Consumer Proposal Definition: A consumer proposal is an arrangement that allows a debtor to settle their debts through a licensed credit counselor or insolvency trustee so that you may be able to pay back less than the total amount owing, provided you pay the negotiated amount in full.
In some cases, this proposal is appealing to borrowers, as it allows them to clear their debt at a 20% to 30% discount. While there may be an initial impact on a borrower’s credit rating, it can eventually improve when the debt is cleared and with future improvements in money and debt management.
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