Posts Tagged ‘credit rating’

Is a Consumer Proposal Worth It?

Many years ago, the Government created a second path to deal with debt, but many consumers still don’t know about this choice. It’s called a consumer proposal.

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Why People Delay Getting Help With Their Debt

The longer an individual waits to get help with their finances, the harder it is to help as the number of options is greatly reduced.  By the time most consumers come to us the only choices left are to file personal bankruptcy or consumer proposal. If you are starting to struggle financially reach out for professional assistance before things get beyond your control.

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Your Credit Report After a Bankruptcy or Consumer Proposal

Debts included in a bankruptcy should be rated as R-9 or I-9, indicating written-off, and the outstanding balance should be reported as zero. There should also be a note indicating “included in bankruptcy” below the trade line for the corresponding creditor. Debts included in a consumer proposal should be rated as R-7 or I-7 and the outstanding balance should also be reported as zero.

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How Will A Consumer Proposal or Bankruptcy Affect My Credit Rating?

The proposal stays on your credit file for 3 years from the date of completion. A first bankruptcy will stay on your credit report for a period of 6-7 years (depending on which Province you live in) from the date of discharge. A second bankruptcy will be reflected on the debtor’s credit report for a period of 14 years from the date of discharge.

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The Importance of a Good Credit Rating

Since your credit score is a reflection of how you have or have not paid your bills in the past, many businesses, landlords, mortgage lenders, utility providers, and even employers; use your credit score to predict your future financial responsibility.  Anytime you need to borrow money, or even use services, your credit score is may be called into question. This is why maintaining good credit score is important.

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5 Myths About Bankruptcy

Filing for personal bankruptcy can be a very stressful event due to the stigma and misinformation that surrounds this topic.   Bankruptcy is often thought of as something that happens to irresponsible people or those who cannot properly manage their financial affairs.  In many instances, this couldn’t be further from the truth.  Most bankruptcies are triggered by life events such as marital breakdown, loss of job, illness or decreased income.

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