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| Author: |
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Thomas |
| Date: |
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July 27, 2003 |
| Question: |
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Is there such a thing as a modified proposal? I have substantial debt, but I want to pay it all off. Do you think my credit card companies would accept payments lower than my minimum for about six months and then allow me to make full minimum payments after that? (Of course, I wouldn't use the cards anymore.) Doing this would allow me to pay off two loans faster and get my finances on track
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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July 28, 2003 |
| Answer: |
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You would have to contact the creditors directly about this type of arrangement. There is a provision under the Canadian Bankruptcy and Insolvency Act for proposals which allows you to formally settle your debts over time. I'd suggest you talk to a Trustee about your situation if you cannot come to an informal arrangement with your creditors.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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