Find out how low your payments could be and how much you could save.
You Pay: $0 / You Save: $0
(0% Interest Rate)
(12% Interest Rate)
(19% Interest Rate)
Consumer Proposal: A debt relief program specifically designed for Canadians who can’t repay their debts in full. It offers a debt reduction of up to 80%, one affordable monthly payment on the remaining debt, and no interest or fees.
Debt Consolidation: A loan that combines all your existing debt into one payment, with a single interest rate, offering you a simple way to make your payments. However, none of your debt is reduced, the interest rate you’ll pay for a typical debt consolidation loan is usually very high and you will need to qualify.
Do nothing, keep paying: Consider this – with interest rates on the rise, your monthly charges and debt could keep rising over time, taking you longer to pay off your debt.
This calculator simply provides an estimate of the total savings you could receive with a Consumer Proposal and is for demonstration purposes only. Actual results may vary based on your unique financial situation. The interest rates are based on current industry averages and the monthly payment estimates are based on a five-year term.
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Don’t be defined by debt. Get the Truth.
The truth is you have options, and you don’t need to deal with debt all on your own. At Farber, we offer a government-backed way to reduce debt by up to 80% of what is owed and is affordable. We’ll make sure the next steps toward reducing your debt are straightforward, and judgement-free.
Ready to chat? Let’s get you back on the path to financial freedom today with a FREE consultation.
You’re not alone. Far from it.
Debt sometimes feels isolating, but almost 75% of Canadians have it.
At Farber, we’ll help you learn that not all debt is bad and set you up to enjoy a healthier relationship with your money.
years of experience
Consumer Choice Award
Debt doesn’t come with instructions. That’s where we come in.
A Consumer Proposal is a formal agreement between you and your creditors that is submitted on your behalf by us, a Licensed Insolvency Trustee. Consumer Proposals are a way for you to consolidate your debt into one payment, and greatly reduce the total amount you would need to repay. You keep your assets, and get out of debt quicker.
A Consumer Proposal consolidates almost all unsecured debt including:
- Credit card debt
- Department store cards
- Unsecured lines of credit
- Bank overdraft fees
- Tax debt (CRA)
- Student loan debt (if you have been out of school for 7+ years)
- Payday loans
- Personal debts to individuals
An unsecured debt is any debt that does not have any collateral or lien against an asset. Secured debts are things like mortgages and automobile loans.
While Consumer Proposals do have a negative effect on your credit, the effects aren’t permanent. If you are in the position where filing a Consumer Proposal makes financial sense, your credit may have already been impacted. At Farber, we help you build good credit for the long term.
Building back credit is easier with a Consumer Proposal. Without debt weighing you down, you’re able to really start saving and building credit for your future! Imagine the possibilities.
A Consumer Proposal and a consolidation loan may appear similar in nature given that they both combine all your debts into one payment, but there is a key difference.
A consolidation loan combines all of your small, individual debts into one big loan, often charging a premium interest rate which takes you further into debt.
A Consumer Proposal reduces your debt by up to 80% of what you owe while you have one monthly payment based on what you can actually afford, all interest-free.