Question: Once it is off my Credit Report, will the individual banks that were involved in the consumer proposal lend me money again in the future? Would I have to repay them back what I still owed to be back “in their good books”? Would the answer be any different if I filed bankruptcy in Canada?
Answer: Once you have completed your consumer proposal, you are free to apply for new credit. It will be up to the individual banks to decide whether or not they will lend you money in the future.
You are correct that one factor they will consider will be the fact that they may not have been repaid in full in your consumer proposal. However, they will also consider other factors, such as your current income, and whether or not you have taken steps to repair and rebuild your credit after bankruptcy.
Your goal should be to pay off your consumer proposal as quickly as possible, and then begin saving money and take steps to re-establish credit.
