Being a guarantor while on consumer proposal

July 24th, 2011 by Questions

Am I allowed to be a guarantor for someone who is trying to get a bank loan while I am completing the consumer proposal? Thank you!

Posted from: Ontario


One Response to “Being a guarantor while on consumer proposal”

, A licensed trustee said:

You are allowed to sign as a guarantor, (or rather you are not restricted from doing so), but think this through – once you file a proposal your credit is frozen (you won’t personally qualify for any new unsecured credit yourself while you are in a proposal). How much use is that going to be to the person you are trying to help out…

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