What is consumer proposal?

A consumer proposal is a financial option if you owe $10,000 or more in unsecured debts and are struggling to make your monthly payments. The goal of the proposal is to either reduce the amount you will have to pay back, extend the current payment period or a combination of both. By working with Full Circle Debt Solutions, our specialists will determine if a consumer proposal is the best solution for you. Consumer proposals aim to minimize the damage to your credit score and avoid any risk to your key assets like your home, vehicle and your job. A consumer proposal stops all legal action, wage garnishments, orders to pay from CRA and collection calls.

How does it work?

Consumer proposals are formally filed by a licensed bankruptcy trustee within your provincial jurisdiction. Prior to the formal filing our specialists will complete a full financial analysis to determine if a consumer proposal is your best option and confirm what the lowest offer could be to your creditors. The financial analysis involves us reviewing your unsecured debts, secured debts, income and expenditures and uses this information to compose a proposal that will be accepted by your creditors. We will prepare and present the Proposal based on your ability to pay not on how much you owe.

What you need to qualify:

  • You’re not able to afford to pay your debts in full with full interest given the time restrictions for the loan and your present income levels
  • Your total debt picture is between $5000 and $250,000 (excluding your mortgage)
  • You have an income or the ability to make the required monthly payments
  • You don’t want to file for bankruptcy due to surplus income payments that could cause loss of assets


  • You’ll pay back less then what you owe
  • Immediate protection from debt collectors – interest stops accumulating, wage garnishing stops, creditors and debt collectors can no longer contact you and all legal action is stopped
  • You maintain control of your assets (provided you make all your payments)
  • Your payments do not increase if your income increases
  • Though some creditors can refuse, all you need is 51% of the dollars owed to vote yes for this process to be successful
  • Full Circle Debt solutions has a 98% acceptance rate. Most consumer proposals are accepted because they are a better option for the creditor than you declaring bankruptcy

Whether consumer proposal is the right option for you or not, we can help reduce your debt payments and get you out of debt as quickly as possible. Call us at 1-877-220-3328 or get started online for a free financial analysis.

Disclaimer: We are not lawyers, trustees in bankruptcy, nor do we provide legal advice. Should you require legal advice we recommend you contact a lawyer in your area.

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