Is it possible to pay the consumer proposal in full?

In Anonymous Q & A, Consumer Proposals, Niagara Falls, Ontario by Questions1 Comment

Is it possible to pay the consumer proposal in full, rather than monthly payments? The original line of credit was 20 000 CAD, and I assume 35 or 30 percent would be around 7,000 CAD. Since I do not have a job in Canada and may take me months before I get one, the original amount is impossible, while 30 percent might be a possibility, in order to avoid filing for bankruptcy?

Comments

  1. Doug Stuive, CA | Trustee | CIRP
    Doug Stuive, CA | Trustee | CIRP

    Lump sum consumer proposals are possible and if the payment is available, either by your own means or funded by a friend or family member, they can be a good way to clear up your debt issues quickly and with minimal affect on your credit file when compared to a bankruptcy or longer consumer proposal.

    I would recommend a phone or in person discussion with an advisor that can tell you how much would generally be needed in order to get approval by the creditor. There are some factors to consider when looking at a bankruptcy compared to a lump sum proposal to make sure that a proposal option is more attractive than a bankruptcy filing to the creditor.

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