Hello, big problem here! Live in Toronto, Canada. -Co-signed a car loan with my ex husband. We not together now.-He was primary signer I was secondary.-Failed to make payments from last July. Gave car to the bank (TD Canada Trust were financers)-I have a basic bank account with Scotiabank.How long before they attempt to freeze my bank account? I was told this is what they will do next, and will they freeze both our accounts or just one?Thanks for any insight at all.
What's the problem? Do you still owe TD money? Even if you do, they can't access your Scotiabank account without a court order. So you don't have to worry about TD unless they get a judgement against you. If you owe money to Scotiabank, and aren't paying, they can take the money out of your account. It's unlikely they'd ever freeze the account, though.
they will freeze all accounts with both names on them.
Creditors do not have direct power to freeze bank accounts. They have to take you to court and win a judgement first. To be absolutely safe, if you have any significant amount of money in a bank account, pull it out in cash and put that in a safe or safe deposit box. It really wouldn't hurt that much as bank savings account rates earn close to 0% anyway.
