supplementary card

June 15th, 2009 by Questions

I am a supplementary card holder on my wife`s BMO Mastercard. She has filed for bankruptcy. I have used the card, but this card has never shown up on my credit report and now BMO says my name is on the account and I am liable for the debt. What does the law say about this? I have never signed any account agreement.

Posted from: British Columbia

Questions

One Response to “supplementary card”



June 16, 2009 at 8:58 am, A licensed trustee said:

Once you used the card you became a party to the cradholder agreement and liable for the debt. You have the right to contest the debt in Court, but as soon as you admit to using the card you will be held liable for the debt.

This won’t help in your case, but for the other people reading this post: joint debts, co-borrowers, guarantors for debts will all be held responsible to repay the debt in full when the primary borrower files for bankruptcy or a proposal. In my opinion, you should never co-sign for anyone unless you can afford to repay the debt in full yourself (because there’s a good chance you may have to!)

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