Paying out a consumer proposal early
After 2 years on consumers proposal, is it okay to pay the lump sum balance without any penalty or charge?
After 2 years on consumers proposal, is it okay to pay the lump sum balance without any penalty or charge?
Certainly – there are no penalties for paying out a consumer proposal early. Call your trustee and they shoudl be able to tell you what the remaining balance on your proposal is…
FYI – most people that file a 60 month proposal pay them out sometime around month 48. Most people that file a 48 motnh proposal pay them off around month 42. There is no legal obligation to pay them off sooner, but most people find a way as their situations improve over time…