Consumer Proposal payouts

February 3rd, 2012 by Questions

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

Questions

One Response to “Consumer Proposal payouts”



February 03, 2012 at 7:36 am, A licensed trustee said:

The frequency of the payments to your creditors should have been set out in your proposal terms. The most common payments to creditors are every 6 months, but once a year is not unusual.

Any funds that you’ve paid into a proposal beloing to your creditors. If for some reason the proposal is stopped, any money your trustee has in their accounts will be paid out to your creditors.

You cannot simply cancel a proposal – it can be completed, amended (changed) or anulled if you default.

I think you should go and speak to your trustee – it sounds like you have some issues to sort out.

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