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Student Line of Credit is co signed by parents…

First of all if I was to do a Consumer perposal would an SLC fall under that? And what would it do to my parents if it does?

Posted from: Ontario

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One Response to “Student Line of Credit is co signed by parents…”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A student line of credit is typically just a line of credit that is advertised in a manner that appeals to students. It normally doesn’t fall under the standard student financing legislation and is just a regular unsecured debt and would be cleared by successfully completing a consumer proposal or a bankruptcy.

The difficulty would be the presence of a co-signer. When they cosigned on this line of credit they have guaranteed that the loan will be paid in full regardless of what happens to you. So if you file a consumer proposal the debt will be compromised and your parents will be required to pay the remainder in full.