FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Can I pay off my consumer proposal early

My wife and I filed a proposal in 2006 for payments over 50 months. We have now paid for 27 months and now have enough equity in our home to refinance and pay off the proposal. However when I asked my trustee`s assistant about this she said it would open up the whole proposal and likely result in annulment. My trustee is one of the Trustees listed on your site in New Brunswick. Am I getting the right information?

Posted from: New Brunswick

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One Response to “Can I pay off my consumer proposal early”

A licensed trustee said...

You do not have to ask your trustee for permission to pay out a proposal early and it in no way affects the total amount you agreed to pay. Simply call and ask for the outstanding balance and send them a cheque. Likely the person you spoke to is unfamiliar with the law and spoke without consulting with the trustee.