Consumer Proposal Calculator​

Consumer Proposal Calculator

Welcome to our new consumer proposal calculator. This is a tool that will help to demonstrate the cost savings of filing a consumer proposal. A consumer proposal is a settlement offer to your creditors. 

Our consumer proposal calculator lets you see just how much you can save with a consumer proposal in Winnipeg versus other debt repayment options. These numbers are estimates, but show you roughly how much you can expect to save when filing a consumer proposal in order to repay your debts.

Note: The illustrated savings and interest rates are based on averages and individual situations can differ depending on personal circumstances.  Please see Caplan Debt Solutions for a free consultation to review your individual situation.

Enter Your Total Unsecured Debt

Calculate

Options
To Eliminate Your Debt
Monthly Payment (approximate)
Over 5 Years
Total Cost
Over 5 Years
Total Savings
Over 5 Years
Consumer Proposal
Pay Less than Principal Debt Amount

N/AN/A
Credit Counselling
No Principal Reduction, Administrative Fee

$8.33

$500.00$0.00
Debt Consolidation
Added Interest Costs

$11.12

$667.33$-167.33
Repay Debt on Your Own
Added Interest Costs

$12.70

$761.80$-261.80

If your debts are less than $6,000, a consumer proposal is likely not the best option for you. If you cannot repay your debts on your own, contact a trustee to talk about your options.

Options To Eliminate Your Debt
Consumer Proposal
Pay Less than Principal Debt Amount
Monthly Payments

N/A

Total Cost Over 5 Years: N/A
Total Savings In 5 Years: N/A
Credit Counselling
No Principal Reduction, Administrative Fee
Monthly Payments

$8.33

Total Cost Over 5 Years: $500.00
Total Savings In 5 Years: $0.00
Debt Consolidation
Added Interest Costs
Monthly Payments

$11.12

Total Cost Over 5 Years: $667.33
Total Savings In 5 Years: $-167.33
Repay Debt on Your Own
Added Interest Costs
Monthly Payments

$12.70

Total Cost Over 5 Years: $761.80
Total Savings In 5 Years: $-261.80

Understanding Your Options

We know that consumer proposals are not the only tool available to settle debts when you become over extended but we firmly believe that they are an excellent tool for dealing with an out of control debt load. 

You do have other options as shown with the calculator.  Let’s explore the pros and cons of each.

Pros:

  • There are no fees on top of the proposal payments
  • Debts can be settled for a fraction of the balance owing
  • Proposals are filed by Licensed Insolvency Trustees who are federally regulated and highly trained insolvency professionals
  • Creditors cannot continue collection activities once a Consumer Proposal is filed
  • An accepted proposal is legally binding on all unsecured creditors (even those not willing to compromise)
  • Assets are protected in a Consumer Proposal

Cons:

  • A Consumer Proposal will initially impact your credit rating the same way a bankruptcy does
  • It will be difficult if not impossible to get a new mortgage while going through a Consumer Proposal

Cons: 

  • Your credit rating will still be severely impaired
  • You still have to pay 100% of your outstanding debt
  • You have to pay fees to the credit counsellor (both monthly payments for administration and a fee as a percentage of your debt)
  • Fees are not regulated
  • Credit Counsellors are not regulated
  • There is no legislation that will bind creditors to accept the offer from the Credit Counsellor based on whether or not other creditors accept the offer
  • There is no mechanism to stop creditors from taking any action against you once the offer is sent out by the credit counsellor

Pros:

  • You can avoid having a formal insolvency on your credit report
  • Fees can be lower than the tariff fee charges set out in the Bankruptcy and Insolvency Act

Cons:

  • You need to find a source of funds to allow you to consolidate your debts
  • There will be interest charges associated with the loan you get to consolidate
  • You have to pay 100% of your debt
  • Once you pay all of your creditors, you will still need to repay your consolidation loan

Pros:

  • You can avoid having a formal insolvency on your credit report
  • There are no additional fees in doing a consolidation

Settling the Debts on Your Own

Cons:

  • You need to pay 100% of the debts
  • You need to deal with each and every one of your creditors and make individual deals
  • You have no protection from collection activities
  • The ultimate cost will be very high due to interest charges from creditors

Pros:

  • You can avoid having a formal insolvency on your credit report
  • There are no additional fees when you pay debts on your own

Managing Your Debt

Dealing with unsecured debt (including credit card debt, car payments, and more) can be a difficult situation. But you have a wealth of debt relief options available to you so you can build a feasible debt management plan. 

As can be seen from the lists above there is little downside to filing a Consumer Proposal and a great upside. If you’d like to learn more about Consumer Proposals contact Caplan Debt Solutions to answer all your questions and help you through the process.

Frequently Asked Questions (FAQ) - Consumer Proposal Calculator

A tool used to estimate the cost of a consumer proposal. It helps individuals determine the monthly payments and the total amount they might repay under a consumer proposal.

A Consumer Proposal Calculator simply requires the input of your total unsecured debt; you’ll then have access to an accurate estimate of monthly payments you’ll be expected to make, and how much you’re likely to save with a consumer proposal.

Yes. But that does not mean they are exact – in order to get a more detailed estimate, reach out to a licensed insolvency trustee.

Yes, many Consumer Proposal Calculators are available for free, including ours.

A Consumer Proposal Calculator can provide insight into whether a consumer proposal is a viable debt relief option for you. It allows you to compare potential monthly payments with your budget and other alternatives.

There’s no risk or obligation when using the tool – it simply gives you an estimate.