Experience with President's choice

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nishgupta29@gmail.com

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Experience with President's choice
« on: February 06, 2018, 10:31:20 AM »
anyone included president's choice line of credit in their proposal? They are my largest creditor so little worried how they respond to proposals.
Please share your thoughts

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Rajput way

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Re: Experience with President's choice
« Reply #1 on: February 06, 2018, 10:42:24 AM »
Very interested to see answers to this as I've just applied for a div 1 proposal and PC financial line of credit holds the majority and will decide if it's accepted.

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nishgupta29@gmail.com

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Re: Experience with President's choice
« Reply #2 on: February 07, 2018, 12:27:14 PM »
No replies guys.. No one ever had any experience with them?

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Rajput way

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Re: Experience with President's choice
« Reply #3 on: February 08, 2018, 01:39:58 PM »
Op, have you already filed a proposal?

I have, and meeting of creditors is Feb 20th. I'll find out then (I assume) what the votes are. I'm a nervous wreck as there's a couple of solid reasons why I don't want to be bankrupt. I'm not happy with my trustee but she did say that if no votes come in prior to the 20th, I'll hear from them regarding negotiations. No news is good news....but I only filed on Jan 31...so may not have any responses until next week.

Looks like we'll have to help each other out with no other responses.

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nishgupta29@gmail.com

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Re: Experience with President's choice
« Reply #4 on: February 08, 2018, 06:02:48 PM »
Hi, I am going to file in couple weeks.
Who called crediotor's meeting in your case> Is it necessary for you to be in the meeting?

Op, have you already filed a proposal?

I have, and meeting of creditors is Feb 20th. I'll find out then (I assume) what the votes are. I'm a nervous wreck as there's a couple of solid reasons why I don't want to be bankrupt. I'm not happy with my trustee but she did say that if no votes come in prior to the 20th, I'll hear from them regarding negotiations. No news is good news....but I only filed on Jan 31...so may not have any responses until next week.

Looks like we'll have to help each other out with no other responses.

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fireguy233

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Re: Experience with President's choice
« Reply #5 on: February 08, 2018, 07:23:07 PM »
Sorry I have no experience with PC financial. Most people on this site wont have a lot of experience or guidance with Div 1 proposals either.

Best of luck.

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Rajput way

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Re: Experience with President's choice
« Reply #6 on: February 08, 2018, 09:24:55 PM »
The division 1 proposal was sprung on me by trustee the day I went to sign. I'd gone in to sign the week before and ended up deciding I needed to talk to a lawyer regarding a condo I own and am giving up as part of the proposal. The following week I went in to sign what I thought would be the same document and it wasn't. The trustee said she realized that bc I'd moved out of condo 6 months ago, it's not my primary residence which means it has to be added to my debt, thus the div 1. I believe the creditors meeting is part of the div 1 process. Trustee booked the date when I signed, it has to be within 21 days. I have attend the meeting over the phone, as well as whatever creditors and trustee. It appears I'll find out which way PC financial (Simplii) goes, before you. I'll post back...fingers crossed!

Hi, I am going to file in couple weeks.
Who called crediotor's meeting in your case> Is it necessary for you to be in the meeting?

Op, have you already filed a proposal?

I have, and meeting of creditors is Feb 20th. I'll find out then (I assume) what the votes are. I'm a nervous wreck as there's a couple of solid reasons why I don't want to be bankrupt. I'm not happy with my trustee but she did say that if no votes come in prior to the 20th, I'll hear from them regarding negotiations. No news is good news....but I only filed on Jan 31...so may not have any responses until next week.

Looks like we'll have to help each other out with no other responses.

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nishgupta29@gmail.com

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Re: Experience with President's choice
« Reply #7 on: February 08, 2018, 09:37:50 PM »
Good luck buddy.. How much you owed in total?

