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Royal Bank

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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One Response to “Royal Bank”

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.