getting desperate
November 10th, 2009 by Questions
my monthly payments are up to date because i have been taking cash advances from line of credits to pay credit card payments and vice versa – can i still file a consumer proposal even though i am not behind in anything – just getting progressively deeper in debt
Posted from: Ontario
One Response to “getting desperate”
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November 11, 2009 at 7:22 am, A licensed trustee said:
You don’t have to wait until you start falling behind in your payments in order to file for a consumer proposal, BUT you do have to stop using your line of credit to make payments on your other debts. One of the things we like to see is how you fair for a month or two without using any credit – if you can’t live on your income then filing a proposal won’t actually solve your fianncial problems.
This invariably means you will miss a month or two of payments, but it is important to prove to yourself that you can live without credit. It can make for a rough month as you adjust, but it is worth it.
Th