Will RBC take my truck away?

October 22nd, 2014 by Questions

I have owe RBC about 20K on a credit card along with some other credit cards. I am filing for CP this month. I have a truck loan with RBC and am behind on one payment, but have made arrangements with them. My question is will RBC take my truck away if I file for CP on the credit card.

Posted from: Alberta


One Response to “Will RBC take my truck away?”

, Desmond West-Chow, CIRP said:

Something to keep in mind is that secured creditors will always have the right to repossess a vehicle secured through a loan if there has been default. This is the same whether a consumer proposal is filed or not. Typically however, the bank is going to be in a much better position if they can have you fulfill the original terms of their contract. So although there is a risk that the truck could be repossessed, it’s likely that the bank would prefer to have you keep the truck and make your ongoing payments in order to do so.

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