledge and dedication to guide you from start to finish, negotiating a manageable plan and supporting you every step of the way.
Frequently Asked Questions About
Our Debt Calculator
How accurate is the David Sklar debt calculator?
The calculator provides an estimate based on an 80% debt reduction (typical consumer proposal outcome). Your actual savings depend on your income, assets, and creditor acceptance. A Licensed Insolvency Trustee will provide precise numbers in a free consultation.
What debts should I include in the debt calculator?
Include all unsecured debts: credit cards, payday loans, lines of credit, personal loans, CRA tax debt. Do NOT include secured debts like mortgage balances or secured car loans.
How much can a consumer proposal reduce my debt?
Many David Sklar clients are able to significantly reduce their unsecured debt through a consumer proposal. This calculator uses an estimated 80% debt reduction for illustration purposes only. Your actual reduction will depend on your income, expenses, assets, total debt, family situation, and what your creditors are willing to accept.
Is the debt calculator free to use?
Yes. The calculator is completely free with no signup required, no personal information collected, and no spam. Just enter your debt amount and see estimated savings instantly.
What happens after I use the calculator?
Nothing automatic. If you’d like personalized advice, you can book a free consultation with a Licensed Insolvency Trustee. There’s no obligation, no upfront fees, and no pressure.
We're Here to Help You Get Out of Debt
Our federally 🇨🇦 regulated team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future.
We’ve helped thousands of people and we can help you too.
We know this is stressful, but you’re not alone