amending a proposal for payout

I entered into a 5-year proposal in Sept/11 and have been paying $750 p/mo on $45,000, so am down to under $40,000 now. Unexpectedly I’ve come into some money ($50,000) and am wondering if I can now offer my creditors a lump-sum payout?? If so, would it have to be for the whole balance remaining or would they accept something like 90%? I’d like to be able t keep some of it … Thank you for any reply.

Posted from: Ontario

One Response to “amending a proposal for payout”

A licensed trustee said...

You don’t actually have to file an amendment to do this – just call your trustee and “prepay” as much of teh proposal as you want (all, some or none). You then have the option of reducing your payments or shortening the period of repayment.

Call your trustee to discuss your options.