Consumer Proposal – Surrendering ALL Credit Cards
April 28th, 2011 by Questions
What happens if i file for a consumer proposal and i have 8 credit cards and i only use 4 of them right now. But they are with 8 different places by not using the 4 of them would that mean i would still have a credit? And could i build my credit rating back sooner then in 5 years?
Posted from: Ontario
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April 28, 2011 at 6:32 am, A licensed trustee said:
One of the requirements when you file a consumer proposal (or bankruptcy) is that you surrender all of your credit cards to your trustee. It doesn’t matter if you don’t owe the card any money – it must still be surrendered.
You have the right to ask the issuing company to send you a new card after you have filed, but it is unlikely they will do so.