Saving money during consumer proposal

June 9th, 2013 by Questions

Once you file for a consumer proposal, can you keep on saving money in a savings account especially if your debt is with the same financial institution that is holding your debts and your pay cheque is on direct deposit with that same institution.

Posted from: Quebec

Questions

One Response to “Saving money during consumer proposal”



June 09, 2013 at 2:54 pm, A licensed trustee said:

It is a bad idea to try and continue to deal with a financial institution (bank) that is being included in your proposal. The bank is under no obligation to keep you as a customer and most will freeze all of your accounts as soon as you file. WE strongly recommend that all of our clients open new bank accounts with an institution that will not have any debts in the proposal. You are encourage to save during a proposal, but again, at a new bank.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)