The Final Payment on your Consumer Proposal – Now What?

Congratulations on having pulled yourself out of the debt trap! You have discharged your legal obligation to your unsecured creditors.

Your licensed insolvency trustee is now required to complete some paperwork and notify certain parties. You will receive a Certificate of Full Performance as proof that you met the conditions of your consumer proposal. Eventually you will also be sent other official documents that pertain to the closing of your consumer proposal file.

The licensed insolvency trustee is also responsible for sending these same documents to your creditors and the Official Receiver. The Official Receiver forwards these documents to a government agency which then notifies the credit bureaus. After three years, your consumer proposal is removed from your credit history and no longer affects your score negatively.