Personal Bankruptcy Canada Blog » Consumer Proposals

Secured Credit Cards

Questions — Wed, 22 Feb 2012 15:33:32 +0000

If I do a consumer proposal, I know that I must give up all credit cards. My question is:

If I have two secured credit cards with no balances on them at all and $1000 deposited at 2 differnt banks to secure them, must I give them card up?

Posted from: Alberta

what to pay off first

Questions — Wed, 22 Feb 2012 10:18:44 +0000

I have both a line of credit at 15,000 and a M/C card at 18,000 but have 15, 000 of RRSP’s backing the line of credit. So do i cash in the RRSP’s and take a tax hit to cover the Line of credit and then do a comsumer proposal towrds the M/C card or might they take 7,500 each outright? I just don’t know what to do.

Posted from: British Columbia

Mortgage renewals

Questions — Tue, 21 Feb 2012 19:02:48 +0000

If I file a consumer proposal, what happens when my mortgage comes up for renewal?

Posted from: Alberta

Sons RESP considered an asset?

Questions — Tue, 21 Feb 2012 18:53:52 +0000

If I were to seek advise for my financial hardships would my sons RESP be up for grabs?

Posted from: Ontario

Job Prospects

Questions — Sun, 19 Feb 2012 12:38:48 +0000

If we were to file a consumer proposal
does it affect job prospects, husband is a ca and worries employers will view him as a loser. Your comments please.

Posted from: Ontario

letter of opinion

Questions — Sat, 18 Feb 2012 13:08:52 +0000

We couldn’t file our proposal b/c letter of opinion gave a high price on our house and was told that this will not be acceptable by creditors as they will ask us to do a re-financing. Is it true?

Posted from: Ontario

mr me

Questions — Tue, 14 Feb 2012 15:34:57 +0000

if the debt is only in my name why do you add my income and my spouses income to calculate total income

Posted from: Ontario

67 K

Questions — Sat, 11 Feb 2012 19:13:31 +0000

I owe 67 K. in total. If 26k of that is owed to TD and 19K to RBC what are my chances of a consumer proposal being accepted, and would it still only be 30% ?

Posted from: Ontario

susan

Questions — Thu, 09 Feb 2012 20:52:37 +0000

Can the creditors access your bank account to look at your information on how you spend your money, income deposits etc when you have filed a CP and they are reviewing whether to accept it or not?

Posted from: British Columbia

colection agency

Questions — Wed, 08 Feb 2012 15:24:30 +0000

CAN COLLECTION agency take money out of you’re account after a proposal is file.

Posted from: Ontario

failed consumer proposal

Questions — Mon, 06 Feb 2012 17:14:49 +0000

what is a Division I Proposal? my proposal failed due to being dismissed from employment without severance and unable to collect unemployment insurance.

Posted from: Ontario

susan

Questions — Sat, 04 Feb 2012 13:29:32 +0000

Can you please help me with the two questions below:
1. If my consumer proposal is rejected, will I need to pay the full amount owed or can I keep making the same monthly payments I am making now

2. Does the interest on the credit cards stop accruing the day I file or after it’s accepted?

3. Why does the trustee need information on a my life insurance policy and would my life insurance agent find out that I have filed a proposal?

Thanks!

Posted from: British Columbia

Consumer Proposal payouts

Questions — Fri, 03 Feb 2012 12:30:39 +0000

How is money dispursed to my creditors by the Trustee? I have been paying on my consumer proposal for a year (6500.00) and I just found out my Trustee hasn’t paid out any to my creditors yet as they get paid once a year.

And if I cancel my consumer proposal who takes that money I’ve paid into it?

Posted from: Quebec

Diane

Questions — Thu, 02 Feb 2012 16:40:36 +0000

Can I file for bankruptcy after entering into a consumer proposal?

Posted from: Ontario

Amendment to Proposal

Questions — Thu, 02 Feb 2012 12:44:55 +0000

I filed for a propsal, however, my husband and I are now separating and I need to adjustment my monthly repayment amount. It is currently $1000/mth for 60 months. I earn $75,000/yr. This does not allow for child support, rent, utilities etc. Can I file for an amendment to reduce the amount?

