Postponing a Consumer Proposal until equity is sold
September 7th, 2006 by Questions
We are cash poor and property rich.
We have substantial credit card debt that we cannot get a debt consolidation loan to pay off.
We are selling our home when our last child is in college – 1 year from now. (There are several other personal reasons that we can’t move until next year)
As our home has equity – the proceeds would be more than enough to satisfy the credit card companies.
Have you ever heard of a consumer proposal where the creditors will postpone the debt until the equity is sold??