Questions about a consumer proposal

September 26th, 2010 by Questions

Hi I have some considerable debt and have been looking at debt settlement, but I am not sure yet if that is the route for me to pay back my debts owing.
my questions are: how long is your credit effected for while you are on a consumer proposal and will doing this have a great effect on if and with who you could get credit again? Also are you allowed to keep 1 credit card simply for emergencies or airfare or anything urgent?

Posted from: Alberta


One Response to “Questions about a consumer proposal”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

With a consumer proposal you have an R7 listed for three years from the date of completion of the proposal.

In terms of who will extend you credit in the future, this is really situation specific. A number of factors are considered by each lender and each lender has a different risk tolerance. So you will find some lenders easier to deal with, but no one is precluded.

As for the credit card, you are not entitled to keep any credit cards. Upon signing the consumer proposal you must either have already destroyed or delivered any cards to your trustee.

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