When to tell creditors about proposal

December 24th, 2009 by Questions

Hello. I am filing a CP. I have a creditor that has been quite agressively calling seeking payment. Should I simply tell them that I am in the process of a proposal? Is there any risk to my proposal negotiations by telling my creditors `too soon`, if there is such a thing?

Posted from: Ontario


One Response to “When to tell creditors about proposal”

, A licensed trustee said:

If you’ve made a firm committment with a trustee to file a consumer proposal then it is likely ok to start telling your creditors what you are doing. If you’re just “pretty sure” then you should not.

The risk you run in telling your creditors too early is the creditors know it only takes a few days to file – if you string them along for weeks, well you won’t have much credibility…

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