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DEBT CONSOLIDATION OR CONSUMER PROPOSAL: WHICH OPTION TO CHOOSE?

Do you want to reduce your debts and are you thinking about debt consolidation? Have you considered the consumer proposal? This is an excellent alternative to debt consolidation. This solution can provide you with several financial advantages, in addition to helping you free yourself from your problems of over-indebtedness.

6 offices | + 15 years of experience | Many satisfied customers

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Has a licensed insolvency trustee from the Office of the Superintendent of Bankruptcy of Canada, Poupart Syndic is able to guide you throughout your process and advise you on the best option available to you. Our company is a member of the Quebec and Canadian associations of insolvency professionals, which guarantees you professional and rigorous services. to guide you throughout your process and advise you on the best option available to you. Our company is a member of the Quebec and Canadian associations of insolvency professionals, which guarantees you professional and rigorous services.

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What are the similarities and differences between a debt consolidation and a consumer proposal?

If you are over-indebted, you have probably heard that debt consolidation can help you reduce your monthly payments. This is the case. However, in some cases you may not be able to use such an option for various reasons. If you cannot apply for a consolidation loan from your financial institution, another option is available to you to help you get rid of your debts: the consumer proposal.

Let's see in more detail what the differences and similarities between these two solutions are.

  • First of all, the consumer proposal allows you to consolidate all your debts in one place and make one affordable payment per month without interest. Debt consolidation also allows you to consolidate your debts, but you will have to pay interest (sometimes high) on the loan.
  • The consumer proposal allows you to reduce the total amount of your debts. Consolidation forces you to pay all of your debts, plus interest.
  • Both options allow you to keep all your belongings.
  • The consumer proposal is for a maximum of five years. It is possible to shorten this period to less than three years. Debt consolidation gives you less flexibility when it comes to payments.
  • The proposal protects you from the claims of all your creditors, while debt consolidation only protects you from the creditors who are included in the loan.

Licensed Insolvency Trustee
in the greater Quebec region

We are your partner to help you find new
a balance in your personal finances.

01 As a Licensed Insolvency Trustee, we are government-licensed professionals.

02 Our mission is to allow you to see your current financial situation more clearly and accompany you throughout the process that will allow you to free yourself from the weight of your debts.

03 Declaring bankruptcy is not your only solution. We will take the time to take a close look at your situation and present the various possible solutions for you.

We will work with you to restore your
Personal Finances

SUPPORT

We will listen to you carefully and without judgment when you tell us the details of your debt problems.

CARING

Our experienced advisors will be able to offer you a solution adapted to your situation that will help you even more.

COMPASSION

We will support you so that you can say goodbye to your debts once and for all and start fresh.

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