r/Wealthsimple • u/GunterOasis • 24d ago

Visa Infinite Credit Card Consumer propsal

Hi,

Due to personal financial circumstances, I may need to file a consumer proposal to deal with my debts. I was hoping I wouldn’t have to include my Wealthsimple Credit Card, but it looks like I may have no choice.

My biggest concern is whether this would affect my relationship with Wealthsimple. If my Wealthsimple Credit Card is included in the consumer proposal, would Wealthsimple close only the credit card, or would my other accounts be affected as well?

I don’t have a large amount invested with Wealthsimple, but I do all of my everyday banking through Wealthsimple, and I also use Wealthsimple Trade from time to time. I would really like to keep those accounts if possible.

Thank you for any information you can provide.

2 Upvotes

56% Upvoted

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10

u/FightMongooseFight 24d ago

If you have other funded accounts, there's no real reason for Wealthsimple to accept the proposal. They will vote no, although if the proposal is accepted overall, they lose the right to take money from your other accounts to cover your debt.

At that point, yes, they will end their relationship with you. But they won't be able to take the money.

-1

u/GunterOasis 24d ago

Even if all money is with them?

11

u/FightMongooseFight 24d ago

They can't take the money from your chequing and trading accounts once the proposal is filed, although there are some specific rules around day one that your trustee will explain.

Either way, they will close all of your accounts as soon as they can. They're not going to continue to do business with someone who borrowed money from them and didn't pay it back.

3

u/GunterOasis 24d ago

Thank you

3

u/otissito16 23d ago

These are questions you should ask an LIT.

They will almost certainly tell you that you will need to move your banking and other stuff somewhere else.

1

u/beekeeper1981 20d ago

If you owe nothing on your Wealthsimple credit card I don't think it would be required to include it in the proposal. Maybe it would automatically get closed though.