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Consumer Proposals / Re: Consumer Proposal Payments - are they too high?
« Last post by Wetcoaster on June 27, 2018, 09:41:00 PM »
What is your monthly income?  It doesn't sound too high to me necessarily.  It is true that for creditors to accept a proposal, the settlement has to be better than it would be in a bankruptcy so it all comes down to the surplus income calculation.  Not all proposals can be 30 or 40 cents on the dollar.  In some cases they have to be 100% or more in order to be higher than what the creditor would receive in bankruptcy.  I do agree however you should consult more than one trustee.  Trustee fees are Regulated.  They get 20% of what you agree to repay your creditors plus I believe they also will charge an administration fee.  That administrative fee may vary from trustee to trustee but the 20% is Regulated.

No way you should ever pay 100% in a CP
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When you are paying the CP your report says you are making payment as part of a CP.

After it is paid it says included in proposal arrangement paid.

Three years after it is paid off it will be removed from your record
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Just my observations and thoughts, but until the CP is successfully completed, the debt is not paid nor updated as such on bureau reports.  Certainly after it's paid and successfully completed, I would expect they should be removed.
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Consumer Proposals / Re: Consumer Proposal Payments - are they too high?
« Last post by toomuch on June 27, 2018, 10:36:24 AM »
Thanks for the thoughts. I'm going to meet with another trustee. There are only a couple as I'm in a rural area, but having at even two opinions will be helpful.

Regards
25
Consumer Proposals / Re: Errors in credit Report after CP has been paid off
« Last post by NoMoreDebt on June 27, 2018, 10:30:31 AM »
Since you have successfully completed your proposal, I would think that these accounts should be updated to reflect paid and not continue to be reporting as late payments (for capital one particularly) nor written off.   I'm wondering if the disbursement of payments from trustee had been done but the creditors have not updated their records to show paid.  Did you notice if under the public records section it has been updated to reflect "Proposal Satisfied"?  My recommendation would be to contact both Trans Union and Equifax, and submit copies of Certificate of Full Performance along with the statement of affairs listing the creditors included in the Proposal.    Yes, they'll stay on there for another 3 years but they should be updated to reflect paid and not continue to report as late payments.
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27
Consumer Proposals / Re: Consumer Proposal Credit Report Question
« Last post by NoMoreDebt on June 27, 2018, 10:14:05 AM »
From my own observation personally, the consumer proposal shows up on your bureau shortly after it's filed, not after the 45 waiting period or acceptance.
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Consumer Proposals / Re: Settling debts on your own to avoid CP?
« Last post by NoMoreDebt on June 27, 2018, 10:08:31 AM »
I second fireguy's response.   Protection afforded under the Proposal being the key.  The only other thing I would add is visit with a couple of trustees first because depending on the sale of the home proceeds, other assets combined with income you may not luck out with paying 25 cents on the dollar which is sounds like 2 of the 3 have already agreed to settle for.  Your proposal offer will have to be better than what would be calculated in a bankruptcy.    The other thing to consider and I haven't been able to find concrete information about this myself is this; the consumer proposal will drop 3 years from date paid on the bureau, but collections and late payments typically stay on for 6 years.  So in this situation, the original creditor account and consumer proposal may be gone but would the collections stick around for 6 years or does every account listed in the proposal get removed in 3 years along with the proposal regardless of what stage or section the debt was reported under (i.e. judgement/garnishment/collections or just late payments reported from original creditor)?
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Consumer Proposals / Re: Consumer Proposal Payments - are they too high?
« Last post by NoMoreDebt on June 27, 2018, 09:39:28 AM »
Thought I would include a couple links for reference that I found informative for my own situation, may help shed some light for you as well.  Good Luck :)     
legalline.ca/legal-answers/what-is-a-licensed-insolvency-trustee/
bankruptcy-canada.com/tools-resources/surplus-income-calculator/
consumer-proposals.org/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/

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Consumer Proposals / Re: Consumer Proposal Payments - are they too high?
« Last post by NoMoreDebt on June 27, 2018, 09:23:48 AM »
What is your monthly income?  It doesn't sound too high to me necessarily.  It is true that for creditors to accept a proposal, the settlement has to be better than it would be in a bankruptcy so it all comes down to the surplus income calculation.  Not all proposals can be 30 or 40 cents on the dollar.  In some cases they have to be 100% or more in order to be higher than what the creditor would receive in bankruptcy.  I do agree however you should consult more than one trustee.  Trustee fees are Regulated.  They get 20% of what you agree to repay your creditors plus I believe they also will charge an administration fee.  That administrative fee may vary from trustee to trustee but the 20% is Regulated.
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