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consumer proposals: do I offer my creditors all the same amount

I am thinking about filing a consumer proposal to my creditors when doing so do I offer them all the same amount eg 30% over so many years or can I offer them different amounts. I make 1600.00 a month take home pay and I get 665.00 a month ctb and 200.00 a month for the universal child allowance. I am roughly 10000.00 and I pay a mortgage payment of 571.46 a month heat is 75.00 lights is 110.00 food 400.00 phone 100.00 gas 200.00 childcare 200.00 house ins 50.16 life ins is 51.00 a month what do you think a good figure would be to offer my creditors and for how long. please I really need some help. Desperate in Nova Scotia

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One Response to “consumer proposals: do I offer my creditors all the same amount”

A licensed trustee said...

There are two types of proposals. The first type is an informal proposal, where you call the creditors yourself and work out a deal. You can offer them whatever amounts you want, but there is no guarantee they will all accept it.

The second type is a consumer proposal, filed by you with the assistance of a trustee. All creditors receive the same percentage payout, which means the larger creditors get more dollars then the smaller ones.

I strongly recommend that you contact a licensed trustee before you make your decision. Given your income and expenses, it may be difficult to make the proposal payments over the next few years, so professional advice is required.