Life After Consumer Proposal is Completed
Once you have made the final payment in your consumer proposal, which could take as long as 5 years from the date you filed your consumer proposal, your consumer proposal is complete which is the moment you have been waiting for!
Congratulations you have now dealt with your debt problems and you have received your fresh financial start.
Receiving Your Proof of Completion
When you have successfully completed your consumer proposal by making the final payment that is required in your proposal terms, your Consumer Proposal Administrator will send you a document known as a “Certificate of Full Performance.”
It is very important that you keep this document in a safe place as it is the proof that you have completed your consumer proposal and your debts have been discharged and therefore no longer exist and you cannot be pursued to repay these debts.
When your proposal administrator closes your proposal file they will also send you two final documents known as the Statement of Receipts and Disbursements and a Notice of Taxation of the Administrator’s Accounts and the Discharge of the Administrator.
These final documents are sent to your creditors and the Official Receiver in addition to you.
The government agency of the Official Receiver will send a notice to the credit bureaus that you have successfully completed your consumer proposal and that your unsecured debts are discharged.
Now that you have received your fresh financial start you can begin rebuilding your credit.
Now that your proposal has been completed you have a fresh financial start and you have dealt with your debt. Fortunately, your financial problems are behind you and you should have the knowledge and wisdom to control your finances successfully in the future.
Congratulations, you have now received your fresh financial start!