Considering filing a consumer proposal, is it worth it ?
I’m currently carrying about $23,000 in debt with an income of roughly $5,000 a month, but I can’t keep up with the payments anymore. I also don’t have access to a consolidation loan or financial help from family.
The consumer proposal they worked out would have me paying back about 97% of the debt at $540 a month. I realize that’s not exactly a “great deal” overall since it totals around $32,400 by the end, but right now I’m drowning in nearly $2,000 a month in loan payments. Dropping that to $540 would free up about $1,500 a month, which would make a huge difference financially and mentally.
Before I move forward with filing, I just wanted to ask if there are any other options I may have overlooked. The trustee mentioned that because the recovery rate is around 97%, the lenders would very likely accept it.