Finances are a fluid thing subject to change for a variety of reasons—and (despite how it may seem sometimes!) not always for the worse. If you’ve filed a consumer proposal only to find that your financial situation has suddenly improved because of a pay raise, new job, or some kind of “windfall” (i.e. an inheritance, a monetary gift, the sale of an asset, or a lottery win), is there a way you can pay down your consumer proposal early? Absolutely.
You can actually use additional funds to pay down your consumer proposal at any point without penalty — either through extra or increased payments, or via a lump sum payout. In fact, we strongly encourage you to do so if you can. Here’s why:
The rules governing consumer proposals allow an early payment in order to help you get back on the road to financial health faster. It makes sense to take advantage of the opportunity whenever possible so that you can begin putting your money to work for you again.
To find out more about how filing a consumer proposal might benefit you, call today for a free, no-obligation consultation with one of our insolvency experts: in Ottawa call 613-237-5555; out of town, call toll-free 1-800-517-9926 or book online.