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Consumer Proposal fee

What can a debt company charge for a fee for consumer proposal? If you are doing a consumer proposal, is it just your credit cards included or does it include car loans and cell phones?

Posted from: Ontario

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One Response to “Consumer Proposal fee”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

For reference, not just any debt company can file a consumer proposal, the only people who are licensed to administer consumer proposals are licensed trustee’s. So if you are paying some debt company for advice about a consumer proposal, you would be better to go directly to a trustee.

As for the administration fees, the fees that are charged are outlined by the legislation. It is a formula that is largely based on how much is paid out to creditors, but it works out to be approximately 20% of the monies distributed.

In terms of what debts are included, any unsecured debts (i.e. cell phones, credit cards, personal loans etc.). The only time a car loan can be included is if you return the car prior to filing the proposal.