Debt Management Plans vs. Consumer Proposals
Filing a debt management plan and filing a consumer proposal both result in the same “R7 credit rating” which will remain on your credit report for 3 years after either is paid in full.
The major disadvantages of filing a debt management plan are that it is an informal process, creditors are not required to participate or stop charging interest, it can’t stop wage garnishments and you will have to pay back 100% of what you owe.
Learn more about Debt Management Plans and if they are right for you.
