RBC Car Loan
Will submitting a consumer proposal affect an existing car loan? I`ve heard that RBC is the only bank that forecloses on car loans if you file for bankruptcy…which of course is who I have my car loan with. I need my car for work, so I`m considering a consumer proposal… Any info would be greatly appreciated. Thanks.
Posted from: Nova Scotia
No, the filing of a consumer proposal will not affect a car loan or any other contract provided that you are current with your payments. The Bankruptcy and Insolvency Act prohibits lenders from calling in loans or canceling contracts simply because a person has filed a proposal. (The same sort of protection does not currently exist for people that file for bankruptcy – the government has changed the laws, but failed to bring them into force).