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sounds too good

All debt calculators calculate consumer proposal at 30%. Will big banks like TD, Scotia and RBC accept only 30%

Posted from: Ontario

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One Response to “sounds too good”

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.