Help Should I continue to make minmum payments to credit cards when they call if I am planing to file proposal?
May 12th, 2013 by Questions
I have approx 100,000.00 on 9 various credit cards largest 19,000.00 smaller 2,200.00 I have always had excellent standing and own my own business (corporate 1 owner) now struggling with business and affecting personal credit big time, Bank card willing to “work with me” if I accept and make aggreement does this affect my consumer proposal? Should I continue to make payments until proposal in place?
Thanks
Posted from: Ontario
One Response to “Help Should I continue to make minmum payments to credit cards when they call if I am planing to file proposal?”
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May 12, 2013 at 5:30 am, A licensed trustee said:
Once you have decided to file a consumer proposal then it doesn’t make much sense to continue to make your minimum payments on any of your unsecured debt (the debt that will be included in your proposal). If you are not sure you are going to file then you shouold keep making those payments.
There is nothing wrong with making payment arrangements with your creditors before you file a consumer proposal or bankruptcy – if enough of your creditors will work with you then you may not have to file. Of course, if you do file all of those arrangements will stop and the debts will be included/dealt with in your consumer proposal.