What happens once my consumer proposal is completed?
Congratulations! You have worked steadily and have made all of your required consumer proposal payments and now your proposal has been successfully completed and your Life After a Consumer Proposal can begin!
It is great news that you have now made your last payment to complete the proposal.
Trustee Sends You a Certificate of Full Performance
Once you have successfully completed all of you consumer proposal payments your Trustee / Consumer Proposal Administrator will send you a Certificate of Full Performance document.
It is very important that you keep this in a safe place as it is the proof that you have satisfied the terms of your proposal and that the debts have been discharged.
Your administrator will also send you, your creditors and the Official Receiver two documents known as the Statement of Receipts and Disbursements and a Notice of Taxation of the Administrator’s Accounts; these documents are set to close your file.
This can take some time if there is a backlog in the system.
Life After a Consumer Proposal – Moving Forward After Your Proposal is Completed
Now that you have dealt with your overwhelming debt you can begin rebuilding your credit moving forward.
Your administrator will give you two counseling sessions that will give you the tricks and tools needed to rebuild credit and manage your money successfully in the future.
No matter the cause(s) of your debt problem you should now have a better understanding of credit, debt, and managing money.
You should be able to better deal with your finances now because of what you’ve learned with your Proposal Administrator (Trustee).
If you are interested in speaking with a licensed insolvency trustee to learn whether a proposal could help solve your debt problems please contact us today.