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lise

I am thinking of seeing a trustee about a consumers proposal. I have accumulated 42000. in debts.(credit cards, loans)My question to you is I lost my job and currently waiting for my ei, most of my credit card debt and loans are not secured but they are not even 1 year old.some of them i have only made 2 payments. what will happen and will it be accepted or refuse.

Posted from: Ontario

One Response to “lise”

A licensed trustee said...

It will depend on the spending patterns of the newest cards. If you’ve only had them a few months and you maxed them out quite quickly then it is less likely those creditors will vote in favour of your proposal.

I suggest you go and speak to a trustee about your options – you will want to take with you a list of your debts and (if possible) give the trustee some indication of how long you’ve had each debt. From that the trustee should be able to tell you whether or not a proposal is likely to be accepted.