Consumer proposal after debt arbitration

We are currently 6 months into a debt arbitration. It is costing us over half of what we would be paying in cc bills and there is no guarantee that all our creditors will approve the arbitration. We have settled one small account but have a lot left owing, 100K. My question is would a consumer proposal make sense at this point? would the creditors refuse because they have already been approached by an arbitrator? We didn’t know about proposals when we began the process.

Posted from: British Columbia

One Response to “Consumer proposal after debt arbitration”

A licensed trustee said...

Keep in mind my bias – I have a very low opinion of debt arbitrators/debt consultants/debt settlement companies (whatever they want to call themselves). You may certainbly file a proposal, but before you make that decision go and speak to a trustee about your situation. They will tell you whether or not you should stick with what you’ve started, or switch to a proposal or something else.

The real hang-up will be getting your money back from the company you are currently dealing with – I don’t imagine they’ll be willing to return your money…