How a Consumer Proposal Will Impact Future Borrowing

Generally speaking, the length of your proposal is under your control and can last anywhere from a few months to five years. Once you’ve made your final proposal payment, you will be relieved of the remainder of your unsecured debts that existed at the time you started the proposal (there are a few exceptions to this, which your Licensed Insolvency Trustee will discuss with you if applicable).

Your credit report will show that you filed a Consumer Proposal for three years after the completion of the proposal. During and after your proposal, it’s important to show lenders good financial behaviours – like paying off your ongoing debts quickly, not bouncing cheques and getting and using a secured credit card – to help rebuild your credit rating. Taking control of your financial standing and building a stronger future is what Life-Changing Debt Solutions is all about.​​​​​


Our team of Licensed Insolvency Trustees will help you explore the debt relief options available to you and together we will find the solution that best fits your situation. Set up your FREE, no obligation consultation today.

GET A FREE CONSULTATION

MNP is committed to protecting your privacy. We promise to keep all of the information you share with us confidential.

MNP Debt Blog

 

 

Earth Day – Eco-Friendly Ways to Save Money
Relationship Debt - What happens if You Split?
Helen Dowell
What To Look For In A Licensed Insolvency Trustee
Doug Stuive
The Canada Revenue Agency (CRA) can be One Costly Creditor
Doug Stuive

view all