Alternatives
Explore Your Debt Management Plan Options
This page brings together important information about debt management plans. A debt management plan (DMP) is a structured repayment program designed to help individuals regain control of their finances.
You can explore alternative solutions, such as debt settlement, debt consolidation, consumer proposals, and bankruptcy, to evaluate your options and find the best path forward. Whether you’re considering a debt management plan or other financial strategies, these resources will provide valuable insights to help you achieve financial stability.
Everything You Need to Know About Debt Management Plan Alternatives
| Topic | Description |
|---|---|
| Consumer Proposals | Consumer proposals allow you to repay a portion of your debt through a legally binding agreement, avoiding bankruptcy. |
| Debt Settlement | Debt settlement involves negotiating with creditors to pay a lump sum less than what you owe. |
| Debt Consolidation | Debt consolidation combines multiple debts into one loan to simplify payments, but it may not reduce the total amount owed. |
| Bankruptcy | Bankruptcy can eliminate most of your debts but has a serious impact on your credit score and future borrowing ability. |
Alternatives covered in this section for Debt Management Plans
