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
2021-07-19
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
The quarterly poll conducted by Ipsos on behalf of MNP LTD, finds almost half of households (45%, +6) are not confident they’ll be able to cover all living and family expenses in the next 12 months without taking on more debt.
2021-07-19
Nearly half of Ontarians doubtful they can cover living expenses this year without going
MNP Consumer Debt Index
2021-04-08
More than half (54%) of Ontarians within $200 of financial insolvency; up 13 points since December, reaching a five-year high
MNP Consumer Debt Index
