Credit contracts: signatory solidarity


Union des consommateurs




Union des consommateurs (UC) research aimed at identifying the information generally available to those who make a joint commitment – as co-signers, holders or endorsers of personal credit products: loans, credit cards, credit limits and hybrid products. UC tried to determine whether information was provided, or easily accessible, regarding the solidarity of obligations, notices issued or instructions received by financial institutions, and ways to terminate solidary obligations.

After a review of the literature, UC conducted a survey of financial institutions – in branches, by telephone and on their websites – and examined a few credit contracts.UC also tried to determine, by examining the websites of various governmental and non-governmental organizations and contacting them directly through questionnaires, the type of information those organizations provide to consumers on this issue, and we asked them what types of complaints or information requests they receive from consumers.

UC also held discussion groups to verify directly with consumers who had co-signed credit products whether they knew the scope of the obligations they had committed to and the risks of this type of commitment.

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OCA Funded Research
This research received funding support through the Office of Consumer Affairs' Contributions Program.

Contact information

Union des consommateurs
7000 Parc Ave, Suite 201
Montreal, QC  H3N 1X1
(514) 521-6820
(514) 521-0736

Source: Consumer Policy Research Database

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