Debt Solution
Consumer Proposal
A formal debt settlement process under the Bankruptcy and Insolvency Act, filed through a Licensed Insolvency Trustee.
Consumer proposals and bankruptcies are administered by Licensed Insolvency Trustees. SEENCO is not a Licensed Insolvency Trustee and provides general educational information to help you understand when to speak with a licensed professional.
What it is
A consumer proposal is a legal process where you offer to repay creditors a portion of what you owe over time, or extend payment terms, subject to creditor approval and trustee administration.
Only a Licensed Insolvency Trustee can file and administer a consumer proposal. SEENCO is not a Licensed Insolvency Trustee.
Who may want to learn about it
- You may want to learn about consumer proposals if you cannot afford full debt payments but wish to avoid bankruptcy and have a stable income to fund a proposal.
Common considerations
Total cost of borrowing
Interest rates, fees, and term length affect how much you repay over time. Compare annual percentage rates where disclosed.
Eligibility and credit review
Lenders and trustees review income, assets, debts, and credit history. Approval is not guaranteed.
Impact on credit report
Some options may affect credit scores or public records. Understand reporting before proceeding.
Professional roles
Licensed Insolvency Trustees administer proposals and bankruptcies. Other professionals may provide credit counselling or legal advice.
What to bring to a consultation
- List of unsecured debts, creditors, and approximate balances
- Monthly budget overview (income and essential expenses)
- Recent statements or collection notices, if applicable
- Questions about assets that may be discussed with a licensed professional
- Government-issued ID and contact information
This page is for general educational information only and does not replace advice from a licensed professional. SEENCO Financial Services Inc. does not guarantee approval, payout, savings, returns, or performance.
Related pages
Frequently asked questions
No. Consumer proposals must be filed by a Licensed Insolvency Trustee. SEENCO can provide general education and help you understand when to contact an LIT.
Speak with a licensed SEENCO advisor
Request a consultation in plain language — no pressure, no commitment. A licensed advisor can review options when you are ready.