With respect to a
consumer credit transaction, if any scheduled payment is more
than one and one - half times as large as the
average of earlier scheduled payments, the
debtor has the right to refinance the amount of that payment at the time it is due without penalty.
We know from our Joe
Debtor study that the
average person in Ontario who files a
consumer proposal or bankruptcy has an income that is almost 40 % lower
than the median income in Ontario.