Canada has sponsorship for immigration purposes. If I sponsor someone who runs out on their debt I am held accountable. The same thing applies here, if I skip out, my sponser is liable, and from what I have witnessed it is fairly common. The whole lending system here is flawed to be honest, big loans to people on limited term contracts.

If your contract is 2 years, how do banks lend massive amounts of money with repayment terms up to 10 years? Also I think borrowers are not doing their share and being responsible financially.

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"Diplomacy is the art of saying 'Nice doggie' until you can find a rock - Will Rogers"