FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Debt Management Plan and RRSP and other Savings/Chequing Accounts

In entering a debt management plan with a credit counsellor, can RRSP’s / GIC’s and chequing/savings accounts be taken by the creditors?

Also, if there is a joint chequing account, can this be seized without asking or does the creditor have to ask the individuals listed on the account?

Posted from: Ontario

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One Response to “Debt Management Plan and RRSP and other Savings/Chequing Accounts”

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

In a debt management plan the creditors retain all their abilities to seize assets, garnish wages, or freeze bank accounts. The problem is you have no legal protection with a debt management plan as there is no governing legislation, so largely you are simply hoping that all the creditors cooperate.

How does this impact a joint accout, you are correct that the account can be seized.

What I normally suggest is you have to be very careful when investigating a debt management plan. There are very few controls on the debt management industry, and a large number of companies who are not reputable.

In my opinion, contact a trustee (they are licesnsed by the Federal Government and yes I am a trustee so I am biased, but there is a certain amount of protection when dealing with a liscensed professional), discuss the filing of a consumer proposal. This is a legislated option, it does all the things that the debt management companies claim, but you get the added bonuse of having clear rules that are legislated. As well, you have a stay of proceedings that requres all creditors to participate with the proposal. Essentially you have protection that is not afforded through the debt management plan.