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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Mr.G

Does a debt management plan affect your credit rating?

Posted from: Ontario

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One Response to “Mr.G”

A licensed trustee said...

Debt management plans have the same credit rating as a consumer proposal – R7. You remain at that rating while you are in the plan, when you finish your payments the debts are dropped from your record, but the fact that you filed a debt management plan is noted in the legal section of your report for up to 3 additional years.