The answer is something we review with every client as part of the consultation process. To help you decide which debt solution may make more sense for you, I’m going to walk you through the types of questions and information we would address as part of an initial debt assessment.

The difference between debt management and bankruptcy

A debt management plan (DMP) is available through a credit counselling agency. The credit counsellor’s role is to review your budget and help you create a repayment plan to pay back your debt. They will arrange for you to make monthly payments to the credit counselling agency, instead of your creditors, until the debt is paid in full. A credit counsellor may be able to negotiate future interest reduction, but they cannot lower the principal amount you have to repay.

Bankruptcy is a legal process that wipes out almost all your debt, with some exceptions, so that you get a fresh start. Bankruptcies are filed through a Licensed Insolvency Trustee whose role is to explain your debt relief alternatives, including a debt management plan or consumer proposal. If you choose to file an insolvency proceeding, your LIT will administer the bankruptcy process.

In the middle of these two options is a consumer proposal. Like a debt management plan, a consumer proposal allows you to make payments over time (up to five years), but, like bankruptcy, a consumer proposal is a debt settlement option that can reduce the principal amount you have to repay.

Now that we understand the broad differences in how these debt relief alternatives work let’s review what facts from your situation could help you determine which option is best for you.

Can you afford to repay your debts in full?

It’s always better to pay off your debt in full if you can reasonably afford to do so. If you owe a small amount of debt and need help balancing your budget or structuring your payments, then a debt management plan is a good option.

If, however, you are barely keeping up with your minimum payments and are looking at years to repay your credit card debt, or are trapped in a payday loan cycle, then you may need more relief.

You must be insolvent to be eligible to file bankruptcy. You are insolvent when you cannot repay your debts as they come due.

If you need debt forgiveness, a bankruptcy or consumer proposal is better than a debt management plan.

In making this decision, you need to ensure you can maintain the monthly payment for the duration of the program. It is not uncommon for us to have someone contact our office after entering into a debt management plan, only to find out they can no longer afford the payments. The result is wasted time and money for the debtor.

Do you need creditor protection?

Filing bankruptcy provides a legal stay of proceedings, something a debt management plan can’t do. This legal stay means that your unsecured creditors are prohibited from pursuing you any further to collect.

The benefits of this automatic stay mean that:

• all collection calls stop
• wage garnishments stop
• court proceedings, lawsuits and legal actions cease as well.

A bankruptcy forces all unsecured creditors to stop collection activity. With a debt management plan, creditors can agree to stop calling and participate in the program, but that agreement is voluntary. A debt management plan can’t guarantee protection from legal action, but a bankruptcy can.

Do you have debts that can’t be included in a debt management plan?

A debt management plan is generally suited to credit card debts, unsecured bank loans and unpaid bills like outstanding utility accounts that have not yet been sold to a debt collector.

A debt management plan cannot deal with:

• tax debts
• student loan debt
• some payday lenders will not participate
• complicated legal debts

Bankruptcy can eliminate all unsecured debt with a few exceptions. Since the Bankruptcy & Insolvency Act is federal legislation, it does bind the federal government, which means that tax debts can be included. Canada (and provincial) student loans can be discharged by bankruptcy if you have been out of school for seven years.

Neither bankruptcy nor a debt management plan can eliminate your obligation to pay alimony or child support, legal fines or debts due to fraud.

Secured debts, like your mortgage or a car loan, are also excluded from both a bankruptcy and debt management program. Neither option can prevent a secured creditor from taking possession of assets used as collateral for a loan if you are behind on your payments.

Do you have too much debt for a debt management plan to work?

Theoretically, you can consolidate as much debt with a debt management plan as you can afford to repay.

Remember, a debt management plan requires that you repay 100% of what you owe, plus 10% in DMP fees.  The larger your debts, the higher your payment with a debt management plan.

The cost of bankruptcy is not based on how much you owe. Bankruptcy cost is based on how much you make and any non-exempt assets that must be sold to benefit your creditors. Bankruptcy is almost always less costly than a debt management plan, but the cost-benefit is even greater the more you owe.

Your credit score impact is not a deciding factor

Both a debt management plan and bankruptcy are reported to the credit bureaus. Both will hurt your credit report at the start. Bankruptcy is coded as an R9, which is considered worse than a debt management plan at an R7. However, a consumer proposal is also coded as an R7, the same as a debt management plan.

