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Consumer Proposals / Re: Experience with President's choice
« Last post by Rajput way 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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Considering Bankruptcy / Re: Div 1 proposal filed - name on dad's chequing accounts
« Last post by Rajput way on February 14, 2018, 06:37:38 PM »
Finally got a reply from trustee company administrator after I emailed again today asking if I needed to ask my questions of someone else. She told me that if dad's accounts are with same banks as my creditor's (one is a subsidiary bank, the other is a different credit union in different province (mortgage holder)), and they spot my name on dad's account, the bank could try to take funds. They're not supposed to, and if they do, the trustee would request it back..."but could take time....more of a nuisance". Lots of "may", "could" words used.

Seems, not likely, but possible, and safer for dad to open a different account for at least his excess funds for the duration of either a proposal or bankruptcy.
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Considering Bankruptcy / Re: Div 1 proposal filed - name on dad's chequing accounts
« Last post by Rajput way on February 14, 2018, 09:34:02 AM »
This isn't a joint account. At least as far as I know. My name doesn't appear on statements or cheques. Don't know what the proper name for the situation is. It's only in the event he passes.

Am I correct that this is only a concern if I'm deemed bankrupt if the proposal isn't accepted?

So unhappy with my trustee....hope the lawyer gets back to me this week. May have to look up another one to get this and other questions clarified for my situation.

Thanks for your reply!
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Consumer Proposals / Re: question in regards to secured RRSP
« Last post by Wetcoaster on February 13, 2018, 07:38:05 PM »
I transferred my RRSP's to my new bank during our proposal.

Your old bank cant touch your RRSP's.

Depending how much you are transferring your new bank will reimburse you the $50 (RBC did it for me).

Its up to you whether you want to cash them in.  I cashed in $30,000 to help pay ours off in 1 year.  Once it is paid off you need to wait 3 years til the CP comes off your record.  So for us it would have been 8 years if we didnt pay it off early.  We now have 2 years til it falls off.

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Considering Bankruptcy / Re: Div 1 proposal filed - name on dad's chequing accounts
« Last post by Wetcoaster on February 13, 2018, 07:31:06 PM »
Your Dad needs to open new accounts and put his money under his name only.  I had a joint account with my son and money for University was in it....about $20,000 but it was all his money.  It was an account opened when he was small.  I was advised for him to open a new account in his name and move his money as I could not be taken off.
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Consumer Proposals / Re: Including vehicle in proposal
« Last post by CP_2_be_BetteR on February 13, 2018, 01:07:00 PM »
anyone has any experience including their vehicle in the proposal? I owe around $28,000 to the financing company for my company and value of my car is around $15000. So i wanted to include my car in the proposal but not sure how does it work?

Yes I did this with my F150, basically the trustee had me sign a paper which was sent to the bank saying I can no longer pay the monthly dues. The bank then wrote off the loan. I owed 53,000 on the truck and it was worth 32K. the 21K difference was included in the proposal. Best thing I could have done. I also financed a new vehicle before going into the proposal.
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Consumer Proposals / Re: question in regards to secured RRSP
« Last post by CP_2_be_BetteR on February 13, 2018, 01:02:37 PM »
The way I understand it is that RRSP's cannot be touched in a consumer proposal, but loans of any type can be regardless of what the loan was for.
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Considering Bankruptcy / Div 1 proposal filed - name on dad's chequing accounts
« Last post by Rajput way on February 13, 2018, 11:01:37 AM »
I was prepared to sign a regular proposal and was blindsided by trustee when I went in to sign, she had switched to a Div 1 because I'd moved out of my condo 6 months ago to live with my dad and tried to sell or rent condo. Because now condo isn't my primary residence, the mortgage needed to be included in my debt, resulting in me going over the max debt amount for a regular proposal.

