January 2nd, 2012 by Questions
I have outstanding balances from Debt management programs, can I apply for Consumer proposal?
Posted from: Ontario
January 02, 2012 at 4:50 pm, A licensed trustee said:
Certainly – in fact, this happens a lot more often than you might think… A debt management plan is great for someone that can afford to repay their debt in full (they just need relief from the interest). Unfortunately, many people aren’t realistic when they estimate how much they can afford to pay in a debt management plan and within a year they realize they are still in over their heads…
For other people reading this posting, if you are seriously considering a debt management program you might still want to call and speak to a trustee. They will give you an honest assessment of whether or not your payments are going to be manageable over the 3 or 4 years the plan will take. The last thing you want to do is make payments for 6 months or a year only to discover you can’t afford to keep making them…
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