I had a debtor come in today to make the final payment under the terms of his consumer proposal. He was a very happy person.
He had heard a rumour that now that the proposal is done, he now has to make repayments for the balance of the debt. He didn’t think it was so, and just wanted confirmation. I told him that expect for some circumstances (such as student loans that are less than 10 years old), this is not true. A clause in the proposal states that if the creditors accept the consumer proposal it is for final settlement of the debt.
If you have a question, feel free to send me an email.
