January 26th, 2010 by Questions

I have talked to a firm concerning a proposal but they did not mention anything about creditors accepting partial settlements. They basically stretched the full amounts out over 55 months. I retire in 2 1/2 years and at that time I would not be able to meet the proposed repayments. Am I beyond help?

Posted from: Ontario


One Response to “proposal”

, A licensed trustee said:

I doubt very much that you were speaking to a trustee about a “consumer proposal” – more likely you spoke to a debt consultant of some description about somehgn they call a proposal, but which is really a debt settlement program (these require you to repay 100% of your debts).

Either ask the folks you’ve already spoken to if they are licenced trustees and if they are suggesting a consumer proposal – I suspect the answer will be no.

Or use the links on this site to find a trustee in yur area and ask them to review your situation and options with you.

Whatever you do, don’t commit to any program until you are sure you understand what it is and how much it will cost you. If someone asks for money up front just walk away…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)