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Consumer Proposals / Re: Repossession before CP
« Last post by animal56 on September 14, 2017, 12:24:28 PM »
Hi all,

First time here, lots of good info. Thank you.

I have a small problem that I can't find an exact answer on, and hoping someone here could help, since all of the LITs are off to enjoy the long weekend.

We've recently had our car repo'ed, and are negotiating a new one, while simultaneously reaching out for a CP. While we need the car sooner than later, we were wondering what happens to the remaining debt after a repo? Obviously, the lender will come after, but is it still secured debt, or is it no longer a secured debt since they already have the vehicle in their possession.

Basically what I'm asking, is if we opt for a CP, will the remaining debt be rolled in, or will that still be expected to be paid off over and above the CP. Will I be paying for the CP, a car not in our possession, AND potentially a new car?

Thanks for any help on this matter.


When I signed my CP I rolled my truck into it, my trustee had me fill out a form. He then sent it to the bank (the creditor for my truck). A few days later a tow truck came, picked up my truck and it was gone. I owed 52K on the truck and the blue book was 31K). I was not responsible for the balance and it was written off. It now shows "written off/bad debt" on equifax/TU for that loan.

Hope this helps.

Thank you for responding.

I have met with my trustee, and yes, the remaining debt is no longer a secured debt and will be rolled in.
2
Share your Story / Re: Auto Loan after Consumer Proposal?
« Last post by Jennykk on September 09, 2017, 03:42:15 PM »
I was considering replacing my 9 year old car early this year. My consumer proposal is fairly new - a couple of months old.
Anyway, I contacted the local Toyota dealer and asked what rate would I be looking at given my credit score. The sales guy told me it's between 15-25%. Thanks but no thanks. It's a total rip-off!
I'll stick with the old car for now until I'm done with the proposal.
3
Consumer Proposals / Линолеум Tarkett и С
« Last post by ereflez on September 08, 2017, 10:28:55 AM »
Линолеум известных брендов Tarkett и Синтерос по ценам ниже оптовых в ассортименте со склада в Новосибирске. Прайс-лист предоставим по запросу. Возможна продажа  в нарезку. 
 
тел. +79231231778
почта: 1211201224@mail.ru
4
Consumer Proposals / Re: Repossession before CP
« Last post by CP_2_be_BetteR on September 05, 2017, 10:39:45 AM »
Hi all,

First time here, lots of good info. Thank you.

I have a small problem that I can't find an exact answer on, and hoping someone here could help, since all of the LITs are off to enjoy the long weekend.

We've recently had our car repo'ed, and are negotiating a new one, while simultaneously reaching out for a CP. While we need the car sooner than later, we were wondering what happens to the remaining debt after a repo? Obviously, the lender will come after, but is it still secured debt, or is it no longer a secured debt since they already have the vehicle in their possession.

Basically what I'm asking, is if we opt for a CP, will the remaining debt be rolled in, or will that still be expected to be paid off over and above the CP. Will I be paying for the CP, a car not in our possession, AND potentially a new car?

Thanks for any help on this matter.


When I signed my CP I rolled my truck into it, my trustee had me fill out a form. He then sent it to the bank (the creditor for my truck). A few days later a tow truck came, picked up my truck and it was gone. I owed 52K on the truck and the blue book was 31K). I was not responsible for the balance and it was written off. It now shows "written off/bad debt" on equifax/TU for that loan.

Hope this helps.
5
Consumer Proposals / Re: RBC/Transunion
« Last post by Jennykk on September 03, 2017, 01:46:01 PM »
Wow 712 for TU!

Capital one also offer free credit score. Mine sits at 501.

CIBC does offer free credit score but only through their mobile banking.

6
Consumer Proposals / Repossession before CP
« Last post by animal56 on September 02, 2017, 02:45:29 PM »
Hi all,

First time here, lots of good info. Thank you.

I have a small problem that I can't find an exact answer on, and hoping someone here could help, since all of the LITs are off to enjoy the long weekend.

We've recently had our car repo'ed, and are negotiating a new one, while simultaneously reaching out for a CP. While we need the car sooner than later, we were wondering what happens to the remaining debt after a repo? Obviously, the lender will come after, but is it still secured debt, or is it no longer a secured debt since they already have the vehicle in their possession.

Basically what I'm asking, is if we opt for a CP, will the remaining debt be rolled in, or will that still be expected to be paid off over and above the CP. Will I be paying for the CP, a car not in our possession, AND potentially a new car?

Thanks for any help on this matter.
7
Consumer Proposals / Re: Secured credit card and proposal
« Last post by LT on August 31, 2017, 02:26:44 PM »
Every bank is different.  Six months into my CP, I got a Capital One secured CC for $300. Six months later, they increased to $2300 without any extra security funds.  Affirm Financial approved me for $1000 a year into my CP.  Costco gave me $10000 limit 2 years or so into my CP.  All of this with my credit score in the low 500's.

I guess my point is, try to include everything into your CP and worrying about getting a credit card later.  Getting a secured CC is fairly easy, getting a Pre-paid CC is even easier.
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Consumer Proposals / Re: Secured credit card and proposal
« Last post by Wetcoaster on August 31, 2017, 10:53:16 AM »
A secured card does indeed help your credit rating and gets reported to both Equifax and Transunion.  I am at 649 at Equifax 8 months after paying off our CP.

There is a difference between a prepaid card and a secured card.

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Consumer Proposals / Re: Secured credit card and proposal
« Last post by CP_2_be_BetteR on August 31, 2017, 10:38:05 AM »
Why not include that card in your CP?  You can always get another secured CC from another bank.  You can also get a prepaid CC, for example the BMO Travel Mastercard.

The difference is that a prepaid card (secured) will not help your credit rating. If you can get 1 unsecured card and have a 0$ balance when you sign, you can keep it and keep using it throughout your proposal helping keep your rating decent.

My rating never fell below 600 all throughout my CP.
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Consumer Proposals / Re: Need Advice Please!!!
« Last post by Wetcoaster on August 30, 2017, 06:55:48 PM »
Wish I could help but I know nothing about the rules regarding OSAP.

Hang in there!
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