How much did you owe in your consumer proposal?

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catharsis

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How much did you owe in your consumer proposal?
« on: August 09, 2018, 04:10:32 AM »
Hello all, I'm new to the CP world as I just filed today.

I am wondering what the total amount of unsecured debt you had, who it was with, and what you eventually had to pay under the proposal.  I am hoping someone with a similar situation as me can reply, but I am interested in all/any replies.

Basically this is what I owe:

  • $35,000 to RBC (credit card)
    $5,000 to RBC (another credit card)
    $10,000 to RBC (line of credit)
    $10,000 to Simplii Financial (line of credit)
    $8,500 to PC Financial (credit card)

The approximate total is $70,000.  Ugh, that's a lot.  I finally said 'no' to paying hundreds and hundreds of dollars a month in interest alone.  I actually calculated that since 2014 I've paid these banks $25,000 in interest alone.

My trustee thinks that we can get away with $500/month for 5 years as an offer.  She says RBC has all the power in the vote, and that they will likely either accept it right away or counteroffer a higher amount. 

How about you?  Anyone else with evil RBC and they just accepted it?  Anyone else in the 70k range?  Curious.

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Jennykk

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Re: How much did you owe in your consumer proposal?
« Reply #1 on: August 09, 2018, 11:57:40 PM »
I owed $46K. Half of it was with Scotiabank.
My proposal was approved for $14,500 or $250 per month for 5 years. I filed two years ago. My plan is to pay it off by end of the year. I have $5K to go.
It was a lot of work to get to this point. Discipline with spending and sticking with the budget are important.

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LT

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Re: How much did you owe in your consumer proposal?
« Reply #2 on: August 10, 2018, 01:44:09 AM »
Every situation is different. There are many factors that go into your proposal, like how much is your current income, what are your current assets, etc.  Also, RBC can be a tough nut to crack.  That said, $500/month for 60 months is about 43%, which seems high. You can always make a lowball offer, what's the worst that can happen?  They make a counter you offer?

I owed close to $250K and I am paying just under $1K/month.  I think it worked out to be about 24%.  I told the trustee that I would soon be losing my job (which was true) and since I had no assets, the creditors would get nothing if they forced me into bankruptcy.  My CP was accepted, with no counter offers.

I guess I am saying is that you have more power than you think.  The banks have already written off your debt, they are now just trying to get back as much as possible.

Good luck.

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Wetcoaster

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Re: How much did you owe in your consumer proposal?
« Reply #3 on: August 10, 2018, 06:56:09 PM »
Like LT says 43% seems a bit high for a CP.  Keep in mind the Trustee isn't really working to get you the best deal.

We owed $160,000 and our CP was $860 a month for 60 months with a 25% discount for early payout.  we were lucky in that I won $25,000 on the lottery
and cashed in some RRSP's and paid it off in a year.  Any extra money you get try and put it toward the CP and pay it off a fast as you can as it is sticken from your record after 3 years of paying it off .  So we have 19 more months before its off now.




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Wetcoaster

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Re: How much did you owe in your consumer proposal?
« Reply #4 on: August 10, 2018, 06:56:56 PM »
I owed $46K. Half of it was with Scotiabank.
My proposal was approved for $14,500 or $250 per month for 5 years. I filed two years ago. My plan is to pay it off by end of the year. I have $5K to go.
It was a lot of work to get to this point. Discipline with spending and sticking with the budget are important.

That's great you are doing so well!

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Lost and Found

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Re: How much did you owe in your consumer proposal?
« Reply #5 on: August 11, 2018, 01:46:46 PM »
Mine was about $137 K, most of it  CRA.  Paid it off at $300 a month.

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Jennykk

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Re: How much did you owe in your consumer proposal?
« Reply #6 on: August 12, 2018, 01:13:49 PM »
I owed $46K. Half of it was with Scotiabank.
My proposal was approved for $14,500 or $250 per month for 5 years. I filed two years ago. My plan is to pay it off by end of the year. I have $5K to go.
It was a lot of work to get to this point. Discipline with spending and sticking with the budget are important.

That's great you are doing so well!

thanks!  :)

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Lost and Found

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Re: How much did you owe in your consumer proposal?
« Reply #7 on: August 13, 2018, 11:04:19 PM »
LT, I understand that if that was over $250 you would not have been able to get a CP. Is that correct?

