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See if you qualify
See if you qualify
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Debt consolidation

Simplify your debt

Debt consolidation combines multiple debts into one easy monthly payment. It can be a great way to take keep your finances organized and makes repaying your debt more manageable.

You can consolidate your debt in two ways

With a consolidation loan:

Offered by a lender, such as your bank, this option combines all your debts into one loan with a fixed interest rate and a single monthly payment.

With a consumer proposal:

All of your unsecured debt is consolidated into one payment while reducing the total debt you owe, with 0% interest and no fees.

See how these options compare over time with our debt repayment calculator.

Debt repayment calculator
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Considering a consolidation loan?

Although consolidation loans are a popular way to manage debt, here’s what you should know before applying for one:

  • It can be a good option if you have good credit and can comfortably make the monthly payments set by the lender
  • If your credit isn’t strong, you may not be approved, or you may be offered a high-interest loan, which can lead to more debt
  • Your debt isn’t reduced; you still repay 100% of what you owe
  • Additional fees and interest are included in the loan
  • You may need assets, like a home or vehicle, to qualify
  • You’re not legally protected from creditor action, including collection efforts or wage garnishment

Consumer Proposals

Built for you. Better for you.

Bromwich+Smith offers a consumer proposal as a powerful, government-regulated alternative to a consolidation loan.

While both options consolidate your debt into a single monthly payment, a consumer proposal is built around your unique situation, and a consolidation loan is based on what works best for the lender.

When you work with a Licensed Insolvency Trustee like Bromwich+Smith, we create a tailored plan that fits your needs and lets you start rebuilding your financial future.

  • Your total debt may be reduced by up to 80%
  • One manageable monthly payment tailored to what you can afford
  • A good credit rating is not required
  • 0% interest, with no hidden fees
  • You keep your assets
  • You’re legally protected from creditors; collection calls and wage garnishment stops
  • A government-regulated Licensed Insolvency Trustee will negotiate with your creditors on your behalf so you can focus on moving forward

When a consumer proposal might be the better choice

You’re struggling to pay down your debt

By being able to reduce the total debt you owe, avoid additional fees and more debt that comes from interest, you can actually get back on track financially.

If debt has impacted your credit

Your credit score does not impact your ability to qualify for a consumer proposal, and you can start to rebuild your credit during your proposal.

See if you qualify Learn more about consumer proposals

You deserve clarity

Not sure if a consolidation loan is the right choice? You have options.

Our debt relief specialists can walk you through all of your options including if a consumer proposal is the better solution for you.

Book a free consultation Debt repayment calculator

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Managing debt can be difficult, but we’re here to help. Our debt relief specialists can show you your options and help you choose the best plan for you.

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