Mary
August 8th, 2009 by Questions
I`ve decided to try and get a Consumer Proposal for my debts. I would like my husband to continue paying his debts and NOT get a joint Consumer Proposal. It is important that his credit history stays good as he has just starting a new business. I have a few credit cards that are in my name only, but what happens to my credit card debts that are joint accounts and our line of credit which is a joint bank account? If the joint accounts are payed through a Consumer Proposal, will my husband also get a bad credit rating? Thank you.
Posted from: British Columbia
One Response to “Mary”
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.)
You must be logged in to post a comment.
August 10, 2009 at 8:10 am, A licensed trustee said:
The joint accounts have the option of receiving payments from the proposal and/or from your spouse. The only catch is they are NOT entitled to receive more than 100% of what they are owed.
In most cases with joint debts, the creditor demands payment from the joint debtor (ie your spouse) and submits a claim to the trustee for the proposal. When the proposal makes a payment towards the debt it is applied to the account and will show up on the joint borrowers next statement.