Can I obtain credit while in a proposal?
I was contemplating applying for a small loan to pay off the remainder of my proposal (about $3000) and then paying the monthly payments I was making on my proposal to the bank loan.
That way I could be starting to re-establish a good credit history sooner. My question is: while my proposal is still active (and in good standing) can I obtain credit?
You should speak to the trustee who acted as your consumer proposal administrator to ensure that there is a clause in the proposal that allows you to repay the proposal off sooner.
You will also have to speak with the trustee to ensure that he is “on side” with doing this.