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I am abit confused about my credit rating

My husband and I are in the middle of a consumer proposal.My question is why when I checked our credit history its comming up as a bankruptcy?Another question is we have 3 more years left on the proposal.If we pay it out in lets say 1.5yrs will they come after us for more money,or will we have a problem getting discharged?I was told as well by doing a proposal it looks better on your credit history.I’ve talked to many creditors and they say its no better than a bankruptcy.The only reason why we went with the proposal was in good faith and alot guilt and we could afford to pay back.Back to the creditors they said pay it out as fast as you can or you’ll never get any credit.We don’t want to have to wait another 3yrs to start rebuilding.It it legal to borrow the money and pay out the trustee?Thanks I sure hope someone can help me.

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One Response to “I am abit confused about my credit rating”

A licensed trustee said...

Take whatever a collection agents tells you with a grain of salt.

The fact that you filed a proposal will remain on your credit bureau while you are making payments and then a further 3 years after you’re done (as a footnote in the legal section of your report). So, if you pay your proposal off early then the total period of time that it appears on your report will be that much shorter.

Regarding what they said about proposals in general, there is some truth to fcat that as far as your credit rating is concerned a proposal is treated much the same way as a bankruptcy. The system has not been designed that way, but from a practical standpoint, many crediotrs report proposals as bankruptcies to the bureau. If the only reason you filed a proposal was because you thought it would look “better” on your credit report then you will probably be disappointed.