Effects of a Consumer Proposal??

August 2nd, 2010 by Questions

Does a Consumer proposal effect anything else besides your credit, how long are you at an R9 and R7( 3 yrs, 9 yrs) and how and when can we start rebuilding our credit. Also, Post Consumer proposal, Purchasing a home, is that out of the question for years?

Posted from: Ontario


One Response to “Effects of a Consumer Proposal??”

, A licensed trustee said:

Last question first – you are unlikely to be approved for as mortgage in the first 2 years after you complete a consumer proposal, at least not at reasonable interest rates. Here’s a hint: only sign off on a one or two year term on the first mortgage – then when you renew you should qualify for market rates.

As to the rest of your questions, it is possible to start rebuidling your crdit during a proposal – you’ll need secured debts that you are continuing to pay during the proposal or some new debts (like a secured credit card).

Proposals don’t normally have any impact on anything other than your finances.

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