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panthers
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Joined: 05/March/2005
Location: Canada
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Topic: ok im very confused NEED HELP!!! Posted: 06/March/2005 at 7:56am |
Hi all, I am in a bit of a mess i think, I don't know. I finally decided to go the consumer proposal route. I have $65000.00 in debt. My trustee said i would offer the 4 creditors 49% of the total. The payments would then be $700.00/month for 4 years. He said i would be clear of the debt and get a certificate when it is completed. Now none of these debts were student loans or anything. They were just regular unsecured loans and a few credit cards. Can the bank come back after i complete the proposal and ask for the balance. I was told no by the trustee, that once they agree to the proposal thats it. Is this true. Is it really that simple? Did I make a mistake? Im 28yrs old, figure I have enough time to start over. The reason I went to this extreme is because I missed a lousy 2 payments on my amex and they fired it off to collections. They screwed up my credit rating for 6 years anyway. For me to pay $65000.00 would take me 12 years at $1100.00 a month. (so the trustee figured it out as) Did i make a mistake, seems like the other posting here tell me that consumer proposals are just a farce and serve only the trustee's. HElp!!
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panthers
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Posted: 06/March/2005 at 11:00am |
Johnny if you are there, do you have any insite into this? Im afraid i may of made a mistake or not?????
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panthers
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Posted: 06/March/2005 at 1:41pm |
Johnny, do you know if there is any banks that have a regular debit card , but carry the visa logo on the card. It debits your regular bank account, but acts like a visa??
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panthers
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Posted: 06/March/2005 at 1:44pm |
Also if you pay monthly payments to your trustee, why does this not get recorded to the credit bureu??
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remember to "govern yourself accordingly " Ill tell them that when the proposal is approved!!!!
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 06/March/2005 at 2:28pm |
Panther,
I have absolutely nothing to do with bankruptcy. What I do is provide stress relief, education, and financial wellness. What bankruptcy does is complicate the hell out of things for most people. People are starting to see the huge clutter and obstacles that bankruptcy leaves behind for them to try and hurdle. As long as the bankruptcy administration remains inthe hands of the private sector, it will always be this way unfortunately.
My services are not non-profit counseling/debt-pooling, OPD, bankruptcy, consumer proposals so there ar enone of these derogatory comments that you are referring to. What I do is solve the financial problem(s), minimize your stress, and clear you a productive pathway to recovery. It is that simple - and is explained well on my site www.cfwgroup.ca.
I had also responded you a post of yours in another thread somewhere.
John LeBlanc The Canadian Financial Wellness Group
Tel: (902) 464-8727
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panthers
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Posted: 06/March/2005 at 2:49pm |
Hi johnny, you misunderstand me. I didn't mean you as per say when i posted i meant generally if a person pays to there trustee eg (consumer proposal) why dosn't it get reported to the credit bureau as a payment. Your cool man, just generalizing ..
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remember to "govern yourself accordingly " Ill tell them that when the proposal is approved!!!!
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Agent007
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Joined: 28/April/2004
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Posted: 06/March/2005 at 3:16pm |
panthers wrote:
Johnny, do you know if there is any banks that have a regular debit card , but carry the visa logo on the card. It debits your regular bank account, but acts like a visa?? |
Visa/MasterCard debit cards are not issued in Canada.
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SolveStudentDebt
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Posted: 06/March/2005 at 3:29pm |
Actually, Beemo has a Mastercard product like that. Or, they did as a 2 years ago. I have seen cases where people had these accounts.
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