Question by Tom: Is it possible to do Debt Consolidation on payday loans while in a consumer proposal?
I’m currently in a consumer proposal with a remaining balance of 00, I recently got my self cought up in 4 payday loans worth 00 and i’m stuck in the payday cycle. My question is, is it possible to get a debt consolidation done on these payday loans while in my proposal. I can not get a loan anywhere because of the consumer proposal. Thanks
Best answer:
Answer by BigMissle
I have honestly never heard of a consumer proposal, but if I can think my way through the definition, I know it will entail you negotiating your loan balance and payoff type and time. So I wouldn’t attempt to consolidate a loan you are proposing to payoff in the near future..seems like a catch 22 to me.
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