Consumer proposal lump-sum payout
May 16th, 2007 by Questions
I\’m considering a consumer proposal. I owe about $65k on credit cards and lines of credit. I don\’t have a steady job currently, although I expect to have one in the next few months.
Will my creditors refuse my proposal if my income isn\’t stable, or my job is new? If so, could a family member give me some or all of the amount owing to be paid in a lump sum to my creditors? Would my creditors have more confidence if I used a portion or all of my own RRSP ($8k) to make a lump-sum payment as evidence of good faith, and then pay off the rest over time?