I made a consumer proposal five years ago, which was terminated two and a half years later by a voluntary notice of termination for default (three consecutive defaults). According to my trustee, this was the proper way to end the proposal. I regretted signing the proposal in the heat of the moment and decided to settle my debts myself with terms and arrangements that were more suitable for me. Today, I have a credit score of 750 and a credit card, but the proposal is still on my file. How long must it remain on my file, and who has the authority to remove it?
Normally, a consumer proposal disappears from the credit report three years after its full execution. In your case, it's more of a cancellation, so in my opinion, it should be treated as a bad debt or bankruptcy, and in that case, the timeframe is typically seven years. These rules are established and enforced by the credit bureaus. Therefore, you should contact them directly.
Questions reliées
- A few months ago, I bought a new car, financed by the bank. My partner signed the loan agreement, and I was the co-buyer. If I sign a consumer proposal, what impact will it have on the loan? I don't want my partner to be disadvantaged.
- Can I consider the consumer proposal even if I am receiving unemployment insurance benefits (I have the maximum benefits)?
- Can my spouse and I submit a proposal at the same time? We have approximately $115,000 in debt. Can we also include our line of credit and credit facilities in this proposal? My mortgage renewal is due next year: could the financial institution refuse me?
- Does making a consumer proposal impact our job prospects? To work for the government, applicants are required to sign an authorization to check references, criminal record, and credit before being hired.
- For the past few years, the provincial government has been garnishing my wages. After all this time, I'm at my wit's end. However, I'm indebted to friends and family. I also owe Hydro-Québec, Mastercard, and now the federal government is demanding over $4,000, which will result in another wage garnishment. I'm in debt and I couldn't pay my rent this month. Can I include my unpaid rent in my consumer proposal since my landlord has gone to the Régie du logement (Quebec Rental Board) and the next month is coming up and I won't be able to pay it?