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Majority RBC debt

Hi, I am looking to do a consumer proposal. Currently 64000 I’m debt. 40000 is in RBC lines of credit. We are hoping to offer them somewhere between 35-40% repayment. What are the odds they will accept this? We could probably maximize repaying around 50%. Would they even go for that?

Thanks

Posted from: New Brunswick

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One Response to “Majority RBC debt”

A licensed trustee said...

With RBC your starting point is going to be the greater of:
1) what you would have to pay if you filed for bankruptcy; and
2) 1/3 of what you owe.
RBC then will decide how much more they will ask you to pay – if your RBC debts are only a year or two old, or if you recently “ran-up” the line of credit then you should expect to pay more. If you have been carrying this debt for a long time they may accept the opening offer. Hopefully your trustee files enough proposals to be able give you a better “guess” of how much you will end up paying.