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Consumer Proposal – Changed my Mind!

I signed Consumer Proposal papers on Friday, it`s now Sunday and I changed my mind. My trustee said he filed them. Can I make request to withdraw them? I feel like I need more time to consider my options, and acted hastily.

if not, why is there no `cooling off period`.

Posted from: Ontario

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One Response to “Consumer Proposal – Changed my Mind!”

A licensed trustee said...

Certainly – you have 60 days from the date of filing to contact your trustee and withdraw a consumer proposal. If you feel rushed then go and speak to your trustee. If you want the proposal withdrawn they will do it.

Now, you should be prepared to cover the costs incurred to date…

What we usually advise people that have second thoughts is to sit on the decision for anothe rweek – ypu’ve got the full 60 days to make up your mind. There’s no point withdrawing the proposal if in 2 weeks you’ll want to file one again – you’ll just end up paying to do it twice.