Income during repayment period
If I make a cp based on a $4000/month income and a payment of $1000/month for 60 months to the creditors, what if I ended up making $6000/month? Do I have to give up the extra $2000/month as additional repayment to the creditors?
Posted from: Ontario
No – your payments don’t fluctuate (change) in a proposal unless you specifically offered to do so when it was written (I have only seen this doen one or two times in the 20,000+ files our firm has handled).
After you’ve set aside some money in a svaings account for a “rainy day” you may want to consider paying down the proposal more quickly. You won’t save any money, but it will get you through the process more quickly and then you can start rebuilding your credit.