March 16th, 2007 by Questions
I was wondering after you filled a consumer proposal can you apply for a credit card while the proposal is still going on?
March 17, 2007 at 8:26 am, A licensed trustee said:
Thee is nothing stopping you from applying for credit during a consumer proposal (or for that matter, a bankruptcy). You are required to inform the company that you are in a proposal (or if you’re bankrupt that you are an undischarged bankrupt). Once the lender hears that it is unlikely you will be approved…
If you don’t inform them about the proposal (or bankruptcy) you will be committing an offence and some very unpleasant things may happen, including, but limited to, the Court canceling your proposal should they find out.
Talk to your trustee about why you need credit during the proposal – your trustee will likely suggest a secured credit card (either Visa or Mastercard) if you really have to have one.
Log in to Reply
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.)
You must be logged in to post a comment.