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Can the Terms of a Consumer Proposal be Changed by the Creditors?

if we get a consumer proposal in place to get control of our credit card debt – can the terms of this agreement change??

if we sell our home – do the proceeds get garnisheed by the creditors in the proposal

can we choose to pay all or some of the debt off?? – Do we still qualify for the originally negotiated amounts and rates??

thanks

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One Response to “Can the Terms of a Consumer Proposal be Changed by the Creditors?”

A licensed trustee said...

While it is possible to “amend” the terms of a proposal after it has started, it is not usually done.

Let’s use your example of the house. Unless the terms of your proposal require you to sell your house and surrender the money to your trustee then you don’t have to worry about anyone seizing the money from the sale.

Further, proposals are completely open – if you want to pay it off early (either entirely or a portion) you may – no amendment or change is required. Simply contact your trustee and ask for their assistance.

If however, your financial situation changes dramatically – say you get laid off and your income is now half what it used to be – it is possible to make chnages to your proposal terms. It involves making an “amended” offer to your creditors that they are allowed to vote for or against. If they agree to it, the new terms stand. If they don’t, you will be expected to stick with the original terms.

I hope this helps.