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Can I negotiate the Consumer Proposal monthly payment?

I had a consultation with a trustee today to determine if a Consumer Proposal was an option for me. They calculated my budget with me and came up with a monthly payment of $300 per month for 36 months. I find that this amount is a bit high and I am not really sure if I can truly afford this payment. Is it possible to negotiate a lower amount?
My debt is approximately $18,000, I was proposed to pay $10,800 over 36 months.

Thanks in advance for the advice!

Posted from: Quebec

One Response to “Can I negotiate the Consumer Proposal monthly payment?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Typically the trustee will look at the factors your creditors will consider when voting on the consumer proposal(i.e. cash flow, composition of creditors, amount of debt) and the number they calculate is what they feel has the best likelihood of acceptance. If you don’t feel like you are in a position to afford this, you should discuss it with the trustee you spoke to, outline your concerns, but my guess is that if you want to avoid a bankruptcy you may find that you have to make some temporary sacrifices.