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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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stepped and floating payments

what does stepped and floating payments mean?

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One Response to “stepped and floating payments”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

A floating payment is a payment that does not have a fixed due date. This allows the lender to call the payment as certain circumstances require (as compared to a fixed payment where you know exactly how much and the payment needs to be made).

A stepped contract is a contract that has an interest rate that incrementally increases during the duration of the contract. A good example of this is a lease, it is very common to find a lease that will give you a fixed interest rate for the first year and each subsequent year will build in additional increases in that interest rate.