August 20th, 2011 by Questions
All debt calculators calculate consumer proposal at 30%. Will big banks like TD, Scotia and RBC accept only 30%
Posted from: Ontario
August 20, 2011 at 4:48 pm, A licensed trustee said:
The major banks currently expect a minimum return somewhere between 30 – 35% (it varies by bank). That’s why in most cases I tell people to use 1/3 as an estimate until I get the specifics for their situation.
If this sounds too good to be true, remember a consumer proposal is an alternative to filing for bankruptcy – it can only be used by people that are in financial difficulty. As the old saying goes, “something is better than nothing…” A consumer proposal represents a voluntary offer to pay more than a bankruptcy will provide – the “something” from the old saying.
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