Debt Help For Retirees & Seniors on Fixed Incomes
Keep your home and retirement secure while finding real relief from debt.
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For Canadians Who’ve Worked Too Hard to Risk Losing It All
You’ve built a life, raised a family, worked for decades, and now rising costs, unexpected expenses, or fixed incomes are threatening your sense of security. Whether you’re widowed, divorced, or navigating retirement on your own, you’re not alone.
At Spergel, we understand the weight of that worry. That’s why we offer debt solutions built specifically for seniors and retirees. We’ll guide you through your options clearly, respectfully, and always with your dignity in mind.
How We Can Help
Debt relief options designed for your stage of life — with no pressure, no judgment, and no loss of control.
See What You Could Save With a Consumer Proposal
Use our free Debt Repayment Calculator to estimate how much your monthly payments could be reduced. It’s quick, confidential, and there’s no obligation.
Reach Out — We’re Here to Help
You don’t need to figure it all out alone. Many seniors wait until the stress is unbearable before asking for help. The truth? The earlier you reach out, the more options you’ll have. Let’s explore them together.
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Book a Specific Date/Time
Call Us During Business Hours
When you call, you will be connected with one of our Licensed Insolvency Trustees (LITs) during our regular business hours.
Toll Free: 1-877-557-7367
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
You can also reach us at one of our office locations phone numbers. See our list below on this page.
Mobile Text Us During Business Hours
From your phone, you will be connected with one of our Licensed Insolvency Trustees (LITs) during our regular business hours.
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
Not during office hours? Use our Chat on this page 24/7 and get connected for answers and live chat later.
Email Us
Sometimes a simple email is the way to get things rolling.
Expect a reply from us during our business hours:
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
Click the button below to reach or use our email address:
hello@spergel.ca
Let’s Find What Works for You
Busy Schedule? Book a Date/Time:
Prefer to Call? Reach Us Here (Toll Free):
A Consumer Proposal: Protecting Your Future
A consumer proposal is more than a payment plan; it’s a lifeline. It stops interest, collection calls, and legal actions. You keep your home, your car, and your RRSPs, while paying back only a portion of what you owe.
It’s government-regulated, legally binding, and tailored to what you can afford. And at Spergel, we handle it all on your behalf.
quick facts
How Debt Relief Works for Seniors:
You Don’t Need to Be Broke to Qualify
Many seniors believe they have to hit rock bottom to get help. The truth is, if your debt feels unmanageable — even if you’re staying current on payments — you may still qualify for a consumer proposal or other debt relief options.
Your Pension and RRSPs Are Protected
Government pensions (CPP, OAS, GIS) are protected from most creditors, and your RRSPs are also safe, except for contributions made in the last 12 months. You won’t lose your savings when you file a consumer proposal or bankruptcy.
A Licensed Insolvency Trustee Takes Care of the Process
You won’t have to negotiate with creditors or figure things out alone. Your LIT handles all the paperwork, stops collection calls, and puts a legal freeze on interest and payments, so you can focus on moving forward.
Take Back Control — Without Risking What Matters Most
No pressure. No judgment. Just clear, compassionate guidance to help you understand your options and protect your retirement peace of mind.
FAQ
Common Questions About Debt for Seniors and Retirees
Do I have to be bankrupt to get help?
No. Consumer proposals are a legal alternative to bankruptcy, and are often a better fit for retirees who want to protect their home and savings.
Will I lose my pension or RRSPs?
No. Pension income is never touched. RRSPs are protected, except for the last 12 months of contributions, which we’ll help you review.
What if I own my home but have debt?
You can still qualify for a Consumer Proposal or Bankruptcy. Owning a home doesn’t disqualify you from getting help. In many cases, you may even be able to keep your home while reducing or eliminating your debt. A Licensed Insolvency Trustee will walk you through all your options.
Is this private?
Yes. We never share your information. Your consultation and any decisions you make are 100% confidential.
How fast can this stop collection calls?
Immediately after filing a consumer proposal or bankruptcy, all legal actions, including wage garnishments and collector calls, must stop by law.
Real Life Success Story
Learn How Mrs. S Tackled Her High Interest Loan.
*Based on a real client. For privacy, some details have been altered.
From Survival to Stability: Our Budgeting Ebook
This ebook walks you through the essentials:
- How to create a realistic budget and make every dollar count
- Strategies to save money on daily expenses like groceries and utilities
- Steps to build an emergency fund, even on a fixed income
It’s a straightforward guide to help you protect your retirement.
