Consumer Proposal Questions
October 29th, 2012 by Questions
We have $125000 debt, no assets, contacted a trustee who suggested an 28% proposal, however his math didn’t add up – $50000 repayment. Do the trustee’s fee come out of the 28%, or get added onto the total amount owing? Are the fees for a consumer proposal regulated?
Posted from: Ontario
One Response to “Consumer Proposal Questions”
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October 29, 2012 at 11:54 am, A licensed trustee said:
28% of $125,000 is $35,000 – you need someone to explain to you how they came up with $50,000.
Trustees fees are INCLUDED in your payment plan, not added on. They are set out in the law and are not negotiable (up or down).
You may want to check to see if whomever you’ve been speaking to is actually a trustee – they may be a debt consultant, charhing you a fee BEFORE they send you to see a trustee.
The easiest thing for you to do is go and speak to someone else to see if they give you a different answer…