The credit impact of a debt management plan versus bankruptcy should not be a deciding factor.

When choosing between a bankruptcy and a DMP, financial facts are the most important criteria:

• Can you afford the payments?
• Do you need creditor protection?
• Will you be able to eliminate your debts through a DMP?

The key is to eliminate your debt so that you can rebuild.

Whether you should file bankruptcy to erase debt or enter into a debt management plan to repay debt is dependant on your unique situation. Informed decisions have the best outcomes. Book a free consultation with a Licensed Insolvency Trustee for debt advice to help you choose.

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Debt management plans and debt settlement are two of the most common debt solutions for Canadians struggling with debt. Both these options offer help when you are dealing with overwhelming debt, but they both come with advantages and disadvantages.

This guide compares the pros and cons of going for a debt management plan through a credit counsellor or with a debt settlement by working with a Licensed Insolvency Trustee.

Debt management plans

A debt management plan, also called DMP for short, is an assisted repayment plan intended mostly for credit card debt and overdue bills. You enroll in a debt management plan with a credit counselling agency. A credit counsellor will review your budget and set up a monthly payment schedule to help you catch up on payment arrears and repay all your debts.

A debt management plan is also called a debt consolidation plan, but it is not a debt consolidation loan. You do not get a new loan to pay off existing creditors. Instead, you make one single monthly payment to the credit counselling agency who distributes your payments to the creditors included in your program until your debt is paid off.

A credit counselling agency can help you negotiate to reduce interest charges, but they can’t settle your debt for less than you owe.

Debt settlement

Unlike in the case of debt management plans, opting for a debt settlement solution means that you won’t have to pay off all the money you owe, and your monthly payments are also likely to be much lower than in the case of a debt management plan.

Debt settlement is the route of choice for people who cannot afford to pay their debts in full. They need a company to negotiate on their behalf with creditors to pay less than they owe but what they can afford.

There are two main ways to get debt relief through debt settlement in Canada. You can go through a for-profit agency or opt for a consumer proposal.

In general, we recommend avoiding for-profit debt settlement companies. Their success rate is less than 10%, and a majority of their clients pay fees and leave before ever settling with creditors. Fees can run several thousands of dollars on top of any settlement agreement, and with such a high failure rate, for-profit agencies can leave you worse off financially than when you started.

A consumer proposal is a debt settlement program filed with a Licensed Insolvency Trustee. Most creditors prefer to settle debts through a consumer proposal. Proposals are an increasingly popular route for debtors to deal with debt and avoid bankruptcy.

Debt settlement through a Licensed Insolvency Trustee is typically a good option for consumers who have a sizeable amount of unsecured debt that isn’t backed by any collateral. Debt proposal settlements work for debts like credit card bills, payday loans, even government debts like taxes and student loans, but does not work for secured debts like your mortgage or car loan.

Essential similarities and differences

Both options allow you to avoid bankruptcy, but the outcomes are different.

Debt management plans are a suitable solution for consumers who can afford to repay their debts but need help organizing them in a single monthly payment. On the other hand, debt settlement is a solution designed to forgive or erase some of the debt because the debtor cannot pay back everything they owe.

A debt management plan is more costly. You are required to repay 100% of what you owe plus a 10% fee to the credit counselling agency. When you settle debts through a Licensed Insolvency Trustee, you pay a percentage of what you owe – usually as low as 35% of your total debt, but the actual amount depends on your financial situation. There are no additional fees when you work with a trustee.

Both deal with unsecured debt, although a Licensed Insolvency Trustee can settle a broader range of debts than can be dealt with through a debt management plan. If you owe money to a variety of creditors, a debt management plan is not a good option because DMP programs are voluntary; creditors can’t be forced to participate. Credit counselling agencies are not allowed to deal with the government on behalf of individuals, so if you owe a tax debt, you can’t rely on a DMP. Most payday loan companies won’t work with credit counselling agencies, and a debt management plan can’t deal with more complicated debts like Court-ordered judgments.

Both programs will leave a similar mark on your credit report.