Posted from: Ontario

consumer proposal

Questions — Wed, 01 Feb 2012 01:21:48 +0000

I’ve already paid 24 months of my consumer proposal. I have 3 more years.
I just inherited some money. Can I pay-off the entire consumer proposal or do I have to continue paying each month until the consumer proposal is finished? Thanks. This website is terrific.

Posted from: Quebec

Fees

Questions — Wed, 01 Feb 2012 01:17:55 +0000

I recently made an appointment with a Debt consultant regarding my financial situation. It was recommended that a Consumer Proposal would be in my best interest. I was surprised that I would have to pay the Debt consultant $2000 in fees in order to go ahead with the proposal. I had never heard of this and thought the fees were absorbed in the proposal. Could you clarify the cost of a consumer proposal to the individual. Thanks!

Posted from: Ontario

Consumer Proposals

Questions — Tue, 31 Jan 2012 06:45:02 +0000

I have about $100,000 in credit card debts.
I am no longer working and my pension from my job is only $1500 per month.
My husband & I jointly own a home and no longer have a mortgage but we are not connected financially, ie. he deals with different banks than I do because of my bad credit history.
Can a consumer proposal help me out
WITHOUT MY HUSBAND FINDING OUT?
In 2 more months I will be collecting CPP and may get about $500-$600 more per month.
What do you think of my situation??

Posted from: British Columbia

Susan

Questions — Fri, 27 Jan 2012 16:07:58 +0000

I owe $150,000 and earn about $4000 net per month. I was considering a consumer proposal as the interest on my credit cards are high and it would take many years to pay this debt off. My trustee told me I would have to make 60 payments of $1800 which may get accepted by the creditors. The trustee fees are just over $20,000. Does this amount sound reasonable or would a lower proposal be accepted? Is the amount determined by my income? Thanks in advance for sharing your expertise.

Posted from: British Columbia

Consumer Purposals and Co-signers

Questions — Wed, 25 Jan 2012 01:15:50 +0000

What happens to any amount not settled in a consumer purposal when there is a co-signer? Also, can someone who has filed a personal purposal also file a seperate purposal with their ex for a joint debt the ex accumulated alone?

Posted from: Alberta

Taxes and proposals

Questions — Tue, 24 Jan 2012 16:37:40 +0000

If I file a consumer proposal in 2012, and I do my taxes for the tax year 2011, am I eligible to keep the refund? Or is it forfeit?

Posted from: Alberta

debts

Questions — Mon, 23 Jan 2012 20:55:46 +0000

I was a fool and maxed out my credit cards because my husband had gambling debts.
It is extremely difficult for me to keep up with all these payments. My credit rating is excellent. What should I do to maintain my excellent credit rating?

Posted from: Quebec

Consumer proposal

Questions — Mon, 23 Jan 2012 19:08:16 +0000

I am employed by Scotiabank right now, but hours were cut and have been struggling for a while. As Soon as I found out I have been going on interviews for another job and have been offered a new position but it won’t start till March. I took your advice and contacted HR at Scotiabank re a consumer proposal. Because my one visa would have to be included. Because I deal directly with cash I was told a variety of things but not really given a straight answer which made me afraid for my job. I am posponing doing my proposal until I give notice. I have contacted my different creditors and explained my situation. Some have given me more afordable payment plans at a reduced interest rate but I still can’t keep up with the payments long term. A proposal is my best solution. My question is if I agree to make the lower monthly payment but not all my debters will consider it and therefor I can’t possibly do it, can I still file a proposal.

Posted from: Ontario

ontario

Questions — Mon, 23 Jan 2012 18:20:26 +0000

I owe about 60 k in credit card debt..as a ballpark how much will I be expecting to pay if I follow up with a consumer proposal? Thank you

Posted from: Ontario

1/3 figure

Questions — Fri, 20 Jan 2012 04:13:54 +0000

It has been mentioned several times on your site about proposals being accepted based on one third repayment. Is it one third of all debt or do creditors look at it as one third after trustees fees?

Posted from: Ontario

AMJIT SINGH

Questions — Wed, 18 Jan 2012 18:59:34 +0000

Being a licenced holder to sell mutual funds and other securities, and willing to file consumer proposal, since i have accumulated unsecured credit. How consumer proposal would affect my employment, since i have been working for financial industry banks. I also owe some money to my employer on credit card/loc.
Pl advise me the best options are or to prtoect my job.

