How can you pay off CP sooner?
October 13th, 2012 by Questions
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
One Response to “How can you pay off CP sooner?”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
October 13, 2012 at 4:17 pm, A licensed trustee said:
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…