Common advantages

Both a credit counsellor and Licensed Insolvency Trustee provide solutions when you can no longer pay back debt on your own. There are some common advantages to working with an accredited professional when looking for debt help:

• You make a single monthly payment, which is easier to manage
• Both can stop collection calls from creditors enrolled in the program
• Debts included in the plan will be gone when you finish the plan
• You get ongoing budget counselling and financial repair advice no matter which program you choose

Disadvantages of a debt management plan

There is no one-size-fits-all solution when choosing a way out of debt. A debt management plan will not work for everyone as there are some disadvantages of a DMP over debt settlement:

• Your debts will not be written off and must be repaid in full
• Creditors can’t be compelled to participate, and they may still contact you asking for immediate payment
• While you can pick and choose debts to include, it can still leave you with troublesome debts if you leave a creditor out or they won’t participate
• If you have a lot of debt, payments can still be expensive because you must pay back all your debts, plus a fee.

Drawbacks of debt settlement

While a consumer proposal allows you to repay your debts in less time and avoid bankruptcy, it’s not for everyone.

• You are required to include all unsecured debt in a consumer proposal; you can’t leave any creditors out.
• You will be required to surrender your credit cards, although you may be able to qualify for a new secured credit card shortly after starting the program.
• You must be insolvent to file. This means you can’t afford to repay your debts on your own or don’t have enough assets, like equity in your home, to refinance.

What happens to your credit report?

Both a debt management plan and consumer proposal are considered programs that help people who cannot repay their debts on their own. Both programs will affect your credit.

No matter which program you choose, a note will appear in the public records section of your credit report, and the debts included in your program will receive an R7 rating.

There are minor differences in how a consumer proposal and DMP affect your report, but generally, both are removed from your credit report 2-3 years from the date of completion or six years from the date of filing, whichever is first.

Working with a Licensed Insolvency Trustee

To submit a consumer proposal to your creditors, you need to contact a Licensed Insolvency Trustee and complete a legally binding process. The trustee will assess your financial situation and develop a proposal, which is essentially an offer to pay a percentage of your debts to your creditors.

No payments or fees are required until the proposal is filed with the government, and you receive full protection from the creditors. Once filed, your trustee can stop a wage garnishment and will notify your creditors so they stop calling you.

Consumer proposals have terms that cannot exceed five years. You make the payments through the trustee, who pays the creditors on your behalf. Unlike in the case of bankruptcy, you won’t have to surrender your assets, and you won’t be asked to report your monthly income and expenses.

There are advantages of settling debt through a Licensed Insolvency Trustee.

• Avoid bankruptcy
• Get relief from overwhelming debts
• Repay your debts in less time
• Get creditor protection

Bottom Line

Both debt management plans and debt settlement via a Licensed Insolvency Trustee can help you deal with debt.

If you have the necessary income to continue to pay your debts, a debt management plan might be the right option for you. However, if you’re looking for debt relief because you can’t pay back everything you own, talk with a Licensed Insolvency Trustee about how a consumer proposal can improve your financial situation.

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Should you consolidate your debt with a new loan or through a debt management plan with a credit counsellor?

And at what point are your debts too large for either of these consolidation options to be successful? When should you consider a consumer proposal or bankruptcy as a form of debt relief if your financial situation is more severe?

What is a debt management plan?

A debt management plan, or DMP, is a consolidation program arranged through a non-profit credit counselling agency where you make one manageable monthly payment to pay off certain unsecured debts. Your credit counsellor negotiates an agreement with your creditors to include your debts in the program and may also be able to arrange an interest reduction or interest freeze.

How does a debt management plan differ from a loan?

Credit counselling agencies do not lend money. A debt management plan may consolidate your payments, but it is not a new loan. Unlike with a debt consolidation loan, you are not transferring balances from one creditor to another when working with a credit counsellor to repay debt. You still owe each individual creditor while you are in the program.

There are advantages to consolidating your debt with a debt management plan over a consolidation loan:

• You do not need a good credit score to qualify
• You do not need any security to offer as collateral
• You will not need a cosigner
• A DMP can lower, and perhaps even eliminate, your interest costs, saving you money
• Your credit counsellor will negotiate directly with your creditors, so you don’t have to
• Credit counsellors provide additional advice and support on budgeting

While there is no interest rate with a DMP, an additional fee of approximately 10% of the debts consolidated in the program will be added to your monthly debt payments.

