RBC acceptance/other creditor acceptance impact
July 25th, 2010 by Questions
I`m considering doing a consumer proposal, I`m pretty sure I`d qualify. Here`s my situation. I have approximately 40K in debt-about 20K in credit cards/unsecured loan from CITI financial, 2K from Revenue Canada, and the rest (about 15K) in student loans which are over 10 years old-10K of that is with RBC. I have been able to make student loan payments monthly since graduation but nothing else–all my credit cards are in R9. I make a good income–approx 50K gross a year, but still the monthly bills don`t leave enough to pay all the debt payments. Here`s my question-first, I`ve heard that RBC is hard to accept proposals–but since they only `own` about 25% of the debt I owe, does that mean that as long as the others accept it they have to accept the terms? And also what would be a feasible % to propose? I`d like to try for 25-30% but not sure if that would be accepted. Thanks!
Posted from: New Brunswick