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Car lien

I have a consolidation loan that a portion has a lien against my car, would they be able to seize it and would this loan be included in a consumer proposal?

I have no CRA debt, if I file a consumer proposal would I still get any refunds due to me?

Posted from: British Columbia

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One Response to “Car lien”

A licensed trustee said...

If you secured the loan against your car (ie you told them to put a lien on it in order to get approval for the laon) then you will have to repay the loan in full if you want to keep the car. If you want to include the loan in a consumer proposal then you must surrender the car back to the lender.

Tax refunds are not seized when you file a consumer proposal – if you are entitled to one then you should still receive it.