September 21st, 2007 by Questions
Hello, I filed a consumer proposal and now paying like $500/month (4 more years) and I don`t owe any of my creditors anymore. I want to speed up the process of paying them instead of waiting for 4 more years. Then the credit repair years for another 3 or 4 years so it totals to 8 years before creditors can actually trust me again. Is it possible to get home equity loan to pay the remaining 4 years now? So that at least I would only wait 3 years to get clean?
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September 22, 2007 at 11:54 am, Barton Goth GCO Bankruptcy Trustees said:
There is nothing preventing you from doing this. If you can obtain the funds there is normally no penalty or cost to paying the proposal out quicker than agreed. However, the one thing to consider is cost of borrowing, there is not interest in the proposal so from a dollar and cents perspective will prove cheaper to simply make payments over time.