Consumer proposal accepted!

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edmgirl07

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Consumer proposal accepted!
« on: January 23, 2018, 11:43:11 AM »
Well, I had my first credit counselling session yesterday and was also informed that my proposal was accepted. Yay!

CIBC being my largest creditor voted in favour and it sounds like Capital One didn't even vote. Now I just need to wait around 15 more days for it to be officially approved. I had $43k in debt and my proposal is to pay back $12,000 over 5 years.

For others who have gone through this, I have a few questions:

1. How long did it take you to pay your proposal off?
2. Did you eliminate any thing to save extra money to help pay it off sooner?
3. Did you have a secured credit card during your proposal, and if so through which company?

I want to pay off my proposal as soon as I can. I've definitely learned to live within my means since I have not been able to use a credit card since March or April 2017, but that being said, I think it might be good to have some type of credit in case any emergencies come up.

Any help or suggestions are much appreciated. Thank you!  :)

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BCM35

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Re: Consumer proposal accepted!
« Reply #1 on: January 23, 2018, 07:35:07 PM »
I'm happy for you! It's such a relief when a CP is accepted.

We didn't eliminate anything as the CP freed up money for us to save. We plan on obtaining a secured credit card in a few months.

We used some of the money we saved and put it on a prepaid card. The problem is that prepaid cards are not accepted everywhere.

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Jennykk

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Re: Consumer proposal accepted!
« Reply #2 on: January 23, 2018, 08:52:23 PM »
Well, I had my first credit counselling session yesterday and was also informed that my proposal was accepted. Yay!

CIBC being my largest creditor voted in favour and it sounds like Capital One didn't even vote. Now I just need to wait around 15 more days for it to be officially approved. I had $43k in debt and my proposal is to pay back $12,000 over 5 years.

For others who have gone through this, I have a few questions:

1. How long did it take you to pay your proposal off?
2. Did you eliminate any thing to save extra money to help pay it off sooner?
3. Did you have a secured credit card during your proposal, and if so through which company?

I want to pay off my proposal as soon as I can. I've definitely learned to live within my means since I have not been able to use a credit card since March or April 2017, but that being said, I think it might be good to have some type of credit in case any emergencies come up.

Any help or suggestions are much appreciated. Thank you!  :)

Congratulations!

I'm 17 months into my proposal. When I have extra funds such work bonus, I pay more than the minimum. My plan is to pay it off by end of the year.

I also follow a strict budget every month. I've limited eating out, shopping and vacation. I drive a 10 year old car and have no plans of getting a new one.

As of now, I have cap1 gold mc and affirm mc. Both are unsecured.

 

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