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Life-changing Debt Solutions
"I really do wish that I could tell everyone about the consumer proposal with MNP."
We've helped
hundreds of thousands of Canadians
get out of debt
We've helped
hundreds of thousands
of Canadians

get out of debt
Find your local MNP office


If you’re struggling with debt, but the thought of filing for bankruptcy or losing certain assets is too distressing, a consumer proposal might just be the life-changing debt solution you need. What exactly is a consumer proposal? In short, it’s a formal agreement between you and your creditors that outlines that you will pay all or part of our debt at a reduced rate over a specified period of time.

But what will happen to your house and car? Generally speaking, secured creditors are not affected by a proposal. By making regular payments that you can afford, you will be able to choose the assets you keep. How is the amount you pay determined? It is primarily based on your income and what you own. For detailed answers to these questions and more, fill out the form to receive a free confidential consultation with an MNP LTD Licensed Insolvency Trustee.

Compare your options:

Get the care and guidance you need

When faced with debt, nativagting your options can be confusing and downright overwhelming. Rest assured, the Licensed Insolvency Trustees at MNP LTD are here to help. We will take the time to understand your personal situation and carefully review your options with you before determining if a consumer proposal is the ideal debt relief option for your unique circumstances. If it is, we will build a debt repayment agreement that satisfies your creditors, so you can begin to erase debt and move forward with your life.

Here’s how the proposal process works:

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Meet a Trustee
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File proposal icon
File Proposal
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Fulfill agreement icon
Fufill Agreement
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Debt-free Future
  • STEP 1: Meet with a Licensed Insolvency Trustee
    If, after carefully going through your options, it is determined that a consumer proposal is the most appropriate debt relief solution, we will then review the process with you in detail.
  • STEP 2: Prepare and file the proposal
    Your Licensed Insolvency Trustee will help you figure out how much you can afford to pay creditors every month. Once the proposal is filed, most actions against you will stop, including harassing collection calls, wage garnishments and legal action. Interest also stops accruing.
  • STEP 3: Fulfill the agreement
    If the proposal is accepted, you will make all payments agreed upon within the proposal. Once you have paid in full and completed two financial counselling sessions, you will be released from all the unsecured debts you owed on the day you filed.
  • STEP 4: Prepare for a debt-free future
    Your Licensed Insolvency Trustee will discuss with you ways to restore your credit rating both during the proposal period and afterwards.

A flexible solution

Consumer proposals give you the flexibility to settle your unsecured debt in the way that works best for you. Options include, but are not limited to, making monthly payments over a defined period of time, cashing in RRSPs to find a proposal or offering a lump sum to be borrowed from family members.

To find out if a proposal is the right solution for you, get in touch with MNP LTD today for a free confidential consultation.

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