After Your Consumer Proposal is Completed
Well, it may have taken a while to get here, but you’ve made your last payment and now your proposal is complete. That’s great news.
Proof of completion
The administrator will send you a Certificate of Full Performance. That’s your proof that you satisfied all of the terms of your consumer proposal and the balance of the debts have been discharged (forgiven). You will also receive (perhaps not right away) something called a Statement of Receipts and Disbursements and a Notice of Taxation of the Administrator’s Accounts and the Discharge of the Administrator. These are the final documents that the administrator will send to you when the administrator closes your file.
These final documents are sent to you, your creditors and the Official Receiver. The credit bureaus are actually notified by the government agency that employs the Official Receiver, not by the administrator. All of this takes time – sometimes a couple of months – depending on the backlog in the system.
Your new life
From this point forward, you may begin to rebuild your credit.
Whatever the original cause(s) of your financial problem, you have put them behind you and dealt with the debt. Hopefully, you’ve come through this a little wiser, a little more financially aware and therefore better able to deal with your finances in the future.
Remember how you felt when you started? Hopefully you’ll never have to feel that way again. If you recognize the same warning signs in your family or friends, you might want to "share your wisdom" and get them pointed in the right direction.
Congratulations on your fresh start!
For a free consultation on whether a consumer proposal is right for you, contact a bankruptcy trustee near you.