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Curious About Consumer Proposals in Vancouver, BC?    

The Debt Relief Experts at J. Bottom & Associates Ltd. Can Help 

Are you curious about what the Certificate of Full Performance of your consumer proposal is? Consumer proposals are a great way for individuals to pay off nearly all their unsecured debts without filing for bankruptcy. Below, we’ve included information about the process of completing a consumer proposal and what receiving a “Certificate of Full Performance” means for your financial situation in Vancouver, BC, and the surrounding areas, including Coquitlam and Westminster. Contact J. Bottom & Associates Ltd. today for more info!

What Is a Consumer Proposal?

Consumer proposals are a common debt relief option for individuals. They’re a legally binding arrangement permitted under the Bankruptcy and Insolvency Act to help consumers find relief from their personal debts. Individuals use consumer proposals to get protection from creditors, maintain control of their assets, and avoid filing bankruptcy.

The man thinking while work in home at New Westminster, BCIndividuals typically offer to pay off a percentage of the debt they owe when filing a consumer proposal, with a maximum repayment period of five years. Creditors then have the option to either accept or deny the proposal. Consumer proposals can help people pay off nearly all of their unsecured debts, including those from:

  • Credit cards
  • Certain types of student loans
  • Payday loans
  • Bank loans
  • Taxes
What Is a Certificate of Full Performance of Proposal?

Once you have filed your consumer proposal and it’s been accepted by your creditors (and approved by the court system), there are only two requirements left to meet:

  • Attend two mandatory financial counselling sessions
  • Comply with the terms of your consumer proposal (including making your monthly payments)

Once you’ve completed these requirements, you’ll be issued an official Certificate of Full Performance as the final stage in the consumer proposal process. Your Certificate of Full Performance is a legal release from the debts outlined in your consumer proposal, and it’s given to you by the consumer proposal administrator after you’ve made your last monthly payment. It also serves as proof that you met the terms of your consumer proposal and that your unsecured debts have been released.

In addition to your Certificate of Full Performance, you’ll receive a Statement of Receipts and Disbursements, a Notice of Taxation of the Administrator’s Accounts, and the Discharge of the Administrator. When the consumer proposal administrator closes your file, these important documents will be sent to you, your creditors, and the Official Receiver.

What Debts Are Released When You Receive a Certificate of Full Performance?

Completing a consumer proposal releases you from most of your unsecured debts. The most common unsecured creditors included in consumer proposals are:

  • Credit card debts
  • Bank loans or lines of credit not secured by an asset
  • Payday loans
  • Government-guaranteed student loan debt (more than seven years from your end of study date)
  • Most tax debts (unless the government already has a lien registered against your property)
What Types of Debt Can’t Be Released?

There are certain types of unsecured creditors that cannot be eliminated in your consumer proposal, including:

  • Joint debts
  • Spousal or child support payments
  • Alimony
  • Debts from fraudulent activity
  • Court fines and penalties
  • Student loans if your end-of-study date is less than seven years from the date you filed your consumer proposal
  • Restitution orders
Certificates of Full Performance & Credit Reports

Are you wondering how completing your consumer proposal will affect your credit report? Many individuals are eager to see their credit score increase once they receive their Certificate of Full Performance from completing their consumer proposal. Once you’ve completed your consumer proposal, The Office of the Superintendent of Bankruptcy will report the completion date to the credit bureaus. A consumer proposal filing will remain on your creditor bureau for six years from the date you filed or three years from the date of completion, whichever comes first.

Once you’ve completed your consumer proposal and received your Certificate of Full Performance, you should follow up with credit bureaus (TransUnion & Equifax) to ensure the completion is reflected on your credit report. If it’s not showing up, you should fill out the credit bureau’s dispute credit report form and send them a copy of your Certificate of Full Performance so they can properly update your record.

Debts Remaining After You Have Your Certificate of Full Performance

Once you’ve completed your consumer proposal and received your Certificate of Full Performance, you’re still required to pay any outstanding debts arising from fraud, fines or penalties, restitution orders, child support, etc. These types of debts can’t be released through completing a consumer proposal. If you need to explore other debt-relief options, you can talk to the friendly team of financial experts at J. Bottom & Associates.

Will I Still Receive Calls from Collection Agencies? 

It’s not uncommon for individuals to receive calls from collection agencies after completing their consumer proposal. This can be due to your consumer proposal being a part of a batch sale to third-party collection agencies, and these sales can take place years after you’ve completed your proposal.

If you’re still receiving calls from collection agencies after you’ve received your Certificate of Full Performance, let them know where you’re at in the consumer proposal process and, if necessary, provide them with your Certificate of Full Performance as proof of completion.

Contact J. Bottom & Associates Ltd. Today  

At J. Bottom & Associates Ltd., we’re committed to helping individuals and businesses experiencing financial difficulties find debt management solutions. We understand everyone’s financial situation is unique, so we deliver customized solutions and action plans to best manage your debt load, whether personal, business, or tax debt.

With over 55 years of cumulative experience, we provide knowledgeable, simple, and practical solutions to overcome your financial challenges in Vancouver, BC, and the surrounding areas, including Coquitlam and Westminster, BC. Contact us today to learn more about the consumer proposal process or schedule a free consultation!