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”
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.
July 24, 2011 at 12:13 pm, 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…