Question: I owe approximately $50,000 to mainly one bank (loan + credit card). I have a job that is $2, 800 net after income tax. I would like to know if I can make a consumer proposal for a debt reduction and how it works? What will be approximately the percentage that is ussually granted in cases like mine.
Answer: It depends on the bank. At a minimum most banks want to get a minimum of 15 to 25 percent of their debt repaid, and perhaps more.
We suggest you contact a proposal administrator for a free initial consultation to review your situation and advise you on your best options.
