Getting a new start
Hello, I have a large outsatnding debt on my credit cards and a line of credit, recently converted into a loan. I also have a car loan, total of 70 000 excluding the car loan. All of my payments are made on time for now. I make monthly payments to Canada Revenue, but I still have a balance of 2000 to pay for my HST(self employed). I feel I am not going to be able to pay this debt for many more years. Am I a good candidate for a consumer proposal? I realy want to get a new start and if possible to keep my car-need it to go to work. Thank you very much!
Posted from: Ontario
Secured debts – like car loans and mortgages – are excluded for consumer proposals. That means they don’t make up part of the offer – if you want to keep the car you need to keep the payments current.
As to whether or not you’re a good candidate for a consumer proposal, I can’t tell from your posting, but it is certainly one of the options available to you in order to sort out your financial problems.
Use the links on this site to find a trustee in your area – they’ll review all of tyour options and let you know which solution makes the most sense for you.