credit card

June 14th, 2011 by Questions

I have a maxed out high interest credit card and have only been making minimum payments on so it keeps going up and up…I contacted credit card company and tried to make a proposal, they refused..I don’t want to go bankrupt but they refuse to help, what can I do?

Posted from: Nova Scotia

Questions

One Response to “credit card”



, A licensed trustee said:

There is a difference between you calling the credit card company and offering them a “proposal” and you going to see a trustee who will help you file a “consumer proposal”. A consumer proposal is a legal procedure whereby you offer to repay a portion of your debt. When you file a consumer proposal you need to offer to repay the greater of: (a) the amount you would be required to repay if you filed for bankruptcy, and (b) about 1/3 of your debt.

Use the links on this site to find a trustee in your area and give them a call. Once you know all of your optins you may make a decision about what to do next.

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.)