{"id":12194,"date":"2025-05-05T21:51:48","date_gmt":"2025-05-06T04:51:48","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=12194"},"modified":"2025-07-21T05:18:33","modified_gmt":"2025-07-21T12:18:33","slug":"how-does-a-consumer-proposal-affect-you","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/how-does-a-consumer-proposal-affect-you\/","title":{"rendered":"How Does a Consumer Proposal Affect You?"},"content":{"rendered":"<p>A Consumer Proposal is a powerful debt solution provided by Licensed Insolvency Trustees that allows you to consolidate your debt and make your creditors an offer to repay the balance that you can reasonably afford, interest-free.<\/p>\n<ul>\n<li>Virtually all your debts can be included in a Consumer Proposal, everything from credit cards to payday loans, outstanding taxes to student loans and more.<\/li>\n<li>Typically creditors will agree to accept repayment of 20-50% of your balance to consider the debt fully settled, and interest charges are automatically frozen.<\/li>\n<li>You\u2019ll have up to five years to pay off the agreed amount of debt, usually via monthly payments.\n<ul>\n<li>For example, if you owe debts totalling $25,000 you might offer to pay $210 a month for three years (36 months), repaying a total of around $7,500 to cut your debt by 70%. The balance of the debt is legally eliminated at the end of the Proposal.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Filing a Consumer Proposal can be a great way to streamline your debt repayment, and despite being a legal solution, the process is generally straightforward. Read on to learn details around how a Consumer Proposal works, and some of the ways a Consumer Proposal does and doesn\u2019t impact you.<\/p>\n<h2><strong>Key Ways a Consumer Proposal Will Affect You<\/strong><strong>\u00a0<\/strong><\/h2>\n<h3><strong>A Consumer Proposal Provides Protection from Creditors<\/strong><\/h3>\n<p>When your Consumer Proposal is filed it acts as a shield to protect you and your assets from your creditors. This Consumer Proposal effect is an especially welcome relief to anyone worried about overdue payments or outstanding accounts since a Consumer Proposal will:<\/p>\n<ul>\n<li>Stop creditors from contacting you for money, and stop all collection activities that may have been happening.<\/li>\n<li>Halt legal action creditors may have been taking against you.<\/li>\n<li>Immediately <a href=\"https:\/\/www.sands-trustee.com\/blog\/an-overview-of-wage-garnishment-in-bc\/\">remove wage garnishments or account freezes<\/a> (even from the government).<\/li>\n<\/ul>\n<h3><strong>A Consumer Proposal Restructures Your Debt Payments<\/strong><\/h3>\n<p>Because a Consumer Proposal will consolidate (and cut) virtually all your debts, rather than juggling multiple accounts and payments, you\u2019ll have one simple (usually monthly) payment to make to your Licensed Insolvency Trustee.<\/p>\n<ul>\n<li>Since your debt may be cut by up to 50-80% with no interest charges or added fees, Consumer Proposals usually save people paying off debt a considerable amount of money and time.<\/li>\n<li>Most people opt to handle payments for \u2018secured debts\u2019 that are in good standing outside their Consumer Proposal, so normally a Consumer Proposal won\u2019t include <a href=\"https:\/\/www.sands-trustee.com\/blog\/what-debts-will-a-consumer-proposal-settle\/\">secured debt agreements you\u2019ve decided to continue paying<\/a>, such as your mortgage or vehicle financing.\n<ul>\n<li>Many clients find themselves in a much better position to continue to make payments on their home mortgage or car loan after they have significantly reduced their other consumer debts through a Consumer Proposal.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"red-button\" href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">Book Your Free Consultation<\/a><\/p>\n<h3><strong>A Consumer Proposal Temporarily Affects Your Credit Rating<\/strong><\/h3>\n<p>Like other <a href=\"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/\">types of debt consolidation<\/a> or settlement, filing a Consumer Proposal does temporarily reduce your credit score. Here\u2019s what you should know:<\/p>\n<ul>\n<li>Your Consumer Proposal will be noted on your credit history for three years after the debts included in your Proposal are paid off \u2013 or \u2013 for six years from the date your Proposal started, whichever is soonest. This is often considerably less time than it would take you to pay off your debt on your own.<\/li>\n<li>You can seek new credit any time, even while your Proposal is active, and most people are able to get basic things like a credit card shortly after filing their Proposal.\n<ul>\n<li>Secured or prepaid cards can also be good alternatives to have the convenience of a credit card but enjoy the break from debt accounts.