Free Consultation

to use up credit amount

I was told that if you want to do a consumers proposal then you must max out all your credit cards? is that true or can you leave whatever money is left on it available.?
example: I have a credit card of 4000 and i only have used 1200, should i use the remaining amount or just leave it there?

Posted from: Ontario

One Response to “to use up credit amount”

A licensed trustee said...

Whoever told you to deliberatly max out your credit cards was gravely mistaken. What you have described could get you in a great deal of trouble and would likely result in your creditors rejecting any proposal you may file… Don’t do it.

Contact a trustee in your area and go and meet with them. they’ll explain the ins and outs and then you can decide how to proceed.