Since you are not paying existing debts off with the proceeds of a new loan, some creditors may decide not to participate in the repayment program, and this can leave you with some debts to pay outside the payment plan.

Debt management programs cannot include all types of debts. A DMP can be good for consolidating small credit card accounts, unsecured loans, and bill payments, however, if you need help repaying student debt, tax debt or secured debts like a car loan you will need to qualify for a large enough debt consolidation loan to deal with these larger debts.

Compare the risks of taking out a debt consolidation loan

A debt consolidation loan requires you to qualify for new credit. You are applying for a new loan to pay off existing debts, leaving you with one monthly payment to your new lender.

A debt consolidation loan will allow you to combine any type of credit if you can borrow enough to cover your current debts. There are, however, reasons why you may not want to consolidate student loans in Canada.

There are risks with unsecured debt consolidation loans compared to working with a credit counsellor to repay debts:

• You may not qualify for a low-interest loan, and bad credit loans can charge as high as 59%
• You risk losing your home or car if you use these assets to secure your consolidation loan
• You could be in debt longer if your monthly payments are too low
• You risk staying in debt if you build up balances on your credit cards again

What is the effect on your credit score?

Your credit score affects your ability to get new credit. If you are already having difficulty paying down debt, the best program for you is the one that improves your creditworthiness the fastest down the road once you get out of debt.

There are several credit score factors to consider with each alternative:

• A debt management plan will be reported on your credit report as a repayment program. This notice will remain as part of your credit history for a maximum of six years and can affect your ability to get new credit during this period.
• In contrast, a debt consolidation loan will appear as a new trade account on your credit report. As long as you don’t drive up your old credit card balances again, a debt consolidation loan can lower your credit utilization rate, which may help improve your credit score.
• Depending on the type of loan you use, a debt consolidation loan can also help improve your credit mix by converting revolving debt, like credit card debt, into an installment loan.
• Both programs can help bring past-due accounts current if you can afford the payment.

Debt consolidation vs debt management vs debt relief

There is a risk with both a debt management plan and a debt consolidation loan that you have too much debt for either approach to work.

With both alternatives, you must be able to afford to repay your debts in full plus any additional fees or interest. If you can’t afford to keep up with the payment terms under either option, then you risk further default, more hits to your credit score, and worst of all, you will be in debt longer.

An alternative may be to consider a consumer proposal. A consumer proposal can consolidate debt and provide debt relief. A consumer proposal is an interest-free debt settlement option that can improve your cash flow sufficiently to allow you to get out of debt sooner.

A consumer proposal has the same benefits of a debt management plan, yet your monthly payment is much lower. A consumer proposal has no worse an impact on your credit score, in fact, I would argue it is better because you pay less, allowing you to save more and rebuild your finances much fast.

A consumer proposal is not for everyone. You may be able to get a consolidation loan with a lower interest rate than your paying on your high-interest credit card debt today and save enough money to pay of your debts. You may benefit from working with a credit counsellor to deal with a few small outstanding accounts if you don’t have a good enough credit score to qualify for a new loan.

However, if you have a lot of debt, and neither option seems affordable, a Licensed Insolvency Trustee is the only debt professional accredited to explain the pros and cons of all debt consolidation options, including a debt management plan, debt consolidation loan and a consumer proposal. Contact a Licensed Insolvency Trustee for a free, no-obligation consultation.

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Debt management plan for small debts but voluntary

Depending on your income and your budget the options for debt relief will vary. Most people we see are looking for some form of consolidation with one monthly payment that works within their budget. The path to this outcome has two proactive options: that is a debt management plan or a consumer proposal.

If your total debt is owed to a small number of creditors and is a relatively small in dollar value, then a debt management plan from a credit counsellor may be a good path to choose. These are voluntary plans. Creditors choose whether they want to participate or not.  A debt management plan pools all your existing debts together with little or no interest charges. Usually a debt management plan runs for four years (take your debt and divide it by 48 months to get an estimate of your monthly payment). There are no additional fees or expenses for the service beyond your monthly debt management plan payment.

