Will interest on a secured line of credit increase after CP?
April 24th, 2015 by Questions
Will interest on a secured line of credit increase after CP? I am considering a consumer proposal because I cannot afford more than the interest payments on my unsecured debt. I also have a secured line of credit but was told that the bank may increase my interest rates or my minimum monthly payments on the secured LOC after I file a consumer proposal (some of my unsecured debt is with the bank who holds my secured line of credit). Is this information correct?
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)