Consumer Proposals: Answers to Questions

Most Recent ‘Consumer Proposals’ Posts

Car Lien after Consumer Proposal

After the successful completion of a consumer proposal, what happens to a car with a lien on it? The car in this case was used to secure a loan from one of the creditors before the proposal. I understand that the lien would still be in effect (no protection from the proposal). If I am […]

Question Regarding a Consumer Proposal

I am self-employed and need to continue using my credit line and credit card with my current bank. Is it possible to be selective as to which creditors we are seeking relief from, or must they all be contacted. Thanks, Posted from: Ontario

A lincenced trustee

My husband has contacted a trustee and will meet soon. Are we to assume that they are all licenced trustees? or could they be consultants? Posted from: Alberta

CP percentage

I’ve read different accounts of the minimum amount that a consumer proposal can be negotiated for? Anywhere from 15 to 30 percent of total unsecured debt. When filing a proposal, what percentage do you typically aim for? What do you base this number on? Posted from: Ontario

official receivers

are official receivers considered employees of the OSB? On average, how many trustees go on to become offical receivers in the consumer proposal process? Posted from: Ontario

filing a consumer proposal

I filed a consumer proposal in 2008 with the CRA and am about to pay it off, however I have fallen on hard times financially and would like to do another consumer proposal. Can it be done twice? Posted from: Ontario

Do student loans collect interest while active in a consumer proposal?

Can banks charge interest on student loans while active in a consumer proposal? And can banks report delinquent payments while active in a consumer proposal? I am being told by a big bank that they are intitled to report delinquent payments because even if the student loan is being paid by the trustee ,if the […]

Trustee obligations

I’ve had discussions with a credit counselling agency re. consumer proposal vs. bankruptcy but I’m still skeptical about the information I’m hearing from them as well as what I’ve been reading on different related sites. One of the points that the agency stressed was that they were working ‘for me’ and my benefit whereas a […]

Is it viable negotiating Consumer Proposal with none trustee?

Is it viable negotiating Consumer Proposal with none trustee? Posted from: Ontario

Is there administration fee for filing CP?

Should an amount of money or money order payable to the trustee is asked to be brought along before the proposal is approved, what is the none refundable fee, should Consumer Proposal not get approved by the creditors? Posted from: Ontario

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