Is financing still possible?
June 23rd, 2009 by Questions
I have another year left in my consumer proposal. I have a tiny savings and am up to date in proposal payments. Is there any rule while under CP that states I cannot apply for a short term loan? Would that be a violation?
Posted from: Prince Edward Island
One Response to “Is financing still possible?”
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June 24, 2009 at 8:26 am, A licensed trustee said:
There is no such rule for either proposals or bankruptcies. You may apply for credit at any time during either procedure. You are required to tell the lender that you are either an undischarged bankrupt (if in a bankruptcy) or you have not completed your proposal. Once you’ve disclosed that information the likelihood of getting a loan drops significantly…
A word of warning to anyone reading this blog – if you’re thinking of applying for credit during a bankruptcy or a proposal make sure you disclose the fact to the lender. They will do a credit report on you anyway and findout for themselves…. by not telling them all you’re doing is destroying your credibility.