Posted from: Alberta

cra and consumer proposal

Questions — Sun, 15 Jan 2012 12:07:04 +0000

i just wanted to share this with others who owe cra money and want to make a consumer proposal. if cra is the deciding vote ( i believe if they are owed over 67 percent of the outstandind debt )…if you give anything less than 100 percent they will bankrupt you. i found out the hard way as my tax lawyer offered them 90 percent and bankrupted me even though i could have paid a 100 percent….so please let your people here know cra unlike other unsecured lenders will likely accept nothing less than 100 percent pay back

Posted from: Ontario

TD

Questions — Fri, 13 Jan 2012 00:20:32 +0000

From your experience, how TD canada trust handle proposal? Are they as tough as RBC by refusing most of them?

Posted from: Ontario

credit cards

Questions — Fri, 13 Jan 2012 00:19:22 +0000

i was told that if you have a card with a zero balance you can keep it and use it as soon as your cp papers are accepted is this true

Posted from: Ontario

income tax and consumer proposal

Questions — Thu, 12 Jan 2012 13:42:19 +0000

when your in a consumer proposal and you do your income tax and you get a refund do you keep the money or does it go to the consumer proposal

Posted from: Ontario

consumer proposal

Questions — Tue, 10 Jan 2012 23:47:02 +0000

My husband had a consumer proposal. He could not continue to pay the monthly payments. The trustee cancelled the proposal and told him that he could not do anything more for him. What will happen to my husband? He would like the proposal amended but the trustee told him it was too late because he did not pay 3 payments (this is after making 18 payments). The trustee knew very well my husbands situation and also the income on the consumer proposal was not correct from the very start. My husband consulted another trustee and he told him that the 1st trustee had to help him. The trustee discharged him and told him that he could not help him anymore!!! What can he do? Thanks for your help.

Posted from: Quebec

budget

Questions — Mon, 09 Jan 2012 21:17:26 +0000

We are in deep debt, but when we do our budget without debt we see there is enough to go by. But in reality everything goes to debts. Will we have problem when we file CP as creditors will see a big plus on our monthly budget?

Posted from: Ontario

Consumer Proposal Question

Questions — Mon, 09 Jan 2012 14:01:16 +0000

My husband co-signed a loan for me (join) on December18 because I was expected to be back to work full time by new year. (currently off on disability) just found out that I am not returning to work for full time for several months. I had no choice but to file consumer proposal. What will happen now??

Posted from: Newfoundland and Labrador

mortgage on house in a Proposal

Questions — Sat, 07 Jan 2012 18:47:18 +0000

Does the mortgage on the house and property stay secure regardless of any proposals to eleminate my debt.

Posted from: Ontario

Filing Twice

Questions — Sat, 07 Jan 2012 18:27:19 +0000

Can you file a second CP before your first term is paid off?. Which would be better: Let it go into void and file new?, do a amemdment too current CP?, or just go bankrupt?

Posted from: Nova Scotia

Foreclousure/amendment too existing consumer proposal

Questions — Sat, 07 Jan 2012 18:15:13 +0000

I did a propsal buy did not include the matromony home, now 2 years later getting behind on mortgage payments. One year ago I inherit a second home which i gifted to my new wife, if i file a amendment now before foreclouser on the first home (firstwife ) , will my new wife be affected by the fact i gave her title too the inherited home, can she keep this home that was left to me

Posted from: Nova Scotia

Consumer Proposal and Supplementry Credit card holders

Questions — Sat, 07 Jan 2012 18:12:53 +0000

Can anyone tell me if a supplementry credit card holder(I am primary) is liable for debt on my card if I do a proposal? The supplementry card has been cancled (prior to Proposal)and the credit card company said to cut it up. I can’t seem to get a clear answer to this question. My terms and conditions indicate I am responsible for all debt occured on both Primary and supplemental cards. Any advice would be helpful! Thanks

Posted from: Ontario

What if proposal is refused

Questions — Fri, 06 Jan 2012 17:21:07 +0000

What if proposal is refused? do we go bankrupt as there is no way we can continue payments? We are offering around 85c per a dollar as we have some asssets- What do you think? can we count offer or we go bankrupt?

