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A Consolidation Loan vs a Consumer Proposal


Consolidation of all of your debt into one bank consolidation loan could be the right debt help option for you if you still have a good credit rating and significant assets to secure a loan, and want to consolidate all your debts into one monthly payment. But what happens if you do not qualify for a consolidation loan?

A Consumer Proposal also consolidates all your debts into one monthly payment, but unlike a consolidation loan, you pay back only the portion of your debt that you can afford and not what creditors are demanding. A Consumer Proposal offers significantly legal protection against creditor actions, and upon filing, all creditor legal actions are immediately stopped. Further, there are no interest charges and a good credit rating is not required, and a Consumer Proposal does not touch your assets.


If you have the ability to make a monthly payment toward a debt consolidation loan, you definitely have the ability to file a Consumer Proposal, eliminate your debt and start saving toward your retirement future within as little as 5 years or less! 

If you qualify and you still decide that a consolidation loan is the route you would like to go, although Bromwich+Smith doesn't offer these loans, we will recommend the names of companies that do offer this product in your area. There is no charge for this service.