Yearly Archives: 2007

Question: I have the following debt: TD GM VISA $25000 CIBC VISA $15000 MBNA Master-card $6000 MBNA LOC $21500 ———————- Car loan $4000 (with my ex): (this car is under his name) Car Loan $13500 (jointly with my spouse ——————————— House recently purchased purchased price $296000 Mortgage $288000 its a… Read more

Question: Hi! I went through a consumer proposal, and now I’m wondering what do I have to do to clear my credit report. Is it going to be there forever? I was told that after 3 years my credit score will be clean. Do I have to contact credit agency… Read more

Question: I’ve heard that a consumer proposal is another form of bankruptcy. Would it be treated as such on credit applications where it often asks “have you ever filed for bankruptcy?” Would I need to say yes? Anything else to be concerned about? Alternative To Bankruptcy No, a consumer proposal… Read more

Question: I’m about $30,000 in debt with an R9 credit rating. I was OK until last year, but things have gone downhill recently.  I also have a Canada student loan from 10 years ago. I want to take control of this and get back on track as soon as possible. Currently… Read more

Question: A little over a year ago, I leased a brand new car but things have changed and I can barely afford it now. Back when I leased the car, with some cash down and my old car as a trade-in, the monthly lease payments were brought down to $235… Read more

Question: I have already been paying the minimum payments ($156/month – mostly interest very little principle) on my student line of credit since January. The LOC was for $17,300. In October I will begin repaying my government student loan ($286/month). I’ve done the math and there is no way I… Read more

Question: We have just paid off our consumer proposal three months early. How do we go about getting a unsecured credit card. It seems nowadays you need to have a credit card for deposits etc. Answer: Congratulations on paying off your consumer proposal early.  You can apply for an unsecured… Read more

Question: If you file for bankruptcy do you lose the monthly child tax credit for your children? Child Tax Benefit and Bankruptcy The federal child tax benefit in Canada (CCTB) is a tax-free monthly payment paid to eligible families to help them with the cost of raising children under age… Read more

Question: I have made a informal proposal which was accepted. I paid my creditor 50% of the outstanding debt to clear the debt. If in a year or two things get better for me financially, will I be able to apply for a credit card again, or will I have… Read more

Question: My mom owns her home (no mortgage) but has a line of credit owing with the house as collateral. If she was to declare bankruptcy would she need to sell the house to pay off the line of credit owing or would it be considered a debt and be written… Read more