when does life begin after consumer proposal?

November 24th, 2007 by Questions

I files a consumer proposal in March/07 and it was paid in full in May/07 (3rd party helped with 1 time settlement.
i understand that a proposal stays on for 3 yrs.
Recently my credit bureau shows creditors reporting the debts (inclued in proposal) as R9 in oct/nov 2007. When will these R9`s come off as they are still being reported in oct/nov. is it 6 years after the creditors last report? and what clears up after 3 years – just the public record section that the proposal was made? does that mean i still have to live with R9`s for a total of 6 years thanks


One Response to “when does life begin after consumer proposal?”

, Barton Goth GCO Bankruptcy Trustees said:

Both Equifax and transunion report that the result of completing a consumer proposal is an R7 that will be registered with the credit buruea for a term of 3 years from completion.

While neither comment on what happens during the duration of the proposal I have seen a number of people who have been able to provide evidence of the proposal that was filed to the credit bureau’s and this was used to overide any inaccurate reprots by their creditors.

Otherwise, upon completion of the proposal you can send a copy of your Certificate of Completion to the the credit bureau and this will reset the rating at the R7 rating.

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