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Need Advice on admin fees

I have filed for a CP with Grant Thornton & Alger. I am paying them an admin fee/deposit of $887.50.. They say if the proposal fails, I lose the money – is this acceptable? My total debt is $48,000. I offered $300/month for 60 months, and they countered at $500/month. I counter offered $400/month for 60 months, but even that is 50% of my debt……what do I do if they reject this? Can I counter again? I am impatiently waiting for a response from them.

Posted from: Alberta

One Response to “Need Advice on admin fees”

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

Each trustee is allowed to determine what is required from you as a retainer in order to file a consumer proposal. At my office, we simply require you to make your first monthly payment. But technically there is nothing wrong with the way they have done it. In terms of the other questions, you will likely be able to counter again, but realistically you need to discuss this with your trustee as they will have a better idea of how that process is proceeding.