Posted from: Ontario

new car

Questions — Fri, 06 Jan 2012 17:18:57 +0000

Filing for CP this month, car in terrible shape- can we go and buy a car ( used or new) and financed?
Will this be any issues with proposal to be accepted? We will of course make payments on car

Posted from: Ontario

ms

Questions — Fri, 06 Jan 2012 13:20:23 +0000

my ex husband, common law and i bought a home. he was removed thru a restraining order from the home four months after we moved in. Four years later i have to go to thru a consumer proposal. am i responsible for the home or are we jointly responsible for the debt. also he had a vehicle he totalled but my name was on the insurance, the insurance company is coming after me now…in my consumer proposal am i on the hook for his truck or a portion of his truck

Posted from: Alberta

overdraft

Questions — Thu, 05 Jan 2012 16:27:44 +0000

I understand bank accounts in overdraft are included in consumer proposals but what about my principle account that goes in overdraft for a few hundred dollars but is replenished with each bi-weekly pay that brings it out of overdraft. Is this included or do they include it if the account is in overdraft at time of proposal?
Thanks

Posted from: Ontario

rrsp and proposal

Questions — Thu, 05 Jan 2012 05:36:05 +0000

I am going through a divorce and the judge asked my ex to pay me half of a early pension he had taken out. He could not help me pay for half the debts he left me with?? If i get a proposal where I pay so much a month to my creditors do I have to give them this pension he is suppose to give me, but I have not received

Posted from: British Columbia

Marianne Hansen

Questions — Wed, 04 Jan 2012 17:42:00 +0000

If I do a consumer proposal, I know that I must give up all c:redit cards. My question is:

If I have a credit card with no balance on it at all, must I give that card up?

Posted from: Ontario

spousal support

Questions — Wed, 04 Jan 2012 17:39:40 +0000

Is spousal support affected if husband is doing a proposal in bankruptcy?

Posted from: Ontario

MORTGAGE RENEWAL

Questions — Wed, 04 Jan 2012 01:46:26 +0000

HI I was told by a trustee that it would be better to renew my mortgage if I did bankruptcy rather then a cp.
As soon as I said our mortgage is with Scotia bank they said that this bank would never renew. If we do a cp we would be 2 years and 4 months into the cp when we need to renew. Our credit is r1 now because we borrow from one to pay other.
There is no equity in home and our debt is 120000.00 Should we do bankruptcy if its better to renew mortgage in 2014 as we would be discharged by then. Can they take money from life insurance if someone dies and leaves money. Hope you can help

Posted from: Ontario

Consumer proposal to bankrupcy

Questions — Mon, 02 Jan 2012 21:38:15 +0000

I lost my job on sept 1/11. I used a small rrsp to help pay bills, now it`s gone, and I`m having to hold payment on my consumer proposal in order to pay rent and other bills. my EI is 1684.00/mo, and bills are 1960.00/mo. Is bankrupcy a viable solution?

Posted from: British Columbia

Consumer proposal – information

Questions — Mon, 02 Jan 2012 21:36:25 +0000

I have outstanding balances from Debt management programs, can I apply for Consumer proposal?

Posted from: Ontario

Marryann

Questions — Wed, 28 Dec 2011 16:37:06 +0000

I owe the total of $28000 in credit cards, unsecured debts, and payday loans(2). I work, we are a family of two, my daughter and myself. My daughter is not working, she is a student. I rent, and do not have a vehicle.How much money would be a consumer proposal per month?
Thank you.

Posted from: Ontario

reassessment

Questions — Tue, 27 Dec 2011 12:39:33 +0000

while in a consumer proposal and you get a reassessment from cra and there is a bit more money owing, how does that affect your proposal.

Posted from: Ontario

Unsecured Creditor

Questions — Thu, 22 Dec 2011 18:23:37 +0000

I have included a medical loan in my consumer proposal who is UNSECURED.

Within my contract with this company, it states that they cannot be involved in any proposal or bankruptcy but I was informed that the Bankruptcy legislation takes precedence over it.

Is that true?

Can they legally pursue me for all $ owing?

Posted from: Saskatchewan

Credit Proposal Balance Payment

Questions — Wed, 21 Dec 2011 20:56:24 +0000

If I have a balance of $12,000 left on a creditor proposal that started at $40,000 is there anything preventing me from obtaining a bank loan with a co-signer in order for me to pay off the 12K balance?