The division 1 proposal was sprung on me by trustee the day I went to sign. I'd gone in to sign the week before and ended up deciding I needed to talk to a lawyer regarding a condo I own and am giving up as part of the proposal. The following week I went in to sign what I thought would be the same document and it wasn't. The trustee said she realized that bc I'd moved out of condo 6 months ago, it's not my primary residence which means it has to be added to my debt, thus the div 1. I believe the creditors meeting is part of the div 1 process. Trustee booked the date when I signed, it has to be within 21 days. I have attend the meeting over the phone, as well as whatever creditors and trustee. It appears I'll find out which way PC financial (Simplii) goes, before you. I'll post back...fingers crossed!

Hi, I am going to file in couple weeks.
Who called crediotor's meeting in your case> Is it necessary for you to be in the meeting?

Op, have you already filed a proposal?

I have, and meeting of creditors is Feb 20th. I'll find out then (I assume) what the votes are. I'm a nervous wreck as there's a couple of solid reasons why I don't want to be bankrupt. I'm not happy with my trustee but she did say that if no votes come in prior to the 20th, I'll hear from them regarding negotiations. No news is good news....but I only filed on Jan 31...so may not have any responses until next week.

Looks like we'll have to help each other out with no other responses.

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Rajput way

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Re: Experience with President's choice
« Reply #8 on: February 08, 2018, 09:50:46 PM »
I owe almost $36,000 in line of credit and two credit cards. I'm confused about having to add the condo debt (which is $215,000) as the proposal itself states that I'm returning the condo to the lender and any shortfall will be covered by the proposal. Without what's owed on mortgage, unsecured debt and shortfall from condo would be well under the max debt allowed.

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nishgupta29@gmail.com

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Re: Experience with President's choice
« Reply #9 on: February 09, 2018, 09:46:14 AM »
Okay buddy. did someone vote for your proposal yet or it'll be all during the creditor's meeting now?

I owe almost $36,000 in line of credit and two credit cards. I'm confused about having to add the condo debt (which is $215,000) as the proposal itself states that I'm returning the condo to the lender and any shortfall will be covered by the proposal. Without what's owed on mortgage, unsecured debt and shortfall from condo would be well under the max debt allowed.

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Rajput way

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Re: Experience with President's choice
« Reply #10 on: February 09, 2018, 11:01:49 AM »
I was told that I won't hear from trustees office before the meeting unless one of the creditors vote no or negotiates. No news, is good news. I don't know if anyone has voted yes. I suspect that next week would be more likely to hear anything. The creditors only received notice a week ago and next week is the last week before the meeting.

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Rajput way

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Re: Experience with President's choice
« Reply #11 on: February 15, 2018, 10:03:28 AM »
Only two business days left before creditors meeting. As of yesterday afternoon, no creditor had yet voted. Due to the tight timeline of under three weeks notice, administrator said that votes usually don't come in until the last minute. My entire proposal is in the hands of Simplii Financial (PC) as they hold most of my debt. Very hard having no control over my financial future.

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Wetcoaster

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Re: Experience with President's choice
« Reply #12 on: February 17, 2018, 09:03:52 PM »
What happened?

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Rajput way

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Re: Experience with President's choice
« Reply #13 on: February 18, 2018, 11:41:39 AM »
The creditors meeting is Feb 20. The 19th is Family Day in AB where I live and also in ON where most or all creditors offices would be. To my knowledge, no creditors have voted yet. That leaves only a window of a couple of hours on the 20th to receive any votes in advance of the meeting.

My big question at this point, which of course hasnít been answered by my trustees office  :-\, is: what if a quorum of creditors doesnít vote at all? Is it automatically accepted as would be the case in a regular proposal, or automatically declined and Iím deemed bankrupt?

Tic toc......waiting with bated breath for meeting on the 20th.

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Jennykk

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Re: Experience with President's choice
« Reply #14 on: February 18, 2018, 12:32:02 PM »
No news is good news. :)
Majority of my creditors didn't vote at all.

 

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