2025-05-07
How to be a responsible credit card user
Credit cards are a popular and convenient form of credit that can be a very useful tool.
2011-02-08
Author: Bradley Milne
The length of time it takes to complete a consumer proposal depends on a number of factors, particularly the amount of unsecured debt you have as well as the amount and frequency in which you are able to make a payment. However, the terms of a consumer proposal cannot extend beyond five years.
Most consumer proposals involve a monthly payment over anywhere from 1 year (12 months) to 5 years (60 months), however, there is nothing in the legislation that says a proposal must be comprised of monthly payment terms. For example, a self-employed farmer may find it more suitable to propose payment terms that are semi-annual or annual based on their cash flow. Conversely, an individual getting paid every two weeks would likely find a monthly payment more suitable. In summary, consumer proposals can offer a great deal of flexibility in respect of payment terms. Keep in mind that a proposal must be accepted a majority of your creditors based on the amount they are owed. In addition, if you were to fall behind by more than three payments, your proposal would be annulled.
There is no penalty for completing the terms of your proposal early.
2025-05-07
Credit cards are a popular and convenient form of credit that can be a very useful tool.
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.