How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Secured Line of Credit?

Discharged from bankruptcy last year…Have some cash available and would like to get a secure line of credit. I heard that it helps with repairing credit. I already have a secured credit card but the credit limit is low. If I got a secured line of credit, would it help my credit? Will the banks accept cash as a collateral?

Posted from: Ontario

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One Response to “Secured Line of Credit?”

A licensed trustee said...

I suspect the bank will ask you to purchase a GIC with the cash and they will “hold” that as collateral for your secured line of credit. There’s is nothing wrong with thsi plan and it should help you rebuild your credit. Well done…