How can you pay off CP sooner?
I am about 8 months into a 5 year consumer proposal payment plan. If I choose to pay a little more a month how much sooner can I get my CP loan paid off? I wonder if you could tell me how to calculate if I paid 50 or 100 dollars more a month?
Posted from: Ontario
Witout knowing your payment terms we can’t tell you how much sooner you’ll pay off your proposal by increasing yoru payments by $50 or $100 per month. We can tell you that 80% of the people that file a 5 year proposal pay them off in 42-45 months, usually by doing exactly what you are thinking (increasing their monthly payments).
Call your trustee and ask them to do the math for you…