A debt management plan is a solution if you can afford to repay your debts, but just can’t afford the interest. This path is typically chosen if you can support repaying your debts and if your problem debts are generally no more than $10,000- $15,000 and consist of two or three credit cards. By making a deal with the one or two creditors you are having a problem paying, you can get these creditors to voluntarily stop any action they may be taking like sending your account to collections or garnishing your wages.

Consumer proposal deals with all debt and is binding

It is important to know however, that debt management plans are not legally binding contracts between you and your creditors. As noted earlier, they are entirely voluntary.  If a creditor won’t participate, and if you need creditor protection, it is usually a time to look at a consumer proposal as a better solution. A consumer proposal is also something to consider if your debts are higher than $10,000 and your monthly payment under a debt management plan may be too high for you to afford.

Where a debt management plan is filed with a credit counsellor, a consumer proposal can only be filed through a Licensed Insolvency Trustee. This is because a proposal is a legal remedy through the Bankruptcy & Insolvency Act. This is what provides you with creditor protection in the form of a stay of proceedings that can stop wage garnishments, legal actions and collection calls.

A consumer proposal is a debt settlement solution for dealing with debt you can’t repay in full. Instead, you repay a portion of your debt over what’s typically a maximum period of five years (or 60 months). You can always increase your payments and pay your proposal off faster, you just cannot extend payments past the date set in your proposal.

This remedy is called a consumer proposal because you – the consumer – make your creditors an offer that they may either accept, amend or reject. Once you sign the paperwork for your consumer proposal, your creditor protection begins. Then your creditors have 45 days to consider your offer. If your proposal is accepted by more than half of all votes (each creditor gets one vote for every dollar they’re owed) the deal is approved and all of your creditors are forced to accept it (even those who didn’t vote or voted no). The proposal, once accepted, becomes a legally binding contract between you and your creditors.

Takeaways

The key difference between a debt management plan and a consumer proposal:

• Consumer proposals are legally binding on your creditors, debt management plans are voluntary;
• Filing a consumer proposal can stop your wage garnishment or other creditor actions while debt management plans do not;
• Consumer proposals reduces the total amount of debt you repay while in a debt management plan you still must repay everything you owe;
• The monthly payment in a consumer proposal is typically much less than that in a debt management plan (try our calculator to compare what your payments might be)

Is it time to talk to the professionals? If you or someone you know is struggling with overwhelming debt, there are options. Contact us to talk to a Licensed Insolvency Trustee to find your best option to become debt-free.

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Eric’s Story

Eric (not his real name) honestly wanted to repay his debts. He went to see a credit counsellor and arranged a debt management plan to deal with roughly $30,000 in credit card debt and a line of credit. Through negotiation with his banks, the credit counsellor was able to solidify a five year repayment plan which would see Eric pay $575 a month or a total repayment over 60 months of $34,500 including fees to the credit counselling agency.  Eric thought this was a good deal because he received a break on interest costs and hoped to be debt free in 5 years. 

At first it was a success – it took a couple of months to get his creditors on board, but they did accept the deal.  For a year Eric was able to keep up with his payments.

However 5 years of living on a very tight budget is hard to maintain and after the first year Eric started to feel the lack of flexibility of this type of budget.  Living expenses inevitably rose and neither his raise nor overtime pay was enough to compensate for the extra outflow.  He had a few emergency expenses that were not accounted for in his budget.  He tried to cut back on even more spending, but despite his best efforts, his $575 debt management plan payment was just too high.

If you start to fall behind in a debt management plan, your credit counsellor will try and help you keep it going, but the creditors, the banks, won’t wait forever. Since a debt management plan is voluntarily, once payments stop, all deals are off.

A Better Solution

After struggling for a year, Eric contacted us. Eric and I met, reviewed his assets, his income and family size, and who he owed the money to.  Based on my experience, I felt his creditors would likely accept a consumer proposal at payments of about $250 per month for 60 months – less than half of what he was paying into his debt management plan, and much easier on his budget.  This amount would include all fees, and once he successfully pays the proposal, the balance of the unsecured debt will be waived.