\n<ul>\n<li>Keep in mind that a secured card, rather than a prepaid card, will normally provide updates to credit bureaus to help you rebuild your credit after filing the Consumer Proposal.<\/li>\n<\/ul>\n<\/li>\n<li>If <a href=\"https:\/\/www.sands-trustee.com\/credit\/\">your mortgage comes up for renewal<\/a> during your Consumer Proposal this shouldn\u2019t be an issue, provided it is paid up to date.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Many people worry about whether consolidating their debt with a Consumer Proposal will have a long-term (or even permanent) impact on their credit score, but the reality is that the effect is generally far less severe than they fear, and for most people the benefits far outweigh the temporary inconvenience.<\/p>\n<ul>\n<li>It\u2019s also important to know that despite a \u2018good\u2019 credit score, many people dealing with a debt problem can\u2019t get help from their bank to deal with their debt, notwithstanding that they may have a high credit score and are not missing payments.<\/li>\n<\/ul>\n<h2><strong>Key Ways a Consumer Proposal <u>Will Not<\/u> Affect You<\/strong><strong>\u00a0<\/strong><\/h2>\n<h3><strong>A Consumer Proposal Doesn\u2019t Make Your Spouse Pay Your Debt<\/strong><\/h3>\n<p>Filing a Consumer Proposal should not affect your spouse in any way unless they have co-signed or guaranteed debt together with you.<\/p>\n<ul>\n<li>Having a spouse or common-law partner does not on its own trigger a shared liability with the other spouse\/partner, nor does it give your creditors recourse to ask them for payments, nor mean they must do a Consumer Proposal too.<\/li>\n<li>Unless you\u2019ve given your creditor means to collect from both of you by taking on joint debt or triggered a division of \u201cfamily debts\u201d by separating or divorcing, your spouse isn\u2019t responsible for repaying your debt.<\/li>\n<li>Your financial responsibilities are in fact so separate that where there is no co-signer, guarantor, or co-cardholder, it is possible for <a href=\"https:\/\/www.sands-trustee.com\/blog\/what-if-my-spouse-files-consumer-proposal\/\">one spouse to file a Consumer Proposal<\/a> without the other one being aware, as typically only creditors are notified of your Proposal.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"red-button\" href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">Book Your Free Consultation<\/a><\/p>\n<h3><strong>A Consumer Proposal Doesn\u2019t Affect Your Employment<\/strong><\/h3>\n<p>For most people a Consumer Proposal in no way affects their job and you can change jobs or switch careers at any point.<\/p>\n<ul>\n<li>Overall, the <a href=\"https:\/\/www.sands-trustee.com\/blog\/consolidating-debt-consumer-proposal-step-by-step\/\">Consumer Proposal process<\/a> is very private and in normal circumstances your employer is not notified about your Proposal <em>unless your wages are being seized<\/em> \u2013 this is because your Licensed Insolvency Trustee will contact your payroll department to halt the garnishment when your Proposal starts.<\/li>\n<li>If you still need reassurance that a Consumer Proposal won\u2019t impact your employment, know that the federal <em>Bankruptcy and Insolvency Act<\/em>, which governs Consumer Proposals, specifically states \u201cNo employer shall dismiss, suspend, lay off or otherwise discipline a consumer debtor on the sole ground that a consumer proposal has been filed in respect of that consumer debtor.\u201d (<a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/b-3\/page-14.html\">S. 66.36<\/a>)<\/li>\n<li>Also, for business owners \u2013 you can be self-employed during a Consumer Proposal, including being the director of a corporation.<\/li>\n<\/ul>\n<h3><strong>A Consumer Proposal Doesn\u2019t Take Away Your Tax Refunds<\/strong><\/h3>\n<p>A Consumer Proposal doesn\u2019t impact how you <a href=\"https:\/\/www.sands-trustee.com\/blog\/what-happens-to-tax-filings-consumer-proposal-or-bankruptcy\/\">file your tax returns<\/a> or cause you to \u2018lose\u2019 your tax refund or other tax credits you may be eligible for, even if you included a prior income tax (and\/or business GST) <a href=\"https:\/\/www.sands-trustee.com\/blog\/can-a-consumer-proposal-or-bankruptcy-help-with-tax-debt\/\">balance owing to Canada Revenue Agency in your Consumer Proposal<\/a>.<\/p>\n<ul>\n<li>While your Consumer Proposal is active you\u2019ll need to ensure your tax returns are filed up to date and that any balances owing from these new returns are paid.<\/li>\n<li>If you regularly owe money to Canada Revenue Agency a clause may be added to your Proposal that allows you to include the exact amount you owe for income taxes up to the date you start your Consumer Proposal, even if that tax return isn\u2019t yet due.