Consumer Proposal Saskatoon

Understanding Consumer Proposals in Saskatoon

A Consumer Proposal in Saskatoon is a type of debt repayment strategy that could help you in managing your financial obligations. It is a legally binding process regulated by the Bankruptcy and Insolvency Act that allows debtors to repay a fraction of their total debt based on their income and assets.

What is a Consumer Proposal?

A Consumer Proposal is a legal agreement between you and your creditors that is designed to help you pay off your debts. It’s a negotiated settlement where you agree to pay a certain amount of money over a period of time, and in return, your creditors agree to forgive the remainder of your debts. This option can only be administered by a licensed bankruptcy trustee and typically costs around $1,500.

701 – 119 4th Avenue South, Saskatoon, SK, S7K 7E5

Saskatoon Consumer Proposal Office

Advantages of Filing a Consumer Proposal in Saskatoon

A Consumer Proposal in Saskatoon offers several advantages:

  1. It can significantly reduce the amount of debt you have to repay.
  2. If you have a stable income and can afford to make monthly payments, it can serve as an effective debt consolidation method.
  3. It prevents active collection on student loan payments.
  4. It can be an alternative if you don’t qualify for a debt consolidation loan or if you have debts that are not eligible for a debt management program.
  5. It’s one of the last measures to avoid bankruptcy.

Disadvantages of Filing a Consumer Proposal

However, a Consumer Proposal also has some downsides:

  1. It’s a public record, and anyone can access this information.
  2. It can be more costly than filing for bankruptcy.
  3. The court must approve your proposal.
  4. Creditors can reject the proposal, and you may need to offer them more money to proceed.
  5. You might have to sell some of your assets, such as your home, car, or investments.
  6. If you miss more than two payments, you may have to file for bankruptcy.
  7. Secured debts and student loans less than seven years old cannot be included.
  8. It can affect your professional licenses and future employment opportunities.

How a Consumer Proposal Impacts Your Credit

When you start making payments on a Consumer Proposal, a note is added to the public records section of your credit report. This can be seen by anyone who you have given permission to view your credit report. Your creditors may also report a “7” rating on any debt included in the proposal, indicating that they are receiving your payments through a third party, your trustee.

Seeking Help with Debt

It’s okay to seek help with debt. Many people find themselves in a similar situation and reaching out for assistance can be the first step towards regaining control of your finances.

Beware of Debt Relief Scams

Unfortunately, not all companies offering debt relief services are legitimate. Some companies claim to offer Consumer Proposals as a way to get out of debt but only a government-licensed bankruptcy trustee is allowed to file paperwork for a Consumer Proposal.

These companies may charge you thousands in fees only to refer you to a bankruptcy trustee who then charges their own fees.

How to Avoid Getting Scammed

  1. Speak to a non-profit Credit Counsellor about your financial situation before considering a Consumer Proposal.
  2. Never pay for Consumer Proposal services to anyone other than a government-licensed bankruptcy trustee.
  3. Find out how the person advising you is compensated. Many people who advise on debts work on commission. Ensure that the solution they are recommending is in your best interest and not theirs.

Contact a Debt Counsellor

If you’re struggling with financial difficulty, speaking with a professional debt counsellor can provide you with the guidance and support you need. They can help you explore all your options and determine if a Consumer Proposal in Saskatoon is the right solution for you.

Remember, it’s okay to ask for help. You don’t have to navigate your financial challenges alone.


Navigating the world of debt can be challenging, but you don’t have to do it alone. A Consumer Proposal in Saskatoon could be the solution you need to regain control of your finances. It’s important to carefully consider all your options and seek professional advice before making any decisions. Remember, there’s always a way out of debt, and help is available if you need it.

Contact Us Today

We help Saskatoon residents get out of debt with our government licensed consumer proposal services.

Benefit from the Personal Touch of a Licensed Consumer Proposal Expert in Saskatoon

Bankruptcy Canada is a respected group of licensed insolvency trustees who can offer expert advice and tailored debt relief solutions to individuals and businesses in Saskatoon, regardless of their financial circumstances. We make diligent efforts to assist debtors in eliminating their debts and getting a fresh financial start. We can help lessen our clients’ debt burdens while upholding their dignity, stop wage garnishments, stop collection calls and stop all legal court actions against you.

Get out of Debt and have family bliss and happiness
We can help you determine whether a consumer proposal is right for you

A Consumer Proposal is your Chance for a Fresh Start in Saskatoon.

Call for a free and confidential consultation at our Saskatoon Office for immediate help with debt relief through a Consumer Proposal in Saskatoon.