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

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Comments

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Trying on my own!

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

Share this post:

X (Twitter) Facebook LinkedIn Email

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.