Posted from: British Columbia

budget

Questions — Tue, 20 Dec 2011 14:48:16 +0000

we are filing in January- Working on Budget and it shows balance that will be much more than proposed monthly amount to creditor, but in reality we are stuck now with pay day loans and we are obligated to pay loans and get another one on the spot from monet mart once we get paid. Will creditors accept our proposal based on budget or our situation now?

Posted from: Ontario

Getting a new mortgage

Questions — Tue, 20 Dec 2011 14:47:56 +0000

Hi. I have paid into my mortgage for almost 4 years, which is in excellent standing, and had to file a consumer proposal just over a year ago. My spouse and I are expecting our first child together and have his youngest daughter living with us. We are looking at getting a bigger home for our expanding family but my mortgage carrier says I would have to be pre-approved for a new mortgage. Is that still possible while under a consumer proposal or will that stop me from from being able to change into another home
?

Posted from: Ontario

annulled proposal

Questions — Mon, 19 Dec 2011 15:08:34 +0000

i just had my consumer proposal annulled can i file for a second one?

Posted from: Ontario

help

Questions — Fri, 16 Dec 2011 14:11:10 +0000

i work on commission sales and had a better year in 2011 than 2010. can they take the last 2 years and average out my wages for a consumer proposal? my job in very unpredictable and my trustee said they will let me go bankrupt as they would expect a higher surplus income. any advice???

Posted from: British Columbia

same mortgage

Questions — Thu, 15 Dec 2011 15:11:33 +0000

i have a mortgage with mbna and i also have a credit card with them. can i lose my house if i do a consumer proposal on mbna’s credit card along with my other credit cards. can they make me pay the full amount to keep my house?

Posted from: Alberta

Lili

Questions — Mon, 12 Dec 2011 21:04:59 +0000

My spouse and I are considering a filing a consumer proposal. We have $50,000 debt with RBC joint line of credit. I have another $14,000 RBC visa and he has $11,000 RBC visa and $8,000 NBC master card. Since almost very thing is with RBC is it a good idea to still file a CP.

Thanks

Posted from: Ontario

Car lease

Questions — Mon, 12 Dec 2011 12:16:01 +0000

I have a car lease with a car company and their financeer is Scotia Bank. I currently have accumulated $44,000 debt with my bank ie: credit card and line of credit…that I was needing to file a consumer proposal for along with other credit cards. Will my lease be cancelled or with I be able to keep my car?

Posted from: Ontario

Consumer Proposal

Questions — Mon, 12 Dec 2011 12:15:49 +0000

Do I need to hire a Trustee to file for Consumer Proposal? Can I file for consumer proposal by myself without having a trustee in the middle.? Please advise

Posted from: Alberta

Avoiding preferential treatment of creditors

Questions — Wed, 07 Dec 2011 21:15:13 +0000

Because various financial institutions set their monthly minimum credit card / line of credit payments differently, how can I ensure that I am not accused of favoring when paying one creditor over another? For accounts with similar balances owing, one company would ask a minimum payment of $50 (interest + $10) while another would require a minimum of $350 (2% outstanding). Would paying the minimum balance to all creditors be fair?

I currently still make use of one credit card but will not be using it beyond this year. Should I be paying the full balance (about $2.6k) or should I start only paying the minimum required in line with what I pay the other creditors? I will be filing for consumer proposal in January/February (as I need to still file my 2010 tax return)

For a creditor who isn’t a financial institution, what would be considered preferential treatment? If I owe a friend $45,000 and have not made any principal/interest payments yet as the terms of repayment was rather flexible, will paying her $3k this month or next, prior to filing a consumer proposal (in Jan/Feb) be challenged by the other creditors?

I don’t want to make it harder for any creditor to accept my proposal

Thank you.

Posted from: Ontario

garnish

Questions — Wed, 07 Dec 2011 15:33:00 +0000

We are thinking about filing CP and we will stop making minimum payments- Can you please expalian the process of garnishment and how long it takes for a creditor to garnish wahes?
Thank you

Posted from: Ontario

consumer proposal

Questions — Tue, 06 Dec 2011 18:03:32 +0000

What is the cost to a consumer proposal

Posted from: Ontario

Bank Employee

Questions — Mon, 05 Dec 2011 12:37:29 +0000

I work for a bank and have to list a visa with them in the proposal. Can they fire me for this ? My mortgage and LOC is also with them but secured. My pay is directly deposited into my act and my mortgage payments come out the same day. I have never missed a payment for obvious reasons and have never been late or not paid anything I owe to the bank.

