Life After Consumer Proposal

What Happens Once my Consumer Proposal is Completed?


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

Life After a Consumer Proposal - Debt Free Happy FamilyNow 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.

How a Proposal Works

If you file a consumer proposal you will become debt free in a set period of time and you won’t be paying any interest charges during the life of your proposal.

There are many other benefits to a proposal that makes getting out of debt through a proposal an attractive solution for many individuals.

A record of your proposal will remain on your credit report for three years after the completion of your proposal.

However, you will have a fresh start after your proposal and you can begin working on improving your credit score as soon as you have finished your proposal.

Secured credit cards can be used during the proposal to kickstart your credit rebuilding.

If you have some money available you can make a “lump sum” proposal, which will allow you to start your life after the proposal sooner, and get your credit rating up faster.

If you cannot afford to make a lump sum payment to your creditors, that’s OK – you can make monthly payments for a year or two and get out of debt in 2 or 3 years.

You can improve your credit rating to a good credit score even with a proposal on your record so it is most important to focus on that.

The consumer proposal process is administered by a consumer proposal administrator, and they will help you get through your proposal as quickly and easily as possible.

Once you’ve made your final proposal payment, your consumer debt included in the proposal will be legally erased.