Life After a Consumer Proposal
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.
Latest Blog Posts
2021-10-04
Low interest rates and rising costs leading many Ontarians down ever-riskier path to borrow more
2021-10-04
Low interest rates and rising costs leading many Canadians down ever-riskier path to borrow more
MNP Consumer Debt Index
2021-07-19
Nearly half of Canadians doubtful they can cover living expenses this year without going into further debt, highest level in three years
MNP Consumer Debt Index
