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What Is a Consumer Proposal?

A consumer proposal is like a consolidation loan, in that your payments are reduced to one monthly payment.  You make the payments to a trustee, who accumulates them and every six months pays the money out to your creditors.

The thing about a proposal is that it doesn’t necessarily involve paying pack 100 per cent of what is owed to the creditors. A proposal might just be a percentage. It’s basically making a new deal with creditors, so that they get paid to the best of your ability. The major difference between an informal arrangement with creditors and a proposal is that a proposal has the protections that are built into the law.

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About Richard Killen & Associates


Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.


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