Posted from: Ontario

Consumer Proposal

Questions — Mon, 05 Dec 2011 12:37:10 +0000

I am kind of worried that if i file a consumer proposal its going to effect my wife credit since we just got married. Can i keep her out this i see they require her income information for some reason. My debt is my debt not hers and wish to protect her from anything should i be concerned?

Posted from: Ontario

proposal other province

Questions — Mon, 05 Dec 2011 12:36:33 +0000

I presently live in Quebec and moving to another province in the new year, can I do a proposal in the other province or should I make a proposal before I leave Quebec.

Posted from: Quebec

Another vehicle needed

Questions — Fri, 02 Dec 2011 12:19:38 +0000

My husband and I will be filing a consumer proposal. Our 7 year old used car is near the end of it’s life and is costing us a lot in repairs. The car is vital to earning income and will need to be replaced. We own an older Acura that costs more to run but could be traded in or sold. Would it be best to trade in our Acura and secure a car lease before we file because I doubt we’ll get a car loan for the next 5-7 years and we need at least one reliable car. How would that look to creditors? Would it hurt our application? Thank you.

Posted from: Ontario

Right of Offset

Questions — Fri, 02 Dec 2011 12:19:21 +0000

Hi,

Once I file for a consumer proposal, will any of my creditors whom I bank with have the right of offset if I am still current on all my obligations? Or will seizure of funds only be for those with already past due credit products?

I am already considering opening an account at a financial institution I don’t owe money to (or have any credit product with).

Thank you.

Posted from: Ontario

Denise Maillette

Questions — Tue, 29 Nov 2011 03:09:48 +0000

We recently moved to Ontario from Quebec – due to our house selling for a loss we have approximately $50,000.00 debt in Quebec. We are reestablished in Ontario and can handle our debt here. Can we file for consumer proposal for the quebec debt. My husband was born and raised in Quebec me in Ontario

Posted from: Ontario

shortstop

Questions — Mon, 28 Nov 2011 15:17:34 +0000

My spouse and I are considering a filing a consumer proposal. We are in our late 50′s. We will never have enough time to pay off our unsecured debts. I expect, because of our combined income that we will need to pay nearly if not 100% of what we owe to make the proposal more attractive than a bankruptcy. Is it common to offer 100% of the debt to the creditors in a consumer proposal? We think the protection under a consumer proposal is better than trying a debt settlement.

Posted from: Ontario

joint dept

Questions — Wed, 23 Nov 2011 14:52:46 +0000

What happen to joint cridit cards an joint morgage if I fill a consumer proposal

Posted from: Ontario

Should I File a Consumer Proposal?

Questions — Thu, 17 Nov 2011 18:28:03 +0000

I have about $35,000 debit with 3 companies. I do not have many valuable assets and I haven’t been paying my creditors. I didn’t know there were more options out there until I came to this site. I have the money to pay off 50%-65% (montly) of the debt, what are my chances of the Creditors accepting my proposal?

Posted from: Saskatchewan

Prior to filing for a consumer proposal, are we required to file our 2010 tax returns?

Questions — Thu, 17 Nov 2011 17:10:13 +0000

Will my hubby and I have to be up-to-date with our CRA tax filings before we can file for a Consumer Proposal or can we leave the CRA out for now if filing a CP is time-sensitive (i.e. the sooner the better)?

We haven’t filed our 2010 tax returns but will either get a small refund or owe at most $2,000-3,000 each.

TIA.

Posted from: Ontario

CP 23

Questions — Wed, 16 Nov 2011 23:49:32 +0000

I am going to fill consumer proposal what if in case they reject my proposal and they ask for more is there any way i can start paying from low monthly payment and increase it every year. for example my debt is 50k and monthly payments are 240 as of proposal banks ask for 350 monthly. Is it possible that i start from 240 than next year i pay 350?

Posted from: Ontario

adding to a consumer proposal

Questions — Wed, 16 Nov 2011 23:48:47 +0000

Since starting my consumer proposal a year ago, I needed cash for an emergency so used a high interest payday loan which now has become out of hand. The interest is so high that I need to keep reborrowing. Can my trustee add this to my proposal?

