How do you file a consumer proposal in Ontario? The process starts by calling our office or booking a meeting with a Licensed Insolvency Trustee. During the meeting, the trustee will explain how a consumer proposal works and answer any questions you may have.

If you decide to proceed, you simply provide information about your debts, income, and expenses. The trustee then prepares and files all of the required paperwork on your behalf. In most cases, the trustee handles the entire process for you, making it as simple and stress-free as possible.

If you’d like to start today, call us at 905-721-7506, Let’s just have a talk first.

Filing a consumer proposal in Ontario is easier than most people think.

When you know the steps, this formal debt settlement feels clear and manageable. Below is a simple guide that shows what happens, who is involved, and how our trustees can protect you from creditors while you geting you financially back on track.

A trustee-administered proposal starts with a private meeting with one of our Licensed Insolvency Trustee (LIT).

In this meeting, our trustee will explain who qualifies, what debts you can include in your proposal, the advantages and disadvantages.  We’ll review your income, debts, monthly bills, and goals. As trustees we’ll explains how a debt relief proposal would work, how we can get you out of debt and improve your finances.

Most people are relieved to learn that a proposal to creditors stops collection calls, freezes interest, and halt wage garnishments very quickly after filing.

During this time our goal is to explain to your options, how the proposal will work and answer any questions you have.

Next, you and the trustee look at your budget, what can you realistically afford when filing a proposal?

Together you review your take-home pay, rent or mortgage, groceries, utilities, and other living costs. In a consumer proposal the goal is to find a payment that is fair to your creditors and affordable for you.

From this budget, the trustee recommends a monthly payment that fits your situation. With a consumer proposal, you keep your home, car, RRSPs, and personal belongings while reducing what you owe. You make one simple payment each month instead of juggling many bills and due dates.

★★★★★ When I lost my job we had to use our credit cards. On the advice of a friend I called YanchDey. They got me on a Consumer Proposal, we saved over 22 thousand dollars, we’re very grateful. The plan we did will make us completely debt free in 4 years. Rocco Scipanos

When you agree on a plan, the trustee prepares and files all the legal documents These forms summarize your offer to your creditors and how much they will receive over time.

Once the documents are signed and filed, a legal “stay of proceedings” takes effect. This stay gives you powerful protection.

Creditors must stop:

• calling you or sending collection letters
• adding new interest on the debts included in the proposal
• garnishing your wages
• starting or continuing lawsuits or other collection actions

Once the proposal is filed with the stay of proceedings, you no longer have to speak or deal with creditors, the trustee does all this for you.

After your proposal is filed, your creditors have 45 days to review and vote on it.

They can accept the proposal, ask questions through your trustee, or request minor changes.

In many cases, creditors accept the proposal because they receive more through a consumer proposal than they would in a bankruptcy. If any questions come up, our trustee handles all communication and keeps you updated. We do everything for you.

Once the proposal is filed, you begin making your monthly payments to the trustee, no one else.

These payments are usually spread over three to five years, depending on your situation and what was agreed with your creditors.

The payment amount stays the same, and no interest or late penalties are added. This makes it much easier to plan and stick to your budget. If your situation improves, you can also choose to pay off the proposal early without penalties.

Every consumer proposal includes two financial counselling sessions. These are short, friendly meetings designed to help you build stronger money habits for the future.

In these sessions, you learn practical tips on budgeting, using credit wisely, and planning for emergencies. Many people find these helpful because they give you tools to avoid falling back into the same problems later on.

★★★★★ As interest rates rose so did our mortgage and bills.  We were slowly sinking more and more into debt.  When it hit 30,000 we had to do something. YanchDey were local so I gave them a call.  Best thing I did in years.  Our debt was slashed down to 7k with a monthly payment of $120/month! Thank You YanchDey. Mike Paczek, Pickering

When you make your last payment, the trustee issues a Certificate of Full Performance.

This certificate confirms that you have completed your consumer proposal and that all debts included in the proposal are legally settled.

Your credit report is updated to show that the proposal is finished. From there, you can focus on rebuilding your credit and moving forward with a fresh start.

Insolvency Trustee – Kelly Dey

If you’re feeling weighed down by money or debt issues, give me a call at 905-721-7506 and lets just have conversation.

Pauline Vorvis

3 days ago

★★★★★ We had 23,000 in credit card debt that I was never going to pay off. My new loan is now $7,000 and pay $195 over three years. Thank you so much.

Randy Singh

7 days ago

★★★★★ My husband’s paycheck was garnisheed, we owed 36,000. The consumer proposal, stopped the garnishment, and reduced our debt to 10,000. So thankful we called.

Debbie Theriault

2 weeks ago

★★★★★ I needed to get out of debt. I still had student-loans after 10 years and was sick of borrowing money.  I thought I’d have to file for bankruptcy, but they explained how they could get me out of debt and save thousands. My life has changed, I can sleep and have control of my finances. With the consumer proposal I’m debt free, I even appreciated the debt counselling. No consumer credit and struggling with debt for me. God bless!

Christien Egistone

4 weeks ago

★★★★★ Thank you, I will have me out of debt in 3 years and save 15k, I’ll never have credit card debt like that again, I appreciate your help and will refer and recommend you to friends.

Danny Demers

1 month ago

★★★★★ I was very pleased the way they handled my creditors. I ended up paying a fraction of what I owed on my debt.

Rise Above Your Debt!

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