Is a Debt Management Plan is better than A Consumer Proposal?

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 your debt management plan or consumer proposal 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.  Find out more about Debt Management Plans.