Comparing Popular Debt Solutions
Consumer Proposal vs Debt Consolidation
| Feature Comparison | Consumer Proposal | Debt Consolidation |
|---|---|---|
 Who It’s For | For those with serious debt they can’t repay fully | For those with good credit needing payment relief |
 How It Works | Legally reduces the total amount you owe | Combines multiple debts into one new loan |
 Interest | No interest is charged on the remaining debt | Interest still applies, though it may be lower than your current rates |
 Credit Score Needed | No credit check required to qualify | Requires good credit to get approved |
 Impact on Credit Score | Shows as an R7 rating during the term of the proposal | May lower your score if payments are missed |
 Legal Protection | Provides legal protection from creditors; stops collection calls and wage garnishments | No legal protection from creditors |
 Handled By | Licensed Insolvency Trustee (LIT) | Bank or private lender |
 Repayment Terms | Fixed monthly payments based on what you can afford | Terms depend on loan approval and interest rate |
Who It’s For
Consumer Proposal
For those with serious debt they can’t repay fully
Debt Consolidation
For those with good credit needing payment relief
How It Works
Consumer Proposal
Legally reduces the total amount you owe
Debt Consolidation
Combines multiple debts into one new loan
Interest
Debt Consolidation
Interest still applies, though it may be lower than your current rates
Credit Score Needed
Consumer Proposal
No credit check required to qualify
Debt Consolidation
Requires good credit to get approved
Impact on Credit Score
Consumer Proposal
Shows as an R7 rating during the term of the proposal
Debt Consolidation
May lower your score if payments are missed
Legal Protection
Consumer Proposal
Provides legal protection from creditors; stops collection calls and wage garnishments
Debt Consolidation
No legal protection from creditors
Handled By
Consumer Proposal
Not public, but does appear on credit report
Debt Consolidation
Bankruptcy is public record
Repayment Terms
Consumer Proposal
Fixed monthly payments based on what you can afford
Debt Consolidation
Terms depend on loan approval and interest rate
Let’s Find Your Best Option, Together
Our expert team of LITs are ready to work with you to find a debt solution that fits.
Mental Health Study
Did you know: debt isn’t just a financial issue, it’s a mental health one too.
A recent study by Spergel found that 41% of people didn’t tell anyone about their debt before seeking help — not even friends or family. For many older adults, this isolation is compounded by living alone or being far from support networks, and the weight of debt can deepen that loneliness.
Does the Stress of Debt Loom Over Your Retirement and Mental Wellbeing?
Our Research Findings:
Social Isolation
30% of people said they stopped seeing loved ones or withdrew socially due to debt-related stress
Real Canadians. Real Results. Real Reviews.
Read the honest stories of debt relief, support, and financial clarity we’ve given to Canadians coast to coast.
We Think You Might Be Interested In These
Discover helpful articles, tips and additional info about debt and debt relief.
What can I keep in a consumer proposal?
Navigating your financial challenges in Canada can feel like a daunting task, but consumer proposals are a viable solution for those seeking relief from overwhelming debts.
Mrs. S’ Story
Empathetic Resolution for a Vulnerable Client: Spergel Helps Mrs. S Tackle Her High Interest Loan
Consumer proposal vs bankruptcy – what is the difference?
When it comes to gaining debt relief in Canada, there are two common solutions you will come across – bankruptcy and consumer proposals.
MEET The Team
Get to Know Our ‘Out-of-Office’ Side
Get to know the people behind the guidance; compassionate experts who care about your journey, not just your numbers.
where to start
What’s My First Step for Debt Help?
The first step is to speak with a Licensed Insolvency Trustee (LIT).
They’re the only federally regulated professionals in Canada who can legally file a consumer proposal or bankruptcy. Our LITs listen first, then explain what you’re eligible for and walk you through it clearly, kindly, and with care.
Everyone’s Situation is Different. Let’s Talk About You.
Book a free call with Spergel today. Together, we’ll create a personalized plan to help you move forward with confidence.
Here’s What to Expect When You Reach Out
You’ve carried the weight of life for years; asking for help doesn’t mean losing control.
From the moment you contact us, you’ll be met by a helpful expert who’s ready to listen, not judge. We’ll walk through your finances together, clearly explain your options, and create a plan that works for you, not your creditors. Of course, there’s no pressure to commit.
Book Your Free Consult
Choose a time that works for you. No pressure, always private.
Speak With a Trustee
You’ll connect with a compassionate expert who respects your story and your goals.
Get Clear on Your Options
We explain what’s possible — and what’s not — so you feel confident.
Leave With a Plan
And with that, the weight starts to lift. Let’s make this the turning point.