Consumer Proposal - Waiting Period and Payments

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ohthestress

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Consumer Proposal - Waiting Period and Payments
« on: June 09, 2017, 01:17:54 PM »
hi folks

so I am meeting with my LIT on Monday, met with her in May to discuss the options however we had hoped that may be able to get ourselves out of debt through a debt consolidation loan. unfortunately did not work out so starting process on Monday and actually feeling relieved to do so.
My question is once the LIT files the papers, do I make any sort of payments? obviously I do not pay my creditors but do I make the monthly proposed payment to the LIT while in the 45 day waiting period?
of course this is on my list of questions for Monday however thought probably get my answer here.

another question I do have debt outstanding to the BNS and I am listed on a joint account with my father, I am guessing I should visit the bank of nova scotia and have myself removed from that account in the event they decide to cover my debts with money from his account.

thoughts?

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Wetcoaster

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Re: Consumer Proposal - Waiting Period and Payments
« Reply #1 on: June 09, 2017, 06:10:51 PM »
We filed our CP in June and had to pay $100 to start and then $760 at the end of  August and that was considered our 1st monthly payment of $860.00.

That gave us time to save up a lot of money having no debt/credit card payments  for all that time.
Actually we were told to stop making payments before we filed the CP.

Yes...get your name off the account with your Dad.  I had a joint account with my son for his University and there was a lot of money in it (although it was his).
I was advised for him to open a brand new account in his name and move his money there.

Maybe others here can tell you more.

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ohthestress

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Re: Consumer Proposal - Waiting Period and Payments
« Reply #2 on: June 10, 2017, 07:50:16 AM »
thanks for the info

The bank is open today so I will go in and request to be removed from the account.
I cant wait for the CP to be filed next week and start the rebuilding process.


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NotATrust-E

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Re: Consumer Proposal - Waiting Period and Payments
« Reply #3 on: June 10, 2017, 09:16:20 AM »
The terms of your proposal determine when your payment dates are.

Typically, there is at least a small window between the date of filling and first payment. For example, the proposal terms could say that payments are to begin on August 1st, 2017, with all payments to be made on the 1st of the month. If your proposal stated that the date of first payment is July 1st, 2017, you must make a payment (or preauthorized debit) on that date, or it will be considered a late payment.

Once you enter into the a proposal agreement, even if it is not yet agreed to by the creditors, you must abide by all of the proposal terms until your proposal is completed, amended, or annulled.



My question is once the LIT files the papers, do I make any sort of payments? obviously I do not pay my creditors but do I make the monthly proposed payment to the LIT while in the 45 day waiting period?
of course this is on my list of questions for Monday however thought probably get my answer here.

another question I do have debt outstanding to the BNS and I am listed on a joint account with my father, I am guessing I should visit the bank of nova scotia and have myself removed from that account in the event they decide to cover my debts with money from his account.

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Wetcoaster

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Re: Consumer Proposal - Waiting Period and Payments
« Reply #4 on: June 10, 2017, 04:55:41 PM »
We signed our proposal on July 7th....paid $100 then our next payment was Aug 31 for $760 = the First $860 payment toward our proposal.


 

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