Consumer Proposal: What if I miss payments to my trustee?
Once your consumer proposal has started, if you miss three (3) payments the consumer proposal is annulled and all legal rights of the creditors are restored. The amount that you owe each creditor is the original amount that you started with less any monies that the creditors received during the consumer proposal before you missed the three (3) monthly payments. The 3 payments are cumulative – you can miss 2 payments and make one up. 3 payments refers being behind 3 payments in total at any time.
If you find that your financial situation has changed, contact your trustee immediately. It may be possible to amend your consumer proposal by reducing your monthly payments to fit your new circumstances.