After a Consumer Proposal

Having filed proposal your well on your way to financial health and you should congratulate yourself.

Now that the proposal is competed and you’ve had some credit counselling, you should be looking to rebuild your credit rating and learn how to live debt free.

Managing your credit, credit cards, and mortgages isn’t hard but it does require some effort that we can help you with.

Used wisely debt and the use of credit can actually provide many positive advantages to your life.

Once the last payment has been made the proposal administrator will a Certificate of Full Performance from the office of the Superintendent of Bankruptcy of Canada.

The Certificate of Performance is your acknowledgement from the government that all of the debts that were filed with the proposal have been paid and there are no outstanding loans or balances with creditors in your name.

After receiving that document about your credit the proposal administrator will send you

• Statement of Receipts and Disbursements giving you a accounting of the amounts that were paid on your behalf.
• Notice of Taxation of the Administrator’s Accounts, and
• the Discharge of the Administrator.

The office of the Superintendent of Bankruptcy will notify credit agencies that your have been discharged.

★★★★★ After our consumer proposal I was so happy and relieved to be debt free.  YanchDey made the whole process so easy and helped my husband and I to settle all of our payments and loans.  While doing the proposal we received some credit counselling and have promised ourselves never to fall into debt like that again.  It’s a great feeling and it all started by making one call!  Stephanie Rosario, Oshawa Ontario.

Rebuild your credit and credit rating. There are no quick fixes and we recommend that you don’t rush out to get a credit card and get into debt again.

Rebuilding your credit rating after going through will take time and patience.

The way to do so is to slowly use credit and create a history of paying off all of your balance each month.

As trustees in insolvency we recommend that you try to avoid credit cards and learn to just spend with cash or use a debt card.

When you do decide to get a credit card make sure that;

• the credit card has a small limit on it,
  • maximum five hundred (500) dollars,
• leave the credit card at home, and
  • only carry it for planned purchases,
• use the credit card only when necessary and
  • not for items that are not necessities,
• Learn the differences in spending between “Wants and Needs”, and
• the credit card balance MUST be paid off in full each month.

If at any point you find that you are unable to pay your credit card balance in any one month, you must then have the self control to cut up or put the card away and not use it until the balance has been paid.

Most people do not realize that credit cards are the most common cause of financial issues in Canada.

The credit card companies only make money when you cannot pay off your balance, the credit card companies want you to be in debt!

Rebuilding your credit rating will take time, patience and ensuring that you do not fall behind again.

Consider some of these ideas to start improving your credit rating.

• Ensure that all bills are paid before the due date.
• Ensure that no utility bills are left unpaid.
• Start with one credit card with a 500 dollar limit.
• Never go over your limit.
• Only use the card when cash is not an option.

Using credit cards can be profitable if used properly by ensuring that you never miss payments and the card is paid off in full each month.

Properly used credit card points can give you cash, groceries and merchandise.