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
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…
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