September 10th, 2009 by Questions
I have $51,000 in unsecured debt of which $29,000 is with Royal bank. I have heard that they are difficult to deal with. Am I less likely to be successful getting a reasonable consumer proposal approved because of this? I also read they will not do a proposal of less than 5 years. Does this mean they want a larger amount of money than other creditors would seek in a proposal?
Posted from: Ontario
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September 10, 2009 at 9:10 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You are correct that Royal Bank has a reputation for being a bit more challenging to deal with under the proposal provisions of the Bankruptcy and Insolvency Act. This doesn’t mean that a proposal is not an option with them, but that you may end up having to accept a settlement that offers more money than with some other creditors and you are correct that this offer would have to be over a 60 month term.