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Would Consumer Proposal make sense me?

I have a full time job but have about 35,000 in debt (including my car loan). I am able to put money on my debt every month but it is VERY tight. I am wondering if because I put more than the minimum payment on my debt every month if a consumer proposal would be accepted or if they will see that I make regular payments (of more than the minimum) and say no.

Posted from: Ontario

One Response to “Would Consumer Proposal make sense me?”

A licensed trustee said...

A consumer proposal is designed to be an alternatiove to bankruptcy so when your creditors are trying to decide whether or not to accpet yours they first look to see how much they would recover if you were filing bankrutpcy instead, and then they look to see if yiou are offering enopught to “make it worht their while” (right now that seems to be about 1/3 of your debt). Creditors don’t usually consider your past payment history unless you’ve had serious payment problems. If your history has been good then it won’t be a factor.

So speak to a trustee about all of your optins and if a proposal makes the most sense proceed…