Consumer Proposals in Ontario give you a government approved way to reduce your debt, stop all interest, protect your income, and replace everything you owe with one affordable monthly payment.
Yanch Dey & Associates is a Licensed Insolvency Trustee firm with over 25 years of experience helping Ontarians get out of debt safely.
We are fully authorized by the Government of Canada to provide Consumer Proposals with no upfront costs, giving you a clear, protected, and affordable path to rebuild your financial future.
A consumer proposal follows a simple and predictable process for everyone.
You start a consumer proposal by calling or coming to our office to have a discussion with an Insolvency Trustee. In Ontario, an insolvency trustees job is to explain to you the debt relief options available and should you proceed to guide and assist you through the process. In an Ontario consumer proposal the trustee does all the paperwork, legal documents and they deal with your banks credit card companies and creditors, not you.
Where you decide on a consumer proposal, our trustees will,
- explain how a consumer proposal works
- how much you’ll save, and
- what the monthly payment would be.
It’s the trustee job to explain the full proposal process from start to finish, so you know what to expect, whilst answering any questions you have.
Once a Consumer Proposal is Prepared
If and when you decide to proceed, the trustee prepares the proposal for you. The trustee submits the proposal to government and your creditors (the people owed). Once the proposal is submitted all interest, payments and collection activity must stop immediately, under whats called a federal “stay of proceedings”.
Your creditors then vote on the offer. Most proposals are accepted because creditors receive more money than if you file for bankruptcy. The full approval process is outlined in our consumer proposal timeline.
One Lower Payment for Everything
Once a consumer proposal is filed, your life becomes much dramatically easier. You make one affordable payment each month to the trustee.
Your trustee calculates this amount by reviewing:
- your income and household expenses,
- the total amount of unsecured debt you owe,
- and what creditors typically accept in similar cases.
Once the Consumer Proposal is Approved
After the consumer proposal is approval, you attend two short counselling sessions and continue your monthly payments until the proposal is complete. Once your proposal is completed, unsecured debt is legally eliminated and your credit ratings will start to improve .
This is why many people choose a proposal after learning who qualifies to file and how each step protects their income and assets.
Most people qualify for a consumer proposal. in Ontario because the requirements are simple and flexible.
You can file a proposal if you:
- owe more than you can realistically repay,
- have unsecured debt such as credit cards, bank loans, overdrafts, taxes, or student loans,
- need protection from interest, collections, or wage garnishments,
- have a steady income to support one affordable monthly payment,
- and want to avoid the long-term impact of bankruptcy.
If you’re wondering whether a proposal is right for you, just reach out give us a call — we’re happy to look at your situation and explain your options in plain language.
You can file a consumer proposal in Ontario at no additional cost to you!
There are no setup fees, no consultation charges, and no surprise costs. Everything is included in a single monthly payment, making a proposal one of the most affordable debt solutions available.
Why You Never Pay Out-of-Pocket
Your trustee reviews your budget and sets a payment that already includes:
- all administrative costs,
- the trustee’s government-regulated fees,
- and the amount going to your creditors.
You never pay extra, and you never pay out-of-pocket. We explain this fully when we break down the cost of a consumer proposal and how every fee is built into your plan.
Because the proposal freezes interest and reduces what you owe, most people find their monthly payment is far lower than what they were trying to pay before. This makes it easier to manage your finances while you work toward becoming debt-free.