Posted from: Nova Scotia

Reduction in credit card balance

Questions — Wed, 16 Nov 2011 15:18:25 +0000

Where do you get the best reduction of your credit cards with a trustee or a credit counselling business? What can you expect your credit cards be reduced to in a consumer proposal? Is there a certain percentage or what does it depend on?

Posted from: Ontario

Wondering about Minumum payments leading up to Proposal?

Questions — Wed, 16 Nov 2011 01:44:50 +0000

My husband and I have finally made the definite decision to file for a consumer proposal. We have about 80,000 in consumer debt mostly due to financial mis-management. We do not qualify for a consolidation loan but do have the income to pay 50%-75% or possibly more of our debt through proposal. We are planning to see a trustee in late January. We are beginning to fall behind in our minumum payments and I am wondering if we are definite in our decision to file if we should continue to make minimum payments until we see a trustee in January or stop now.

Posted from: New Brunswick

Filing Soon

Questions — Tue, 15 Nov 2011 18:45:14 +0000

Hi guys , we love your site and becaue of you we learned a lot and now we are going ahead and dealing with our debt.
Because of asset we will offer around 80% of our debt in proposal. But it is only a little over 1% of what they will take if we decide to go the bankruptcy road. We are concerned that they will refuse CP as they can have asset right away + what we will pay in bankruptcy.

Please help us make that final step here.

Thank you

Posted from: Ontario

stop making payments

Questions — Tue, 15 Nov 2011 11:35:03 +0000

we are going ahead and filing in the next 30 to 40 days for CP.

can we just stop paying creditors now?

Thanks

Posted from: Ontario

credit agency

Questions — Tue, 15 Nov 2011 11:34:50 +0000

some credit agencies says that they work for us debtors and trustees work for the benifits of creditors first.

What are your thoughts?

Posted from: Ontario

if CP is refused

Questions — Mon, 14 Nov 2011 20:52:45 +0000

Hi there, if proposal is refused (we are offering more than 75% of what owing), can we counter offer or just file for bankruptcy?

Thank you

Posted from: Ontario

proposal

Questions — Mon, 14 Nov 2011 20:51:16 +0000

Once proposal is accepted and lost job, can you cash out from assets to pay CP until finding work so you don’t miss the 3 payments and get in annuled? Assets were included in CP

Posted from: Ontario

What if a trustee company is not recognized by BBB?

Questions — Sun, 13 Nov 2011 12:20:55 +0000

I want to go to a trustee but am now concerned that when I looked up the company on the Better business bureau they are not accredited by the BBB. How do I know that if I file a consumer proposal it will be legal and done properly if the trustee isn’t on the BBB? Should I be concerned and choose another company. I decided to go to a trustee rathar than a company like Incharge to avoid the middle man but now I am concerned. Should I be? please advise

Posted from: Ontario

consumer proposals

Questions — Mon, 07 Nov 2011 15:56:01 +0000

im considering filling for c.p……i have a car,2009.does that count as surplus?if so,how does it work?

Posted from: Ontario

Cant retire

Questions — Fri, 04 Nov 2011 14:27:20 +0000

I am 71 collecting ccp and old age pensions but still have to work to pay minium payments on credit card payments of 40,000 , is a consumer proposal best thing to do?

Posted from: British Columbia

Ms. L. Lulko

Questions — Wed, 02 Nov 2011 20:16:45 +0000

how long does it take for your credit to clear after a proposal is paid off?

Posted from: Ontario

Cost of Consumer Proposal

Questions — Sat, 29 Oct 2011 20:09:55 +0000

What will it cost me to do a consumer proposal? Do all companies charge different fees? Is it a percentage of what I know?

Posted from: Ontario

mortgage renewal and same bank doing a CP with

Questions — Sat, 29 Oct 2011 10:54:21 +0000

What is the likelihood our mortgage would be renewed with a bank which is one of the banks largely affected by us doing a CP?

Posted from: Ontario

budget

Questions — Sat, 29 Oct 2011 10:54:10 +0000

Just a quick question re budget.
Can creditors tell you to modify your budget and offer more if you want to file for proposal.

Like drink less beer, eat less – do not buy clothes fron certain stores etc

Do they want proofs how budget is calculated?

