Credit Proposal Balance Payment
December 21st, 2011 by Questions
If I have a balance of $12,000 left on a creditor proposal that started at $40,000 is there anything preventing me from obtaining a bank loan with a co-signer in order for me to pay off the 12K balance?
Posted from: British Columbia
One Response to “Credit Proposal Balance Payment”
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December 21, 2011 at 3:58 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
No, there would be no problem with this. You are able to pay out the balance of your consumer proposal at any time without any sort of penalty.
The other side of this is that because it is a loan that you will be paying on and because the consumer proposal is finished sooner, you will be rebuilding your credit more quickly.