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.
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2022-07-11
Rising interest rates and inflation forcing Ontarians to make tough budget decisions to make ends meet
MNP Consumer Debt Index
Ontarians are becoming acutely aware of how rising interest rates and inflation impact their household budgets, as both continue on their months-long upward trajectory.
2022-04-18
MNP Consumer Debt Index hits record low amid growing concern about debt and rising interest rates among Canadians
MNP Consumer Debt Index