Thanks for your help

Posted from: Ontario

Consumer proposal

Questions — Sat, 29 Oct 2011 10:54:00 +0000

One of the reason we are thinking about filing for proposal and not bankruptcy is to not loose RESP-

But this will likely cause us to pay a lot more as it will count in the calcualtions. And we are certain that if one of us loose job we will not be able to afford this and will cause us to go and file for bankrupcy and loose our RESP anyway.

What are your thoughts re this

Thank you

Posted from: Ontario

Cp

Questions — Fri, 28 Oct 2011 15:44:08 +0000

I used my credit card money to buy stocks. Due to recent stock market crash i lost almost everything and i am unable to pay them back. Is bankcruptcy or consumer proposal my last option?

Posted from: Ontario

bad credit

Questions — Thu, 27 Oct 2011 20:12:57 +0000

we are both working me and my husband and we got a lot of debt just by living a way beyond our means and using credits for everything and realised now that we are in deep trouble- We want to file for proposal- How will creditors view this- Will they see it as fraud? It was just a very bad management of money from our part.

Thanks

Posted from: Ontario

Difference between bankcruptcy and consumer proposal

Questions — Thu, 27 Oct 2011 11:51:34 +0000

what is the big difference between consumer proposal and bankruptcy. Would i be able to get osap if i do consumer proposal? would i be able to sponsor my wife if i do consumer proposal ?

Posted from: Ontario

Salu

Questions — Thu, 27 Oct 2011 11:49:11 +0000

i am considering filing consumer proposal. I have 30,000 in debt and I have gone over my credit limit on two of my credit card about 10,000.My total debt is 40,000 now including over limit amount . Will this over limit amount 10,000 be added to my proposal or i will face legal restriction?

Posted from: Ontario

BJ

Questions — Tue, 25 Oct 2011 15:37:43 +0000

How will my mortgate be affected if I make a consumer propsal…. Husband had a serious accident and is not able to return to work. The debts are piling up

Posted from: Ontario

More surplus income than debt, so to speak

Questions — Sat, 22 Oct 2011 16:36:05 +0000

My debt issue was mostly a result of fraud. While the con artist has been convicted, I’m left with a bunch of new debt. The total amount remaining isn’t the issue; it’s the payment scheduling ($2,000+/month now, decreasing to around $300/month two years from now). My total debt service ratio is over 70%, so I can’t refinance or consolidate and I’m considering a proposal. I understand that since I’ve been bankrupt before, my expected surplus income over three years will be a guide to how much to offer. This turns out to be (over) 100%. If 100% of debt would be paid off within three years, is a proposal still appropriate? Does a trustee have an option to propose a lower amount first?

Posted from: British Columbia

equal billing

Questions — Sat, 22 Oct 2011 16:32:20 +0000

I heat by propane and get my delivery at the beginning of winter and then pay my bill over winter on equal billing. Would I have to include that as a debt in a proposal or would it be considered the same as a utility that bills you once a month?

Posted from: Ontario

consumer proposal

Questions — Fri, 21 Oct 2011 03:02:32 +0000

If I have filed for bankruptcy over 15 years ago and I am considering filing a consumer proposal do I have to tell that I have claimed bankruptcy before? And will this affect me trying to file a consumer proposal?

Posted from: Ontario

Consumer Proposal fee

Questions — Wed, 19 Oct 2011 06:12:10 +0000

What can a debt company charge for a fee for consumer proposal? If you are doing a consumer proposal, is it just your credit cards included or does it include car loans and cell phones?

Posted from: Ontario

Consumer Perposal terms and public record

Questions — Mon, 17 Oct 2011 14:32:08 +0000

Can you pay total agreed amount in consumer perposal than initially agreed upon for example after 18 months you get better job and you able to make large monthly payments and can pay off all amount in 28 months that is 10 months earlier than original 36 months agreed payment period ? My second question is the consumer perosal public record like bankruptcy like any one can pay fee and get any body bankruptcy info form govt department any time ?

Posted from: Ontario

Self employed with a negative for 2010 income

Questions — Sun, 16 Oct 2011 12:17:26 +0000

I am newly married with 17,000 debt. I filed my taxes and have a negative income according to them. I do bring in around 40,000 now but can’t really prove it. I have two children and I don’t want this to affect my husbands good credit. Can I file for a consumer proposal?

Posted from: Ontario