Consumer Proposal Calculator
Compare Your Debt Repayment Options in Nova Scotia
COMPARE YOUR MONTHLY PAYMENTS: 4 DEBT REPAYMENT OPTIONS
When debt becomes overwhelming, understanding your repayment options can feel overwhelming too. Our Consumer Proposal Calculator and Debt Repayment Calculator can help you compare different ways to deal with debt and estimate what your monthly payments might look like.
Whether you are considering a consumer proposal, credit counselling, a consolidation loan, or simply continuing to repay your debts on your own, this calculator can provide a helpful starting point.
Please note: The results provided are estimates only and are for illustration purposes. Your income, assets, and individual circumstances can affect the options available to you and the amount you may ultimately repay. Speaking with a Licensed Insolvency Trustee is the best way to understand your options and determine which solution is right for you.
Consumer Proposal Calculator: Compare Your Options
How Much Could a Consumer Proposal Save You?
Enter Your Total
Unsecured Debt
Over 5 Years
Compare Your 5 Debt Relief Options
1. Consumer Proposal
A consumer proposal is a government-regulated debt solution that can significantly reduce the amount you are required to repay. Interest stops, and you make one affordable monthly payment based on your individual circumstances.
2. Credit Counselling
Credit counselling programs typically reduce your interest to 0%, allowing you to repay your debts through one monthly payment. However, you are generally required to repay 100% of the debt.
3. Consolidation Loan
A consolidation loan combines several debts into one new loan with a single monthly payment. Approval depends on factors such as your credit history, income, and the lender’s requirements.
4. Repaying Your Debts on Your Own
This option assumes you continue making payments on your existing debts. For illustration purposes, the calculator uses an average interest rate of 18%, which is common for many credit cards and unsecured debts.
5. Bankruptcy
Personal bankruptcy is a legal debt relief option administered by a Licensed Insolvency Trustee. It eliminates most unsecured debts and can provide a fresh financial start. The cost of bankruptcy varies depending on factors such as your income, family size, and assets. For illustration purposes, you can refer to our bankruptcy calculator.
Need More Accurate Numbers?
Every financial situation is unique. A free, confidential consultation with a Licensed Insolvency Trustee can help you understand all of your options and provide a more accurate estimate based on your specific circumstances.
Contact Golding & Associates today to take the first step toward becoming debt-free.