What surprised Eric was three facts he hadn’t considered when he signed up for his debt management plan:

1. In most cases, a consumer proposal is cheaper than a debt management plan. His payments in a consumer proposal would be half of what they were in his debt management plan for the extinguishment of the exact same debts;
2. He was still able to keep his home and protect the equity he had accumulated; and
3. The impact on his credit report of both a debt management plan and consumer proposal would be similar since both would remain on his credit report for a period of time after he completed his payments – 2 to 3 years in the case of a debt management plan depending on the credit bureau and 3 years for a consumer proposal.

In fact, Eric was now a little disappointed he hadn’t gone the consumer proposal route first since he had been making higher debt management plan payments for a year and he felt he had wasted an extra year now in which he credit report would state that he was in a repayment plan that didn’t work.

If you are considering making a deal with your creditors, you owe it to yourself to compare the cost of a debt management plan with a consumer proposal. Try our debt options calculator to see what your payments might look like then contact us for a free consultation. We’ll crunch some numbers based on your particular income, assets and debts and let you know how much you might have to repay under each solution.

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Dealing with your debts through credit counselling can make sense if:

• you do not owe a lot of money to your creditors,
• you have only one or two debts that you need help with
• you have fallen behind on your payments, but feel you are able pay them in full now.

How Credit Counselling Works

A credit counsellor will contact your creditors and help arrange a debt management plan that allows you to repay your debts in full over a period of time. This arrangement is voluntary and is not legally binding on you or your creditors.

A credit counsellor is not able to settle your debts for less than the full amount owing, but is often able to negotiate a lower interest rate during your repayment period. A debt management plan will not work if you have a tax debt with Revenue Canada. A debt management plan will be reported to the credit bureau and will reflect negatively on your credit record.

For an updated look at how credit counselling works today, see our podcast Are Credit Counselling Agencies Just Debt Collectors?

Finding a Reputable Credit Counsellor

If you feel that you have the ability to repay your debts in full but need help dealing with your creditors then your next step should be to contact a credit counsellor. Finding a reputable credit counsellor is not always easy. If you do an internet search for credit counselors in your area, you will likely get hundreds of hits. Word of mouth or a referral is a good way to find someone. We have a list of local, reputable credit counsellors that we have dealt with personally, and can refer you to.

When looking for a credit counselor, there are a few things to keep in mind. First of all, how much will you pay in fees? Is there an up front consultation fee? Annual or monthly “membership” fee? Monthly service fee? When you call to make your first appointment be sure to ask if there is a consultation fee.

Also, it is not a good idea to start making debt management payments until your credit counsellor has confirmation from each of your creditors that they are willing to participate in the program and exactly how much they agree to accept each month. I often meet with people that have entered into a debt management plan and after making several monthly payments, their credit counsellor contacts them to tell them that their monthly payment will need to be increased. This happens because one or more of your creditors did not accept the amount that the counsellor offered them initially and will only agree to your debt management plan if you increase your monthly payment. Beware of debt consultant scams where the debt consultant takes your money, but doesn’t actually do anything.

Can You Afford The Payments?

Is credit counselling a solution? Say you owe $15,000 to your creditors. If you decided to pay down this debt on your own over three years, you could expect payments of approximately $680 a month. If a credit counsellor could get all of your creditors to agree to stop interest and allow you to repay this debt over three years, you could expect to pay approximately $420 a month. This is a good solution if you can afford the $420 a month for 3 years. Unfortunately a lot of people I meet with are unable to maintain their debt management payments because their living expenses are higher than they thought or because their income fell during the 3 year timeframe.

Consider a Consumer Proposal as an Option

A debt management plan is a good solution if you can afford to pay all of your debts in full, but just need a break on the interest. If you can’t repay the debt in full, an alternative and better option may be a consumer proposal.

A consumer proposal is a settlement of your debts and is legally binding on all your creditors, including Revenue Canada. A consumer proposal ensures that all of your creditors are treated fairly; one creditor does not have the ability to demand a higher payment than your other creditors. A consumer proposal can only be filed by a licensed insolvency trustee; a credit counsellor cannot file it for you. The payments in a proposal on that same $15,000 of debt would be significantly less than a debt management plan, possibly as low as $200 a month for 36 months.

Understanding your options will help you pick the solution that works best for you. Everybody’s situation is different. Contact us for a free, no-obligation consultation. Let us help you find debt relief.

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