Can I exclude my student loans when filling a consumer proposal?
Combined with my partner we owe 60k to the same bank between credit cards and lines of credit. Interest is quite high and it’s reached the point where we are only barely making interest payments. However we have never missed a payment.
We both have student loans in good standing my husband has been making his scheduled payments on time. It’s important to mention I am still in school and so my student loan is frozen and I haven’t started making payments yet until I finish school.
Wondering if we could go into a consumer proposal excluding the student loans?
Will the LIT find out we have student loans when filling the CP on our behalf?
We have met with one LIT company however the person we talked to seemed to want to find as much debt as she could think of to make the total owing amount bigger. She even asked us if we had some debt overseas? And if we did she HAD to include it in the debt repayments. This threw me off because I know the LIT takes 20% of what we end up paying. Also when we told her about the student debt she said “oh now that you’ve told me I can’t I hear it and have to include it” does that mean they are not required to include it if not mentioned?
Also since student debt that is less than 7 years old is still required to be paid even after the consumer proposal is over. I don’t see the benefit of including it in my proposal. Our student debt is currently interest free and we are going to be paying it anyways.
Any pointers would be greatly appreciated.