Consumer Proposals


Consumer Proposals

Consumer Proposals allow you to repay a share of what you owe and avoid the impact of Bankruptcy.  Chris Grew at 4 Pillars has helped dozens of people succesfully complete a Consumer Proposal in Victoria and the surrounding area and move forward with their lives.

Potentially, a debt consolidation loan maybe your best option and it may be the best way to protect your credit rating. Chris Grew and the team at 4Pillars, in Victoria, can review your situation and discuss whether this is the best route for you, and which institutions would be best for you to work with.

Consumer Proposals allow you to pay back a proportion of what you owe without interest. The repayment period can be up to 60 months. The repayment amount will be based on your budget and your ability to pay.

Creating Consumer Proposals in Victoria, BC

Consumer Proposals will stop most wage garnishments, and stop interest accumulating from when the proposal is filed. Creditors & Collection Agencies can no longer contact you. There will also be less damage to your credit than filing a Bankruptcy and you can start rebuilding your credit rating faster.

Your debts must be more than your assets to file a consumer proposal, and you must fully disclose all of your assets, liabilities, income and expenses and business interests in the process. Your creditors vote on your consumer proposal. All unsecured debts must be included – you can’t pick and choose. Support or alimony allegations will not be eliminated in this process, nor will student debt under 7 years old. Mortgages, Car Loans, and other secured debts also cannot be included, but you can keep some assets based on relevant legislation. Consumer Proposals are an alternative to declaring Bankruptcy.

Over 15,000 Canadians file Consumer Proposals each and every month. We will use the services of a Licenced Insolvency Trustee. This allows legal protection from creditors under the Bankruptcy and Insolvency Act – a Federal Statue.

If you would like to peak with an expert to explore your options to deal with debt including the potential for a Consumer Proposal in Victoria, please fill out the form below to arrange a 100% confidential consultation.