Consumer Proposals are:
- a government program
- to reduce & consolidate debt
- getting you out of debt
For example, suppose you owe $25,000. In a consumer proposal, a trustee contacts the card company to reduce your debt up to 70% or more.
The $25,000 in debt would go down to $7,500, payable at $125/month over 5 years or less without interest, penalties or fees.