Are you finding it difficult to repay your loans? In Canada, there are several different forms of debt relief you can choose, including consumer proposals, debt settlement and debt consolidation. Consumer proposals can be effective in managing such situations as they reduce the total amount owed by up to 70-85 per cent. They have a lesser effect on your credit than bankruptcy.
Most of the creditors usually agree to a consumer proposal as they will lose more if the debtor takes the next step and goes into bankruptcy. If majority of the creditors approve a consumer proposal, then the ones who voted against it are required by law to honour the terms of the proposal.