Consumer Proposals Articles - Archive: October 2011

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

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

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]