I'm terrified that the proposal won't be accepted and I'd be deemed automatically bankrupt. I'd have surplus payments under bankruptcy which extends bankruptcy to 21 months. My dad is elderly and there's a good chance he could pass away while bankruptcy is active...this means my inheritance (including his house) would go to trustee.

Because my dad is elderly, he added my name to his two chequing accounts a few years ago. This was to make it easier to deal with his financial obligations if something happens to him. He keeps $10,000 + in each account. I need to make sure that his accounts won't be at risk if I find I'm deemed bankrupt. I've asked my trustees office by email twice and they haven't replied. Not happy about that. I'm awaiting a response from a bankruptcy lawyer. My dad asked at one of his banks about removing my name from his account. They told him he'd have to open a new account and change all of his automatic debits, which he isn't keen on doing.  Does anyone know if I go bankrupt (ugh!), if truste or creditors could access my dads accounts?
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Consumer Proposals / question in regards to secured RRSP
« Last post by justme on February 13, 2018, 10:44:43 AM »
When I filed a Consumer Proposal 2016 I had a secured RRSP loan. the Trustee informed me that they can't secure RRSP's, this is of course a bank that I had a credit card and line of credit with.

this particular bank accepted my proposal and has received payments.

when I log into my account. I see they closed the line of credit and my bank accounts and credit card. I also see they took of the hold off my RRSP.

Is it possible that I go to my current (new bank) and request that RRSP be transferred? Will the old bank that has the RRSP try to take possession of the funds. I'm having trouble getting clear answers. From one person at the new back told me they should only take out 50 dollars to cover the cost of the transfer.

I am considering transferring the RRSP then cashing out to pay off the remainder of the proposal, it's very close to the full amount. Or should I wait until my proposal is completed until I try transfer that RRSP?

thank you for any advice.

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Consumer Proposals / Under a consumer proposal and have accumilated more debt
« Last post by justme on February 12, 2018, 11:34:48 AM »
Hi Everyone,

I thought it might be helpful to write this out, perhaps get some advice and try to feel optimistic.

A little background.

April 2016 I suddenly lost my partner of 22 years, we had a little debt but nothing that wasn't manageable although funeral expenses were costly and a mishap on an insurance policy that had an error on it, didn't pay for some of the debt. Despite this it was still manageable at the time, however the loss caused me a great deal of grief.
I started to spend a lot of time in bars and drinking and that help me mask a lot of the grief. The binges were very expensive, easily spending 200+ dollars a day. 
After 6 months I had accumulated a lot of debt sadly, some of it was not even from drinking.  In the bar scene there were many that pretended to be friends and looking for handouts, I was feeling low so I gave them money. At the time I had no intention of living very long anyway.

In September October of 2016, I started seeking help for my drinking. In November 2016 I saw a trustee and filed for a consumer proposal. All of these was in the process to rediscover life and living again.

 All my payments are up to date. It's been over a year, however at Christmas time (this past Christmas) I fell off the wagon. I found it be a tough period. I didn't want to be around anyone and in January it continued. The month was pretty much a blur with a lot of blackouts.

I had a few days of hospitalization because of  alcohol poisoning, and I'm now back into therapy for my relapse. I realize I have some new debt. I don't have any more credit cards, but I managed to get 4500 in debt from pay day loan companies.

No payments have been missed but the house of cards is tittering. I'm not sure how to proceed. I don't want to put my proposal at risk because of my mistake and I'm afraid to approach my trustee with this. I was thinking of trying to deal with the payday loan companies head on and trying to deal with a repayment plan with them, they will be very aggressive because they want me to reloan as much as possible.

I'm on my own for the most part, a few trusted friends had a hard time understanding my self destruction and they criticized me. of course being very embarrassed, I decided to isolate myself from my family and any friends.

Like I said I just thought I throw this out there in case there was some advice I could use.

My main focus is to not beat myself up, believe me it's a very easy thing to do. I'm dealing with a fairly new demon that will never be cured but I have to try to manage with it when it goes into remission.

thank you


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