Trying on my own!

June 4th, 2013 by Questions

Are there any negative consequences to approaching the bank(s) that we owe money to on our own, before resorting to consumer proposal or bankruptcy, to see if they are willing to negotiate repayment/interest?

Posted from: Nova Scotia


One Response to “Trying on my own!”

, A licensed trustee said:

There is nothing wrong with what you are proposing – if you have a limited number of debts and can afford to repay a portion of them very quickly then there’s a good chance you will be able to work something out on your own. You should expect to pay in the 50 – 75% of what you owe.

The only disadvantage may be that if you are not able to negotiate a deal, the bank(s) might place you in a higher risk group – that may mean higher interest charges and/or demands to pay more. Of course, if you aren’t able to negotiate a deal yourself, you still have the right to file a consumer proposal which will stop the interest.

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