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What Happens After Filing a Consumer Proposal?

The Consumer Proposal Completion Process

Are you wondering what happens after you file a consumer proposal? No matter where you’re at in the consumer proposal process, you probably have questions about what it entails and what happens once it’s completed. Below we’ve outlined some important information about what happens when a consumer proposal ends and some tips for future success once it’s completed.

The team at J. Bottom & Associates Ltd. can guide you through the consumer proposal process quickly and pain-free. There are several personal and corporate financial relief solutions available to debtors in New Westminster, North Vancouver, and Port Coquitlam, BC. With more than 55 years of combined experience, our financial trustees provide knowledgeable, simple, and practical solutions to help you overcome your financial challenges. Call us today for more information about consumer proposals or other debt relief solutions!

Have You Completed the Terms of the Agreement?

Once you have completed the terms outlined in the consumer proposal you have with your creditors, you will receive a “Certificate of Full Performance” that officially releases you from your responsibility to repay the remaining balance of your debts. Your Licensed Insolvency Trustee will also receive a discharge from the consumer proposal process once all legal requirements are fulfilled. Some of these requirements include:

  • Reviewing and admitting creditor claims
  • Compiling a final accounting of all money received in the agreement
  • Distributing final payments to eligible creditors
Should I Keep Anything for My Records?  

Because a consumer proposal is a legal debt settlement, it’s a good idea to keep all the important documents you receive throughout the entire process. Some of these documents may include but are not limited to:

  • Notice of Consumer Proposal
  • Certificate of Full Performance
  • Final Statement of Receipts and Disbursements

If you have misplaced any of the documents during this process, there are a few ways you can get copies for your personal records. You can either reach out to your financial trustee directly or contact the office of the Superintendent of Bankruptcy.

How Will My Credit Report Be Affected?   

Unfortunately, consumer proposals affect a debtor’s credit history and rating. From the consumer proposal file date, it will be recorded for several years on your credit history profile. If you’ve completed a consumer proposal, you’ll receive the credit report three years after the completion date.

While it’s possible to get new credit immediately after your consumer proposal process is completed, it may take some time before you qualify for “best rates” available from those lenders. In these situations, it’s wise to consider if the purchase is a necessity or if you can wait until it costs less to borrow. Follow these steps to rebuild your credit after completing your consumer proposal:

  • Go to major credit bureaus and request copies of your credit profile
  • Look for any errors in your credit report
  • Don’t miss any payments
  • Pay bills on time
  • Take out a loan or a secured credit card and pay what you owe on time

It can be frustrating to see your credit history has errors or inaccuracies on it. This can get in the way of starting a new life free of financial strain. You can ask the major credit bureaus to correct the errors in your credit history by filling out a Credit Investigation Request Form. Our expert financial trustees help guide you through this process.

Contact Us Today for Consumer Proposals & Debt Relief 

Whether you’re in over your head in debt from student loans, car payments, or other loans, there are options available in New Westminster, North Vancouver, and Port Coquitlam, BC. Bankruptcy is a complicated process and is not right for everyone. Our experienced trustees are here to help answer any questions you might have, and there’s no such thing as a silly question to us. Our proven strategies have helped many of our clients get out of debt and reduce the amount of stress in their lives. We want to help you avoid detrimental strategies such as cash advances from credit cards. Contact us today to get started with your free consultation.