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What happens if I miss a consumer proposal payment?

Posted at 06:35 pm Monday November 28th 2011

Eggs in one basketNothing.  Missing one payment does not affect the status of your consumer proposal and you can catch-up the missed payment at any time.  Missed consumer proposal payments only become an issue if you become in arrears to the extent of three monthly payments.  Once you are in arrears to the extent of three monthly payments your consumer proposal is deemed annulled.  If your consumer proposal is deemed annulled then your proposal ends and you are no longer protected from your creditors.  If your proposal is deemed annulled you will need to speak with your trustee and review your options.

-Chris Welker

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