Question: If I file for a consumer proposal will it effect my credit ratings, credit cards and my chances of getting a mortgage with my bank? please and thank you
Answer: Yes, a consumer proposal will appear on your credit report. You lose all credit cards when you file a proposal. It is difficult to qualify for a mortgage while you are in a consumer proposal.
However, a consumer proposal discharges all debts, which begins the process of repairing your credit. If you are able to save money, and have a good income, once the proposal is finished you will be able to borrow again.
A consumer proposal administrator can explain the implications in more detail.