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
2020-10-13
Almost half of Ontarians are $200 or less away from insolvency, cannot pay their bills each month
MNP Consumer Debt Index COVID-19
The latest MNP Consumer Debt Index points to debt trouble in Ontario, particularly as payment deferrals and government emergency aid programs change or wind down.
2020-10-13
MNP Consumer Debt Index Highlights Divergent Experiences of Canadians during COVID
MNP Consumer Debt Index COVID-19
2020-09-16
Nearly half (47%) of Ontarians still experiencing COVID-related disruption to their employment
MNP Consumer Debt Index COVID-19
