unregistered car lien and consumer proposal
June 20th, 2008 by Questions
I am wondering what to do about an unregistered car lien. I have a loan through the bank, but they did not register a lien that I can find.
I am worried what will happen if I file for a proposal. If the loan is considered unsecured then it will have to be included when I file and I am concered that the bank will try to register security after I file, even though it won`t be considered valid, so they can take the vehicle. (I have tried to get a new leased vehicle but I was not approved due to high debt to income ratio.)
I have been given some questionable advice to call the bank and tell them that I will be filing a proposal, and ask them to register security before I file so that the loan will be considered secured.
That doesn`t make me very comfortable, and I don`t think that is a good way to go.
Any advice is greatly appreciated.
Posted from: Alberta
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)