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Loan Co-signers

My husband and I are co-signers for a unsecured rbc student line of credit of $50,000 for our daughter for school, if we filed a consumer proposal, what would the implications for us and also her be.

Posted from: Ontario

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One Response to “Loan Co-signers”

A licensed trustee said...

You are required to list the student line of credit as part of your proposal so it will impact the amount you may be required to repay to your creditors.

Your daughter will still be held responsible for the full debt plus interest less any payments RBC receives from your proposal. There is a chance that RBC will stop any future withdrawals on the line so your daughter should contact the bank BEFORE she tries to use it.