A consumer proposal vers a bankruptcy! I have had to file a CP two times in 23 years and each time it has beneficial. However my advice to you is to make sure you get a reputable agency set up and interview with a couple of agents and bring in all your questions and take down their answers. Compare your notes and make sure that there is consistence it what you have been told! There is no such thing as a stupid question just getting a stupid answer LOL! Make sure when you do find a good agency you ask all the right questions do some research on line! The internet is a vast place of useful knowledge.

When the consumer proposal was first introduced about 10 plus years ago it was to be the better option than filing a bankruptcy. The reason for a CP was so that you would be able to repay a portion of debt and only be in the agreement for about 3-5 years depending on the amount of debt you have. For example my debt was about $24,000.00 this was do to bad contractors I had doing some home renovations and in order to get the problems fixed I had to max out cards and borrow money. I filed a CP and it was approved for a max 5 year period and only having to pay 200.00 a month. Now the down side it trying to get your credit improved. They say that you can do this after you have completed your CP and been discharged. You can go to a bank and submit an application for a secured credit card. Which is you put say about 300 to 500 in guaranteed deposit which the bank holds. You than can make purchases and be sure to pay the minimum payment on the due date each month. This will improve your credit rating. However if your like me you have more questions and one of those questions I had was can I do the secured credit card during the time I am in the consumer proposal. This way when my  discharge has been filed, I have already been working on getting my good credit rating back. And I can start new from that date. Well I was advised I can not and I would have to wait until my discharge is completed and than I would have to wait 5 more years after the 5 years I have been in the consumer proposal! I was floored and discouraged. This would take me 10 years! Don’t buy into this statement that a trustee will give you. I have found that there are people out there that specialize in credit rebuilding speak to a credit counsellor or a mortgage broker like I did to find out all the available options. As the say goes “If there is a will there is away”! you just have to find the right person and or agencies. I hope what I have put down into this forum helps you out!