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Bankruptcy Canada Online Support Group

Consumer Proposals
Welcome to the Consumer Proposals category of the Support Group. Don't want to file bankruptcy? A consumer proposal is an alternative. This is the place for discussions about Consumer Proposals.
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Discussion: Is it possible to pay off a Consumer Proposal early?  (Read 619 times)
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« on: January 03, 2012, 08:19:30 PM »
Jamie
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Is it possible to pay off a Consumer Proposal earlier than the agreed timeframe? And if so what would be the procedure.
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« Reply #1 on: January 03, 2012, 10:54:39 PM »
confuse
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Yes.  Once it is official, you can repay as fast as you can afforde it.
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« Reply #2 on: January 04, 2012, 12:38:42 AM »
tipler
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Actually I think once its finalized you can not pay it all back within 30 days, that's what my trustee said in my province.
However I didn't really counted on winning the 6/49 anyways. I have chosen the option of CP because I believed that if I get and extra job or work some overtime I could double payments here and there and pay it back a lot sooner so the impact on my credit would be lesser than if I chose bankruptcy. So far I'm 4 months in and I have paid back over 20%.

Hope that helps
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« Reply #3 on: January 04, 2012, 01:09:42 PM »
Jamie
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Thanks Tipler & Confuse.
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« Reply #4 on: January 04, 2012, 05:48:54 PM »
JEC
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Rats...I want to reply, but the system keeps telling me that my message has spam or links in it.....which it doesn't....does anyone know how to prevent this message??

Thanks,

JEC
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« Reply #5 on: January 04, 2012, 05:51:43 PM »
JEC
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You sure can pay a CP off early. I am planning on starting to send in extra payments myself.

Being in such huge debt sure made me, something,   can't describe it     but since filing my CP in June 2010, I've gone back to school for a college course, graduated, am working at a nearly full-time job, plus receive a full government pension, plus will be receiving my early CPP this year, and have a small private job bringing in about $200 a month.  So, I'm hoping to be all paid up in late 2013 or early 2014. The CP lifted such a weight off my shoulders and made me function again. I think the debt was mentally crushing me. It was all my fault, I don't put blame on anyone. My trustee was very good and gave me hope and optimism towards the future   I was needing that.

I can't begin to describe how happy I am about getting out of debt. In fact, I'm becoming a bit of a money 'hoarder'  really thinking about my purchases before buying   and making sure that I really need it, not just want it.

I plan to apply for a secured credit card soon. I'll need the permission of my trustee so I hope he agrees. I'd like to get my credit back on track again and have a good credit score again.

Good for you Tipler for paying extra on your CP.  Good luck to all of you in the success of yourselves and your CP.

JEC
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« Reply #6 on: January 04, 2012, 05:52:46 PM »
JEC
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Success, I removed the dotdotdots that I used between some words, guess that's considered links or spam   Huh
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« Reply #7 on: January 05, 2012, 09:59:01 AM »
Jamie
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Thanks for your encouraging words JEC. I haven't filed a CP yet but am definitely going to I just want to be sure of all the facts first.
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« Reply #8 on: January 05, 2012, 07:08:27 PM »
JEC
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You're welcome, Jamie. The best of luck to you!

JEC
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« Reply #9 on: January 12, 2012, 09:44:01 PM »
Geoff
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Quote from: JEC on January 04, 2012, 05:51:43 PM
You sure can pay a CP off early. I am planning on starting to send in extra payments myself.

Being in such huge debt sure made me, something,   can't describe it     but since filing my CP in June 2010, I've gone back to school for a college course, graduated, am working at a nearly full-time job, plus receive a full government pension, plus will be receiving my early CPP this year, and have a small private job bringing in about $200 a month.  So, I'm hoping to be all paid up in late 2013 or early 2014. The CP lifted such a weight off my shoulders and made me function again. I think the debt was mentally crushing me. It was all my fault, I don't put blame on anyone. My trustee was very good and gave me hope and optimism towards the future   I was needing that.

I can't begin to describe how happy I am about getting out of debt. In fact, I'm becoming a bit of a money 'hoarder'  really thinking about my purchases before buying   and making sure that I really need it, not just want it.

I plan to apply for a secured credit card soon. I'll need the permission of my trustee so I hope he agrees. I'd like to get my credit back on track again and have a good credit score again.

Good for you Tipler for paying extra on your CP.  Good luck to all of you in the success of yourselves and your CP.

JEC


Uh what? you need permission to get a credit card?
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« Reply #10 on: January 12, 2012, 09:57:02 PM »
JEC
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Hi Geoff

On the application for a secured credit card from HomeTrust (I believe) it says that one needs a 'note' from the trustee saying that it's okay for me to apply for a secured credit card. I'm still in my Consumer Proposal, so maybe that's why I would need the okay from my trustee. I haven't applied for it yet, I don't really need one, but would like to start rebuilding my credit scores.

JEC
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