Consumer Proposal Calculator & Other Debt Options Calculator

Use our debt repayment and consumer proposal calculator to find out what your monthly payment would be with each of several different debt repayment options that may be available to you. This debt calculator will help you compare the options. See below for details of the various options, and more information on consumer proposal.

Using the Debt Repayment Calculator, you can find out how much it will cost to repay what you owe, per month, over a three year period. It further shows what you can expect in debt consolidation payments per month, over a three year period. It also takes into account credit counselling that will assume you pay back all your unsecured debt in full, at a 0% interest rate. Debt settlement assumes you can pay back 50% of your unsecured debt in full at 0% interest, and finally a consumer proposal assumes you’ll only pay back 35% of your unsecured debt.

These debts include all credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (except for student loans). It does not include mortgages and car payments (as they are secured debt).

When you enter your debt amount in the calculator, it quickly and easily produces a bar chart showing the monthly payments and tells you what is going to be the best for you.

Of course, the calculator is just a reference tool and can’t be used to get official quotes. The amount may be higher or lower and will depend on which creditors you owe, as some creditors have different requirements from others.

About Consumer Proposals

Consumer proposals deserve special mention here, as you will have noticed while using this debt repayment calculator that your potential monthly payment would be lower under the terms of a consumer proposal. A consumer proposal is a uniquely Canadian alternative to bankruptcy, which is always arranged by a government-certified Licensed Insolvency Trustee.

For more information about consumer proposals, including who can qualify, visit our webpage “Consumer Proposal Guide: What Is a Consumer Proposal?”