Consumer Proposal in Surrey
A Smarter Way to Settle Debt
Take Control of Your Finances With Reduced Monthly Payments and No More Creditor Pressure.
If you’re feeling the weight of debt and aren’t sure what to do next, you’re not alone—and there is help available right here in Surrey. Whether you’re struggling with credit cards, payday loans, tax debt, or other bills, a consumer proposal can give you a way forward that’s realistic, affordable, and doesn’t involve declaring bankruptcy.
At Crowe MacKay & Company, our Licensed Insolvency Trustees (LITs) take the time to understand your situation and create a bespoke debt relief plan. We’ll help you explore options like a consumer proposal—a proven way to reduce your debt without losing your assets or sense of control.
What Is a Consumer Proposal?
A consumer proposal is a formal agreement between you and your creditors allowing you to repay only a portion of what you owe—often 20% to 80% less than your original debt—with no interest, no extra fees, and legal protection from further collection efforts.
Filed through a Licensed Insolvency Trustee (us), consumer proposals are regulated under the Bankruptcy and Insolvency Act. They’re a popular bankruptcy alternative, and for good reason—they allow you to settle your debt on your terms, while keeping your home, car, and other belongings.
Why Choose a Consumer Proposal in Surrey?
Debt reduction
You only repay a portion of what you owe, based on what you can afford.
No interest or late fees
Payments are fixed—no compounding interest.
Stop collection calls
As soon as your proposal is filed, creditors must stop calling, garnishing your wages, or suing you.
Keep your assets
Unlike bankruptcy, you won’t lose your home, vehicle, or investments.
Flexible payments
Terms are based on your budget and often spread over 3 to 5 years.
Avoid bankruptcy
Offers a structured path to financial recovery without needing to declare bankruptcy.
Who Can File a Consumer Proposal?
To qualify for a consumer proposal in Surrey, you must:
- Owe between $1,000 and $250,000 in unsecured debt (excluding your mortgage)
- Be unable to repay your debts in full (insolvent), but still able to make monthly payments
- Not be in another active or failed consumer proposal
If you’re unsure whether you qualify or this is the right solution, our team offers free consultations to explain your options and help you make the best choice for your circumstances.
The Consumer Proposal Process
Book a Free Consultation
We start with a confidential conversation. One of our Surrey-based Licensed Insolvency Trustees will assess your financial situation and explain all the debt relief options available.
What Debts Are Included in a Consumer Proposal?
Consumer proposals help you consolidate and reduce unsecured debts, such as:
- Credit cards
- Lines of credit
- Payday loans
- Personal loans
- Tax debt (CRA)
- ICBC debt
- Student loans (if it’s been more than 7 years since you left school)
- Medical bills
- Overdue bills and collections
Serving More Than Just Surrey
We proudly help clients across the Lower Mainland and throughout BC. In addition to our Surrey office, we offer debt help in:
- Vancouver
- Burnaby
- Langley
- Richmond
- Delta
- Coquitlam
- Abbotsford
FAQ's
How long does it take to get approved?
Most proposals are approved within 45–60 days. Creditors have 45 days to respond; if the majority accept, it’s approved by the courts after 15 more days.
Will the CRA take my tax refund?
If you owe taxes, the CRA may keep your refund(s) for any period up till the date of the filing of the consumer proposal and apply it to your debt. Once your proposal is active, they must stop all collection actions.
How will a consumer proposal affect my credit and oortgage?
Credit Score
Filing a consumer proposal will result in an R7 credit rating, meaning you’ve made a formal repayment agreement. This stays on your credit report for three years after completion. While it does impact your credit, it’s far less damaging than bankruptcy, and you can begin rebuilding your credit even during the proposal.
Mortgage and Assets
A consumer proposal does not affect your existing mortgage as long as your payments are current. You can continue to own your home or renew your mortgage with your current lender. If you’re applying for a new mortgage during the proposal, approval may be more difficult, but not impossible.
Can I pay off my proposal early?
Yes. There are no penalties or interest for early repayment. If your financial situation improves, you can finish the proposal faster and rebuild your credit sooner.
What happens if I miss a payment?
If you miss three payments, the proposal can be annulled, and creditors can resume collections. That’s why you must set a realistic monthly amount you can maintain.
File a Consumer Proposal in Surrey Today
If you'd like to file a consumer proposal in Surrey, call (604) 591 6181, email [email protected], or fill in the form below.
Book a Free Consultation
Our licensed experts are here to answer all your questions about bankruptcy and consumer proposals. Whether you're an individual or a business, we’ll help you understand your options and guide you through every step of the process with care and confidence.