Also, wondering, at $1000 per month and at serious risk of losing your job, why did they accept your proposal as from my understanding, for a CP to be accepted there must a means of paying it off with no waffle room for missed or skiped payments.  Unless they also find that getting some money and then raking you over the coals until you bo bankrupt is a trick they hope to use.

Well done anyhow! 



Every situation is different. There are many factors that go into your proposal, like how much is your current income, what are your current assets, etc.  Also, RBC can be a tough nut to crack.  That said, $500/month for 60 months is about 43%, which seems high. You can always make a lowball offer, what's the worst that can happen?  They make a counter you offer?

I owed close to $250K and I am paying just under $1K/month.  I think it worked out to be about 24%.  I told the trustee that I would soon be losing my job (which was true) and since I had no assets, the creditors would get nothing if they forced me into bankruptcy.  My CP was accepted, with no counter offers.

I guess I am saying is that you have more power than you think.  The banks have already written off your debt, they are now just trying to get back as much as possible.

Good luck.

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Wetcoaster

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Re: How much did you owe in your consumer proposal?
« Reply #8 on: August 14, 2018, 02:12:37 AM »
Keep in mind that your CP payments are based on your income and ability’ to pay.  Our Cp payments were high because our income was over $100,000 a year

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LT

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Re: How much did you owe in your consumer proposal?
« Reply #9 on: August 14, 2018, 02:50:30 PM »
I was just under the $250K maximum for a CP.  I think the creditors accepted my proposal because the knew they would get $0 if they forced me into bankruptcy. I had zero assets. I filed in August and lost my job at the end of September.  I was making a fairly good salary, about $15K per month (so I had about $45K in my war chest).  The thing that was different for me was that I am incorporated (I am a contractor).  That $15k/month is paid to my corporation and then the corporation pays me.  That meant the creditors could not get at any of that money.  I could pay myself just under the bankruptcy limits. I am sure they could probably have taken me to court, but that would cost them even more. The thing about a CP is if you fail paying the CP in its entirety, they get to keep all the money and you still owe the original amount (I think).  So I guess it came down to get some money or get zero.  They chose to accept my CP.

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toomuch

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Re: How much did you owe in your consumer proposal?
« Reply #10 on: August 17, 2018, 08:21:24 PM »
I owe just under $53K.  $40K in credit card and $13K in a personal loan.  $13K was to RBC.

I was just approved for a CP and I'm going to be paying $700 for 5 years based on my income.  That was higher than I hoped, but I've already lived on my budget and set aside the $700 for 2 months now.  Next month is my first "real" payment. I'd like to pay it off sooner than 5 years, but it would be hard.

Still,  happy that I'm on the path.

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Pathtozero

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Re: How much did you owe in your consumer proposal?
« Reply #11 on: January 16, 2019, 03:40:09 PM »
Not a lot of activity on this site for awhile but thought I would ad to the conversation since there are not a lot of examples where the predominant debt is with RBC.

Here is a break down of what I owed (and to whom):
- $23,000 to MBNA (credit card)
- $ 1,500 to MBNA (credit card #2)
- $ 1,500 to Medical Services Plan BC
- $ 5,000 to Mogo (loan)
- $34,000 to RBC (loan #2)
- $15,000 to RBC (credit card #3)

Total debt was about $80,000 with over 60% of debt held with Royal Bank.
I was stressed about the potential wait time but everything hinged on RBC's approval so once they said yes it was essentially a done deal.

I went through Sands & Associates (who were great btw) and they suggested a a payment of $400 for 60 months.

Happy to say that our first offer was accepted by RBC within 2 weeks of filing and I am now on a payment plan of $400/month ($24,000 paid in total with $16,600 to creditors, $6,000 to trustee, and $1,400 in misc fees).

The $16,600 to creditors works out to be about 20.57 cents on the dollar.
For reference, with my salary of $50K/year and surplus payments, a bankruptcy would only net creditors a total of $4,400 (or 5.5 cents/dollar).

Took me a couple years of kidding myself that I could pay this off. The interest alone was killing me and I was paying this off as aggressively as possible with payments of $1600/month (on my net monthly pay of $3200). So needless to say I was already living as frugally as possible but with no end in sight. Huge relief to have an official end date to my debt and some breathing room to actually save money for my future! I am 31 and just starting to save for retirement but better late than never  :)

Now just hoping to pay this off as quickly as possible and reach a debt free life!

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HasomerR

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