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Types Of Debt

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Defaulting on your recreational loan has more consequences than repossession, including losing your boat or RV or your credit score taking a hit. However, you can avoid both of these situations when you come to Grant Thornton Limited. Our Licensed Insolvency Trustee professionals can assess your financial situation and help you understand your options.

The Setbacks of Repossession

If you stop making payments on your recreational loans, the bank can repossess and sell your vehicle. While you won't have to pay the loan's outstanding balance after the sale, you will end up with a bad credit score for several years. Your credit report may show a R6 seizure, which notifies future lenders of your past repossession.

Instead of repossession, you may want to consider selling your vehicle. You can use the money from the sale to pay off as much of your recreational loan debt as possible. Some banks may also negotiate a settlement for any remaining debt after you sell the vehicle. This will save you from a lower credit score and vehicle repossession.

When you can't sell the vehicle for a price that covers the debt, you may have to file for bankruptcy or a consumer proposal. Your credit score will reflect these actions but you'll be able to begin anew with a more stable financial footing.

How We Can Help

Financial setbacks can cause stress and anxiety. During these times, you may feel you have no one to turn to. Contact one of our trustees in VancouverVernonPrince GeorgeVictoria or Surrey. We will help you assess your options, find debt relief from your financial situation, and get back on your feet.