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Consumer proposal affect on co-signer

I have a student line of credit that my mother co-signed on. I would like to submit a consumer proposal but I don’t want my mother’s credit to be affected. I would like to continue to pay that loan off. Will my mother’s credit rating be affected? Will she have to pay the total amout owing up front or will the loan just continue as is in my mother’s name?

Thank you.

Posted from: Ontario

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One Response to “Consumer proposal affect on co-signer”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you file a consumer proposal, legally you will have to list all your creditors and you will not be able to make any payments directly to any of your creditors. So if payments are to be continued to the one in question, they would have to be made by your mother. Now if your mother fails to make those payments then this will impact her credit, but your filing a consumer proposal shouldn’t have any impact on her credit.