Consumer Proposals Articles - Archive: August 2008

I have two more years to go on my consumer proposal and all my payments are up to date. I have no problem making payments and, in fact, have saved a little money. My only problem is I travel off and on in my job and having no credit card can be very inconvenient, troublesome [...]

Do pay day loan companies accept consumer proposals. Also, regarding wage garnishments, I was recently denied a pay day advance because my company`s head office was in Quebec and they could not garnishee my wages if I defaulted on payments. Is this legislation or possibly just a company policy? Posted from: Ontario

my mortgage is due in about 4 years will a consumer proposal affect my renewal at that time? staying with the same mortgage lender.(assuming the proposal is approx. 4 years.) Posted from: Ontario

My wife and I just traded in our brand new car which we owned for a couple of months for something to try and save on the monthly payments, my question is how will this loan be affected by the fact that we still may file a consumer proposal? we haven`t made a payment yet [...]

If I filed a consumer proposal and then realized that there were some `old` credit card accounts which I had been inactive, yet never officially cancelled (and forgotten about, therefore not disclosed on the CP) can I `reactivate` the account and use it while still under consumer proposal? I`m wondering if it is allowed or [...]

I was wondering if it was possible to `transfer` my current mortgage to a new home while under a consumer proposal. Actually, I would be able to pay off the consumer proposal from the sale of the house and was wondering if I bought a cheaper house. I`m just afraid to contact my mortgage company [...]

I went throught a very difficult time and couldn`t keep up with my CP`s monthly payments. Due to this matter, my proposal was annuled. But now that I got a high paying job I wish to re-apply for another proposal and re-settle my debts. Can this be possible? Posted from: Ontario

I keep reading that most lenders will renew a mortgage while in consumer proposal if up to date. Here`s my question…. what if they don`t??? What happens if a lender doesn`t renew? Do they give you time to sell the house? Do they foreclose? It`s very stressful worrying if they will renew or not. I [...]

Hi. I`m about 6 months into a 4-year CP. I think I can sell my home and pay off the CP with the proceeds. However, I want to get another house. Question: Could I refinance my current mortgage to pay off CP. (I`ve seen websites that say they can do this). If so, after the [...]

Hi: I would like to file a consumer proposal(i have ability to pay my debts) dont want bancruptcy. my question is: i am a application developer mostly work for financial institution. any employment application required credit check. if i file consumer proposal, will it effect my status of employment? thanks Posted from: Ontario