FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Instagram

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Who votes in a consumer proposal?

When a deliquent credit card account with an R9 is sold to a collection agency, and the collection agent begins reporting on a credit report, what happens when a consumer proposal is filed? Does the original credit card company still vote, or does the creditor vote? If the creditor votes, are they generally cooperative or will they often vote no?

Posted from: British Columbia

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Who votes in a consumer proposal?”

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

This really depends on how the claims are managed by the credit card company and their agents. So technically it can be either the original company or the collection agent, but not both.

As for how frequently they cooperate with consumer proposals, it is quite common. For example, the proposals we do through my office we find approx. 95% of all proposals are accepted.

You are also correct that each creditor has a different pattern, but this can really depend on the region that you are in so I would suggest you consult with a local trustee and they will be able to review your creditor list and determine what type of offer would be required given which creditors you are dealing with.