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"red-button\" href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">Book Your Free Consultation<\/a><\/p>\n<h3><strong>A Consumer Proposal Doesn\u2019t Prevent Immigration Sponsorship<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>If you have a Consumer Proposal you can still apply to sponsor someone to immigrate to Canada, bearing in mind that you should always refer to the Government of Canada for the latest rules and guidelines. This is an important distinction between Consumer Proposals and bankruptcy, as a person who has not yet been <a href=\"https:\/\/www.sands-trustee.com\/blog\/life-after-bankruptcy\/\">discharged from bankruptcy<\/a> will need to wait until their bankruptcy is finished before making an application to sponsor immigration to Canada.<\/p>\n<ul>\n<li>Neither a Consumer Proposal nor bankruptcy prevent you from applying for citizenship in Canada, nor from leaving the country (for vacation or permanent relocation) \u2013 just be sure to keep your Trustee informed as to your address if you move before your Proposal or bankruptcy are complete.<\/li>\n<\/ul>\n<h2><strong>Is a Consumer Proposal a Good Solution for Me?<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>For people who owe debt totalling less than $250,000 (excluding their mortgage), and want to make their debt payments more manageable, a Consumer Proposal is one of the best debt consolidation options available.<\/p>\n<p>If you\u2019ve been wondering about a Consumer Proposal but worried about navigating any aspects of the process, be sure to talk with a Licensed Insolvency Trustee about your concerns. It\u2019s vital that you have all the facts about how to deal with your debt and the opportunity to <a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">explore <em>all<\/em> your options together with a qualified professional<\/a>.<\/p>\n<ul>\n<li>A Consumer Proposal can only be filed by working with a Licensed Insolvency Trustee. We are Canada\u2019s only official debt help professionals and Licensed Insolvency Trustees alone are qualified and endorsed to help you make a Consumer Proposal.<\/li>\n<li>Consumer Proposals are a unique debt solution \u2013 they are not the same as bankruptcy, nor are they the same as credit counselling or other types of informal debt settlement plans.<\/li>\n<li>If you\u2019ve been advised against a Consumer Proposal by anyone besides a Licensed Insolvency Trustee, it is recommended you <a href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">contact a Licensed Insolvency Trustee for a second opinion<\/a>.<\/li>\n<\/ul>\n<p>You can connect directly with a Licensed Insolvency Trustee local to your province and ask to have a free, confidential consultation to talk about your situation and options.<\/p>\n<ul>\n<li>Sands &amp; Associates serves all of BC and <a href=\"https:\/\/www.sands-trustee.com\/how-we-help\/team\/\">our Licensed Insolvency Trustees and Insolvency Estate Managers<\/a> are available to talk with you seven days a week. In just half an hour we can help you better understand your situation and choose the debt-free plan that\u2019s right for you.<\/li>\n<li>You\u2019re welcome to talk with us confidentially over the phone, by online video, or in person at a local office near you \u2013 whatever you find most comfortable and convenient.<\/li>\n<\/ul>\n<p>You are not alone in finding a way to move forward \u2013 we\u2019re here for you with support and solutions.<\/p>\n<p><strong>Talk with a local Sands &amp; Associates Licensed Insolvency Trustee today and find your best debt solution.<\/strong><\/p>\n<p><a class=\"red-button\" href=\"https:\/\/www.sands-trustee.com\/free-debt-consultation\/\">Book Your Free Consultation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Consumer Proposal is a powerful debt solution provided by Licensed Insolvency Trustees that allows you to consolidate your debt and make your creditors an offer to repay the balance that you can reasonably afford, interest-free. Virtually all your debts can be included in a Consumer Proposal, everything from credit cards to payday loans, outstanding [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":12195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[257],"tags":[38,39,217,37,81,49,53,117,120,101,100,50,242,43,295,238,305,42,204,35,82,265],"class_list":["post-12194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-proposals","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-co-signed-debt","tag-consumer-proposals","tag-couples-money","tag-credit","tag-credit-card-debt","tag-credit-counselling","tag-credit-counsellor","tag-credit-report","tag-credit-score","tag-debt","tag-debt-advice","tag-debt-consolidation","tag-debt-forgiveness","tag-debt-help","tag-debt-relief","tag-debt-settlement","tag-licensed-insolvency-trustee","tag-sands-associates","tag-tax-debt","tag-wage-garnishment"],"acf":[],"yoast_head":"<!-- This site is optimized with the 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