How Does A Consumer Proposal Affect The Credit Rating? - PowerPoint PPT Presentation

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How Does A Consumer Proposal Affect The Credit Rating?

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A consumer proposal is a kind of offer to settle down your debts. It is a type of debt negotiation where a licensed insolvency trustee is contacted to settle your debts to a specific percentage to be paid over a certain period. Since it is all about dealing with your debt, it’s obvious to be concerned about its impact on your credit card report. Know more: – PowerPoint PPT presentation

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Title: How Does A Consumer Proposal Affect The Credit Rating?


1
How Does A Consumer Proposal Affect The Credit
Rating?
2
  • About Us
  • We at Credit 720 work for you in a similar way
    just as your Tax Consultant or Accountant. You
    hire our expert advice in debt negotiations as we
    help protecting your assets and safeguarding your
    rights as our esteemed client.
  • At Credit720, our goal is to protect your best
    self-interest and not the creditors. Debt
    Consolidation, Consumer Proposal - Calgary
    Edmonton Region.

3
  • How Does A Consumer Proposal Affect The Credit
    Rating?
  • A consumer proposal is a kind of offer to settle
    down your debts. It is a type of debt
    negotiation where a licensed insolvency trustee
    is contacted to settle your debts to a specific
    percentage to be paid over a certain period.
    Since it is all about dealing with your debt,
    its obvious to be concerned about its impact on
    your credit card report.
  • What does it feature?
  • This proposal appears in two sections- the public
    record section and the individual account
    section. The former is updated by the Office of
    the Superintendent of Bankruptcy when a proposal
    is filed along with the date of filing. 

4
  • When is this information removed?
  • If we talk of previous rules in Canada including
    the cities Calgary, Edmonton, Lloydminster,
    Alberta, it was supposed to be removed three
    years after the completion of the proposal. Now,
    this rule is amended. As per the new provisions,
    all the details will vanish after three years
    from the date of completion of the proposal or
    six years from the date of filing, whichever is
    earlier.

5
  • How is it beneficial?
  • This modification is of immense help for those
    who give this proposal as it gives six years as
    the maximum time for the proposal to affect the
    credit report. That means, even if you take four
    to five years for completing your proposal, all
    your debts would be removed in a span of one to
    two years after your payments are cleared.
  • Clarification on positive and negative
    information
  • Positive information about a loan like length,
    type, repayment score, initial amount, balance,
    etc. can be kept for an indefinite period. This
    certainly helps in improving your credit score. 

6
  • Conclusion
  • Consumer proposal services are a great way to
    avoid insolvency. Here, you get the reduced
    amount to pay by an extended period without any
    interest. All the actions from the creditors must
    be stopped after this proposal is filed. If
    youre someone from Calgary, Edmonton,
    Lloydminster, or Alberta who seeks debt
    negotiation and consumer proposal
    services, Credit 720 is the one-stop solution.
    They are on the track of Adam Smith who said,
    What can be added to the happiness of a man who
    is in health, out of debt, and has a clear
    conscience? They work for the best interest of
    the customers and not the creditors, unlike
    others.

7
Contact Us
Red Deer 924, 4747 67th St,Red Deer AB, T4N
6H3Telephone (403) 337-4000Fax (780)
666-9721Email info_at_credit720.ca Edmonton
South 9856A 33 Ave NW, Edmonton AB T6N
1C6 Telephone (780) 666-2600 Fax (780)
666-9721 Email info_at_credit720.ca
Edmonton North 203, 12930 50 St, Edmonton, AB T5A
4L2 Phone 780.666.2600 Email info_at_credit720.ca
Lloydminster(Alberta Saskatchewan) Unit 102,
4802 -50th Avenue, Lloydminster, AB T9V
0W5 Phone 403.337.4000 780.666.2600 Email
info_at_credit720.ca
http//www.credit720.ca
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