Majority RBC debt
January 27th, 2013 by Questions
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?
Posted from: New Brunswick
One Response to “Majority RBC debt”
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.
January 27, 2013 at 4:59 am, 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.