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There are no time limits for negotiations. If RBC has 25% by value of your proven debt, they can request a meeting. The negotiations can continue infinitely if there is no definitive yes or no vote.

Let's say you filed a CP on March 1st, 2017 for $100,000.
You owe TD $25,000, RBC $20,000, BMO $25,000 and CIBC $30,000.
Let's say that CIBC and BMO say yes, RBC says No, and they want a meeting, and TD doesn't vote.
A creditors' meeting must happen if, on April 15, 2017 (45 days after filing), 25% of ]proven[/b claims request one.
In this case, $20,000 of $75,000 say they want a meeting, so a meeting must be called, as 27% (by value) voted for a meeting.
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Thanks NotATrust-E,
Do all counter-offers have to be finalized by 45 days? If agreement is not reached, can you reapply for CP?

Seems RBC is cutting losses by focusing on high-earners and making them pay, and throwing low income earners to bankruptcy
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The first $1,800 goes to the trustee, the next $200 goes to the government in a bankruptcy. If extended to 21 months it could be much higher, but that doesn't apply to your situation given your income level. If you pay $2,000, RBC will get zero.

I've heard that banks (even RBC) will be reasonable. If your proposal is for 80% - even if it's for a small amount - they will accept it.
Having said that, I would be surprised to see a proposal at 20%-25% of total debt if RBC is involved.

You can offer and counter-offer as many times as you like, there's no legal maximum.


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How many back and forth can there be on CP (counter-offers)?
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I have $30000 line of credit and $3000 credit card debt with RBC.
I make less than $2000 a month and don't own any assets.

From my understanding $200 payments first 9 months of bankruptcy don't even go to creditors, they go to government. If it is extended to 21 months, the maximum RBC would get is $4200. But if it's not extended, RBC gets nothing. True or false?

I've seen an opinion that there are costs to the bank to maintain CP over the years, so if the payments are low ($12000 total over 5 years) they'd rather you get bankrupt and close down accounts.
True or false?
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Consumer Proposals / XEvil recognize and break more than 8400 types of captchas
« Last post by WilliamOn on February 20, 2017, 12:12:19 AM »
Good news for everyone, who works in SEO, SMM and in other interesting online-business spheres ;)
In January, 2017, it was released absolutely new software complex: XRumer 16.0 + XEvil.
 
XEvil - new leader in captchas recognition software:
 
  • Wide functionality: break more than 8400 types of captchas
  • Hight recognition speed: more than 100 images per second on average CPU (Intel i5)
  • Very easy to use: simple for understanding interface, just 3 main buttons at all
  • Flexible: if you a programmer, you can change program logic via Lua scripting
  • Wide interface languages list: XEvil translated to most popular 12 languages, included Chinese and Indian
XRumer 16.0 increased number of recourses,
where it can make registering/authorisation/editing/posting with new XEvil
- up to millions websites (forums, blogs, CMS's, any news and blogging platforms, etc.).
 
You can find a lot of more info and videos by searching in Google and YouTube:
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Good luck! :)
 
See also:
XRumer 16.0 + XEvil: best software complex for SEO/SMM, New software for solving of any captcha, XRumer 16.0 + XEvil: updated software complex for SEO/SMM, New program for solving of captcha
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Share your Story / Re: Free credit report/score online
« Last post by Wetcoaster on February 16, 2017, 03:29:58 PM »
I hear you jennykk ... I am at 559 (yikes).  There are a ton of errors in both TransUnion and Equifax report though  and I was told they update quarterly and wait another month or 2 before starting on getting them corrected.  Which could make a difference as there are some major errors right now.
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Consumer Proposals / Re: RRSP LOAN AFTER RECEIVING CERTIFICATE OF COMPLETION
« Last post by Wetcoaster on February 16, 2017, 03:26:06 PM »
Looks like we can get an RRSP loan is we desire even though our proposal was just paid off in Jan.  They don't report to the  credit agency's though so no help with your score.
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Consumer Proposals / Re: Loans from Family Members Included?
« Last post by Toby on February 16, 2017, 01:52:52 AM »
If you settle for $45,000 (750 x 60) then only about $34,000 ends up going to your creditors. The trustee takes a $1500 fee plus 20% of the settlement amount, plus taxes and disbursements.

Your parents share would likely end up being $10k, not $13,500
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Consumer Proposals / Re: Loans from Family Members Included?
« Last post by NotATrust-E on February 15, 2017, 08:17:24 PM »
There are a few issues with loans between parties that aren't at arm's length.

The first is that your parents will have to file a valid proof of claim. They will have to prove that the debt exists, wasn't meant to be a gift, etc. They may have a hard time coming up with this documentation.

The second issue is that your parents cannot vote on your proposal. The law is a bit more complicated than that, but that's probably a good enough explanation before you talk to your trustee.
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