Canadians-pay via a BANK LOAN

A forum to discuss Chronic Cerebrospinal Venous Insufficiency and its relationship to Multiple Sclerosis.

Canadians-pay via a BANK LOAN

Postby thornyrose76 » Thu Jun 24, 2010 12:54 pm

Fellow Canadians: Is it possible to get a line of
credit thru a canadian bank (such as TD) to pay for the procedure?
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Postby Cece » Thu Jun 24, 2010 1:10 pm

I am not Canadian but saw you post this before...if no one knows, then if you try applying at a bank, come back and let us know? I've only had auto and house loans, then of course they have the auto and the house that they could take away if we defaulted...best wishes...
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Postby poppet » Thu Jun 24, 2010 1:45 pm

As long as you have a good credit rating, you should be able to get a credit line. They didn't ask what the money was for. It all depends on your personal history with the Bank...is your mortgage/accounts with them....do you have a job...etc.
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Postby thornyrose76 » Thu Jun 24, 2010 1:59 pm

I know I must call them and the chances are that I won't get the loan as I am on disability, I could maybe ask my mother to co-sign but not sure she will go for this, she can be quite difficult, etc...as can BANKS! :?
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Postby Onthelake » Thu Jun 24, 2010 6:54 pm

yes your credit history, employment or other income, and how much you already owe will come into play...do NOT tell them you want the money for a procedure...you do not have to tell them anything...a credit line is a credit card with no plastic......a credit line can be secured or unsecured...do you have a house yo can use as security?, if yes your interest rate will be lower...secure credit lines are much easier to get nowadays...also you could apply online for a low interest credit card..Capital One has a good one...but you will still need to be approved based on income etc. When your mortgage comes due you can roll all your debt into your mortgage and pay the lowest interest rate on all of it. Hope this helps...also any costs you pay for the procedure you can write off on your taxes, don't forget that...I had a $15,000 procedure once, that OHIP did not cover, I claimed it as a medical cost and got $6,000 back on my taxes....
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Postby 1eye » Thu Jun 24, 2010 7:36 pm

be careful.

you can lose a $100,000 house by defaulting on a $1000 loan.

secured by your house means they own it until you pay the loan.
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Postby thornyrose76 » Fri Jun 25, 2010 1:27 pm

That's the thing, I don't want my Mother to loose her house, is there usually a certain time frame that these types of loans have to be paid off?
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Postby Hope66 » Sat Jun 26, 2010 12:22 pm

Hi Thoryrose...

Just a couple of thoughts...

If you are planning on getting a line of loan insurance the institution will no doubt offer you. That way they will have a harder time claiming CCSVI was a pre-existing condition.

I think it will be tough but not impossible to get an unsecured LOC if your income is a disability pension and you have no other assets. Smaller institutions like credit unions may be more likely to do so.

Another thought...if you did get an unsecured LOC, have no other assets and you were not able to continue to repay, you would be effectively "judgement proof" ... meaning that while the creditor may be successful in getting a judgement against you, they would be unable to enforce the judgement as your pension (private or government) cannot be garnished. I'm not advocating this approach, I'm just sayin'....

Cheers,
Hope
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