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debt settlement

Can you use both debt settlement and consumer proposals at the same time with each company dealing with different creditors?

Posted from: Ontario

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One Response to “debt settlement”

A licensed trustee said...

No – if you use a consumer proposal you must inbclude all of your unsecured debts and they are all entitled to the same deal. If you are in a debt settlement plan and file a consumer proposal the plan will be cancelled (as you can’t legally continue to make payments). If you are in a proposal they only way you’d be able to do a debt settlement would be for new debts you have accumulated after starting the proposal.

Read through the postings on debt settlement – I think you will quickly conclude it’s a bad idea…