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Consumer Proposal is one of your options to deal with debts without going bankrupt. Campbell Saunders Ltd. offers Consumer Proposal services in Greater Vancouver and Richmond. Our team can help you understand if you can deal with your debt by filing a Consumer Proposal or a Division I Proposal. As a means of debt settlement, it has many benefits and allows you to make repayments affordable. With a Consumer Proposal, you get automatic protection from creditors and can settle your loans while preventing bankruptcy. 


A Licensed Insolvency Trustee can help you prepare a Consumer Proposal that is legally binding on your creditors. At Campbell Saunders Ltd., we will assess your finances and help you make a successful Consumer Proposal.

Get in touch with us for a free consultation and make the most of our reliable services.

Consumer proposal

What Is a Consumer Proposal?

A Consumer Proposal is a way of debt settlement that can help you out if you lack the resources to meet all of your debt obligations as they ordinarily become due, but have the means to offer a reduced amount either in a lump sum payment or over a period of time up to 5 years. It is a legal arrangement where you enter into an agreement with your creditors regarding more convenient payoffs that you can manage. Through the agreement, you can ultimately settle your debts by paying less than you actually owe to your creditors.


The main difference between a bankruptcy and a Consumer Proposal is that in a Consumer Proposal, you remain in possession of your assets and control of your financial affairs. Filing a Consumer Proposal will provide you with immediate protection from your creditors; collection calls, most garnishments, and legal proceedings will stop with certain exceptions. Creditors holding security over specific assets (i.e., mortgages, car loans) will continue to require payment from you in accordance with the specific loan agreement, or they may take steps to realize on their security.


If you owe money that you cannot repay on time, Consumer Proposal might be a favourable debt solution for you.


Contact us to know more about a Consumer Proposal and whether it would be suitable for you.

Filing a consumer proposal

What Happens When I File a Consumer Proposal?

If you are facing the risk of bankruptcy, you can reach out to a Licensed Insolvency Trustee like Campbell Saunders Ltd. to help you file a Consumer Proposal in Richmond and Greater Vancouver. Consumer Proposals are applicable for many kinds of loans, from general consumer loans to government loans. Depending on your situation, your Consumer Proposal will allow you to make appropriate debt repayments, either as a lump sum or as multiple payments over fixed terms up to 5 years. During the repayment period, you are expected to make regular payments as per your Consumer Proposal. You will have protection from creditors who will be prohibited from charging you with changed interest rates. Throughout the repayment process, your Licensed Insolvency Trustee will act on your behalf, communicate and distribute your payments to your creditors.


Campbell Saunders Ltd. is committed to making Consumer Proposals and debt repayments in Greater Vancouver and Richmond convenient for you.

Benefits of Consumer proposal

What Are the Benefits of Consumer Proposals?

Compared to other modes of settling your debts, Consumer Proposals have significant advantages. Let us have a look at what these benefits are:

  • You will only have to repay a portion of what you owe for a complete debt settlement as approved by your unsecured creditors.
  • Your repayments become affordable for you and you have to pay a fixed amount as per the agreement with your unsecured creditors.
  • You will not have to face bankruptcy and you will not have to part with your valuable possessions and assets.
  • Your creditors will not have the right to raise the rates of interest on your debt.
  • Your creditors will be prohibited from making harassing phone calls or causing wage garnishments.

At Campbell Saunders, we are there to help you get all the benefits possible from Consumer Proposals in Greater Vancouver and Richmond. Trust us to make your debt repayment hassle-free.

Who Can File for Consumer Proposal?

A Consumer Proposal is a legal document made between you and your creditors, and it can be filed by someone who owes between $1,000 and $250,000 (not including mortgages on their residence). If the person owes more than $250,000, they would need to go through a different process to file for a proposal. Legally married couples and business partners can also file for a proposal under a joint Consumer Proposal that requires two or more individuals who have substantially the same debts. Filing for a Consumer Proposal in Greater Vancouver is a simple process that must be done with the help of a licensed insolvency trustee



How Can Consumer Proposal Help Credit

Once a Consumer Proposal is filed, and you start making payments on it, it is noted in your credit report. Anyone with access to your credit report will be able to see that you are making your payments. Whenever you make a payment to your trustee, they will be the ones to disburse your amount to the approved creditors. Once you maintain a good payment history on debt while maintaining your Consumer Proposal, you will be able to rebuild your overall credit after some time.



Who Qualifies for Consumer Proposal

You are eligible to file Consumer Proposal in Greater Vancouver and Richmond if:

  • You can pay a portion of your total debts.
  • You are insolvent and can not repay the debt installments as they become due.
  • Your unsecured debt (excluding mortgage on principal residence) is below $250,000.
  • You have a property in Canada or are a citizen of the country.

Do I need a Consumer Proposal?

A Consumer Proposal is a viable debt solution if limited resources are not allowing you to fulfill your payoff obligations, but you can afford to pay back a certain portion. You might need a Consumer Proposal in the following cases:

  • You might need a Consumer Proposal in the following cases:
  • You are facing the risk of bankruptcy.
  • You are looking to make loan repayments more affordable to yourself.
  • You want a respite from harassing calls from your creditors.
  • You want to pause all legal actions and collection activities by your lender.

How to Make a Proposal to Creditors

  • Step 1: Meet with a Licensed Insolvency Trustee or Administrator to discuss your financial situation and available options.

  • Step 2: Provide the Licensed Insolvency Trustee or Administrator with copies of all relevant financial information and, if viable, finalizing the terms of your Consumer Proposal.

  • Step 3: Sign the Proposal documents, which are then filed with the Office of the Superintendent of Bankruptcy. Once your Consumer Proposal is filed, you receive immediate protection from creditors.

  • Step 4: The creditors receive the Proposal from the Licensed Insolvency Trustee for review. They have 45 days to reject or approve it.

  • Step 5: Complete Proposal payments if it is approved by the creditors to be debt-free.

What Is the Process?

 After you sign your consumer proposal, the process follows as:

  • The Licensed Insolvency Trustee prepares a report to your creditors that includes the causes of your financial situation and whether it supports the terms of your Consumer Proposal

  • Creditors have 45 days to consider the Consumer Proposal unless a creditors’ meeting is required. If the majority vote is in favour, your Consumer Proposal is deemed accepted.

  • Automatic Court approval is obtained 15 days after your creditors approve the Consumer Proposal

  • Upon Court approval, you will begin making payments under the terms set out in your Consumer Proposal

  • You are required to attend two counselling sessions.

In a Proposal, you remain in possession of your assets and control of your financial affairs.


Our Approach in Consumer Proposal

At Campbell Saunders Ltd., our licenced insolvency trustees give you confidence and peace of mind with their professional services. Our personalized approach and experience will help you start fresh and without any stress. Making sure you understand your rights, options and responsibilities, our team delivers optimal results and plans to file your Consumer Proposal in Greater Vancouver and Richmond successfully.

We Are Your Dependable Licensed Insolvency Trustees

When you have financial difficulties and times become tough, you need experienced professionals by your side. Campbell Saunders has more than 30 years of experience in dealing with corporate and personal financial issues. Over these years, we have filed many successful consumer proposals and helped you settle your debts. As Licensed Insolvency Trustees, we are here to help you make informed decisions and ensure your peace of mind. If you want your debt issues solved, Campbell Saunders has you covered!

Understand Consumer Proposals

We are here to tell you everything you need to know when it comes to Consumer Proposals in Greater Vancouver and Richmond.

Consumer Proposal FAQs
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