TWINCANS
8th November 2011, 02:16
Just received this link which has been forwarded to 50,000 real estate agents in Ontario. The issue is whether CIBC has the right to seize, or put a lien on, a person's real estate to settle their VISA account. Now the point is that the credit card is unsecured debt. That is why their interest rates are highway robbery ie 20% Compounded Daily. A Line of Credit is a secured loan, usually. A regular loan is usually also secured often by real estate.
The idea is: Unsecured Loan = High Interest
Secured Loan = Lower interest
This is going to the Supreme Court of Canada, and the plaintiff needs funds I guess. But it does affect many families because the dismal economy will push many homeowners into defaults of some sort and banks cannot be allowed to plunder in ever more predatory ways.
Nowhere in their credit card agreement does it say that they will go after your real estate. If they can do so, then their high interest rates on credit cards should be disallowed. Can't have it both ways.
http://www.CIBCLawsuit.com/
The idea is: Unsecured Loan = High Interest
Secured Loan = Lower interest
This is going to the Supreme Court of Canada, and the plaintiff needs funds I guess. But it does affect many families because the dismal economy will push many homeowners into defaults of some sort and banks cannot be allowed to plunder in ever more predatory ways.
Nowhere in their credit card agreement does it say that they will go after your real estate. If they can do so, then their high interest rates on credit cards should be disallowed. Can't have it both ways.
http://www.CIBCLawsuit.com/