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What to include in debt management plan

Do I have to include all my debts in a debt management plan or can I leave some out? I have some debts (credit cards) that are behind but also a bank loan where payments are up to date. I want to leave the loan out as I don`t want to jeopardize my relationsihp with the bank.

Posted from: Ontario

One Response to “What to include in debt management plan”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

As a debt management plan is done not done through the Bankruptcy and Insolvency Act and is not done through a trustee’s office you may want to discuss it directly with a credit counsellor. However, most debt management plans that I am aware of required all debts to be included. The logic behind this is largely one of risk. If you include all your debts and they are treated through one organization in one fashion then there is not as much outside interference that can cause difficulties. But if you have additional credit cards, even if they are up to date currently, there is a possibility that they could end up causing problems with the debt management plan in the future.