January 30th, 2013 by Questions
Can you use both debt settlement and consumer proposals at the same time with each company dealing with different creditors?
Posted from: Ontario
January 30, 2013 at 8:04 pm, 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…
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