May 24th, 2006 by Questions
What happens after you pay off a consumer proposal? Do you receive a letter? What happens to your credit profile? Does it show that you have paid it off and how quickly does that happen?
May 24, 2006 at 9:34 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
Once you have completed the terms of your proposal your Trustee should issue a Certificate of Full Performance which will show that your consumer proposal has been paid in full and you are cleared from the balance of your unsecured debt as listed in the proposal. As for youâ€™re your credit profile, it is your responsibility to send a copy of this document to the credit bureau so they know to update your profile. As for how quickly this document is issued, it partially depends on the specifics of your proposal, but typically is done approximately 1 month after your last payment has cleared the bank.
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