Finally filed a consumer proposal

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edmgirl07

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Finally filed a consumer proposal
« on: January 05, 2018, 12:12:04 PM »
So, long story short, I finally filed a consumer proposal last month after contemplating it for a very long time. I really didn't want to, but I figured I had nothing to lose. My credit score was shot (499), my credit cards and line of credit all had blocks put on them and I'd never be able to use them again and my minimum payments were all so high that I'd never be able to pay them every month. I was getting collections calls daily and one of my creditors threatend to take legal action if I didn't pay the full balance by a certain date.

I'm still in the 45 day waiting period to see if my creditors accept my proposal. CIBC being the largest - I currently owe them $31,000 and capital one $6600 (around $38,000 total combined)

Anyone have experience with either and if there were issues with CIBC or capital one accepting a proposal?

When I checked my online banking, CIBC had removed my CC and line of credit so my guess is they accepted it but I'm still nervous about it. This is going to be a long process, but I'm just happy I did something and can be on my way to building my credit score again. I will never put myself in this situation again.

I just feel so disappointed in myself because I used to have nearly perfect credit. My score before was 780 and now under 500.

For anyone who has already completed a CP, how hard was it for you to start building your credit again?

Thanks in advance. Just feeling so lost with things.

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Kay

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Re: Finally filed a consumer proposal
« Reply #1 on: January 05, 2018, 06:11:21 PM »
Hi
Good to know that you took the step to protect yourself. I do not have experience with any of them. Actually I myself is thinking to file the proposal and I do not have any other option.
I just wanted to gain some idea of how did your meetinng go with the trustee? What questions do they usually ask? Is it possble to get approved for CP if you are not working? I have recently moved back to Canada, I was out of Canada for a year. I am so much worried about whom to consult. A little help would be great for me.
Thanks

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Wetcoaster

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Re: Finally filed a consumer proposal
« Reply #2 on: January 06, 2018, 12:46:44 PM »
So, long story short, I finally filed a consumer proposal last month after contemplating it for a very long time. I really didn't want to, but I figured I had nothing to lose. My credit score was shot (499), my credit cards and line of credit all had blocks put on them and I'd never be able to use them again and my minimum payments were all so high that I'd never be able to pay them every month. I was getting collections calls daily and one of my creditors threatend to take legal action if I didn't pay the full balance by a certain date.

I'm still in the 45 day waiting period to see if my creditors accept my proposal. CIBC being the largest - I currently owe them $31,000 and capital one $6600 (around $38,000 total combined)




Anyone have experience with either and if there were issues with CIBC or capital one accepting a proposal?

When I checked my online banking, CIBC had removed my CC and line of credit so my guess is they accepted it but I'm still nervous about it. This is going to be a long process, but I'm just happy I did something and can be on my way to building my credit score again. I will never put myself in this situation again.

I just feel so disappointed in myself because I used to have nearly perfect credit. My score before was 780 and now under 500.

For anyone who has already completed a CP, how hard was it for you to start building your credit again?

Thanks in advance. Just feeling so lost with things.

Capital One never even voted in  our proposal.....CIBC voted yes.  What were the term of your proposal?

One thing you need to do is open a new bank account somewhere at a place that was not part of your proposal and keep all your money there and make sure any direct deposits or payments for utilities etc...... come out of the new account.

You can start to build credit right away by getting a secured card ( I have a People's Trust)  You have to pay a deposit...I paid $500 and have a $500 limit.  If you keep the card  they refund the $500.  No idea about other cards.

We paid off our proposal in 5 months and it will be a year tomorrow since it has been paid.

My Equifax score is now up to 660 and my Transunion score is now 650.

Three years after the proposal is paid the derogatory cards will some off the credit reports.

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Jennykk

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Re: Finally filed a consumer proposal
« Reply #3 on: January 06, 2018, 07:25:25 PM »
Congratulations for taking control over your finances! We've all been there. Neither CIBC nor Cap1 is part of my proposal so I can't comment on that.

I started rebuilding my credit after I filed my CP. I have cap1 gold mc and affirm mastercard. No secured deposit was required.
After a year of using cap1, they increased my credit limit from $2500 to $4000.

I use credit responsibly. Learned my lesson hard.

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Wetcoaster

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Re: Finally filed a consumer proposal
« Reply #4 on: January 06, 2018, 10:52:32 PM »
Cap1 is great unless it is part of your proposal.  I was told after 1 year we can apply to them again so will try in the next few months. 

 Affirm you have to be above a certain income level to get a card.  The last I heard Affirm was not giving out loans or credit cards and were up for sale.

We have had our People's Trust and Affirm cards for well over a year.....they get paid off every month keeping the balance each month between 5-25%

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Broken_wallet

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Re: Finally filed a consumer proposal
« Reply #5 on: January 19, 2018, 03:46:12 PM »
Capital One never replied on my proposal either (may 2017) and they were my largest creditor. The other ones all voted yes.
Debt Free!

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LT

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Re: Finally filed a consumer proposal
« Reply #6 on: January 22, 2018, 08:00:57 PM »
From what I have gathered through this site, friends and my own experiences:

During your proposal, your credit score will stay in the low - mid 500's. Not much you can do, your credit is shot. You can still get a credit card, but it won't do much to increase your score.  After your proposal (and 3 years following that), if you have used your credit wisely, you can probably work it up the the mid 600's.  After 3 years, once the CP has dropped off your credit report and you have used your credit wisely, it should go into 700+. YMMV, everyone is different.

 

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