Slippery Slope…
I have 70k in usecured cc debt and can barely make the mnimum payments every month and the interest is really adding up. I am still in good standing with my creditors at this point. I have no assets and no savings but I want to start having some money left over from my paycheque to actually save and get back on track. I am considering a Consumer Proposal since I am able to make some payments. My question is, will my creditors accept a proposal from me given I am current on my payments? Should I stop paying them for 6 or 7 months and then try? Thank you. This is a great service you are offering here to folks like me.
Posted from: British Columbia
Whether or not you are current on your existing monthly obligations really won’t have any bearing if you file a consumer proposal.
Once a consumer proposal is filed the creditors loose the legal ability to accept payments and are forced to be involved in the proposal process. So at that point they will recognize the situation you are in and respond according to the terms of the proposal itself.