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Consumer Proposals / Zombie Debt
« Last post by fireguy233 on July 20, 2017, 11:29:48 PM »
Okay to start off a little bit of Background.

I filed my consumer proposal in April 2014 for $48600.00. I received my certificate of full performance on the 13 of October 2016. I have a fairly high income so my payments and the amount of my proposal were relatively high.

I had 12 creditors as I had caught myself up in the payday loan death spiral.  One of the creditors "Wonga Payday Loans" went bankrupt while I was in the process of paying off my consumer proposal. unbeknownst to me they sold my debt after agreeing and receiving dividends in the consumer proposal to a company called KDC.

Once my proposal was complete I checked my credit score by signing up with both Equifax and Transunion for their credit monitoring. The credit report had massive amounts of errors however my credit score was hovering right at 654 with Equifax and 622 with Transunion and nothing listed as collections. Pretty good huh? well not long after I sent in a letter to make the appropriate corrections on my credit report did everything drop. Both scores dropped to the low 500s. Then to make matters worse almost six months out from the consumer proposal a debt collector( Kingston Data and Credit) listed a debt (debt was Wonga and included in proposal) under collections so slam !!!! down I go again.

I contacted KDC and informed them that this debt was included in my proposal and if they had any further questions to contact my trustee. I also kindly asked that it be removed from my credit report as it is against the law to undertake collection activities if a Consumer proposal has been filed. I waited and contacted KDC a week or two later as nothing had changed. Their reply was that they would zero the balance however they would not remove it from my credit files.

I sent a letter to both Equifax and Transunion in this regards including some other errors that were also still listed. All of the other errors were removed/ rectified on both files however there was no mention of the Collection on either report. The corrections however now have me sitting at 591 with Transunion and 531 with Equifax.

Here I am another couple of months out and I have contacted the office of Consumer Affairs who have directed me to ask for the removal once more from both Transunion and Equifax and if that doesn't work to contact them and they will order it removed. They agree KDC is in the wrong by listing a collection that was included in the consumer proposal filed prior to the collection activity commencing.

It has been a bit of a nightmare trying to remove this from my credit report and one can only imagine how badly a collection hampers ones score. especially being listed after a consumer proposal.

Anyone else run this gauntlet.

Zombie Debt sucks..... and so do collection agencies.
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Consumer Proposals / Re: Multiple Equifax Scores
« Last post by New Beginning on July 20, 2017, 03:13:31 AM »
I don't have my credit scores directly from EQ and TU, but this post I made in another section kind of relates to your topic:

"Well, this is crazy! So, as I mentioned, my Equifax score is 541 (as per Borrowell, didn't mention that). Then, tonight, I signed up with Credit Karma to check my Transunion score. Guess what it was? 827! Really! I also phoned Transunion earlier in the day to see if my info was accurate and the guy gave me a complete rundown of my credit report. Then I compared it to the report that Credit Karma provided and there were discrepancies. It got me to thinking these free credit score providers are nothing more than a load of crap for there to be such a huge gap. I guess I'll have to spend a few bucks to see what my credit scores with TU and EQ really are."
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Well, this is crazy! So, as I mentioned, my Equifax score is 541 (as per Borrowell, didn't mention that). Then, tonight, I signed up with Credit Karma to check my Transunion score. Guess what it was? 827! Really! I also phoned Transunion earlier in the day to see if my info was accurate and the guy gave me a complete rundown of my credit report. Then I compared it to the report that Credit Karma provided and there were discrepancies. It got me to thinking these free credit score providers are nothing more than a load of crap for there to be such a huge gap. I guess I'll have to spend a few bucks to see what my credit scores with TU and EQ really are.
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Consumer Proposals / Re: Problems logging in?
« Last post by cp_made_me_better on July 19, 2017, 04:00:39 PM »
Yes, I thought it was just me...
I created a new account and well.. here I am!
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Consumer Proposals / Problems logging in?
« Last post by Wetcoaster2 on July 19, 2017, 03:35:30 PM »
Anyone else have problems logging into this forum.  I cant log in under my original name as it says session has timed out.  Perhaps I wont be able to use this name after I log off.  Who knows.
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Have you checked to see if all the information is correct with Equifax and Transunion?

We paid our CP in January after 5 months and I am still trying to get errors corrected in both reports.  it is a real pain in the ass getting things right.
Equifax you have to do it thru fax or mail and Transunion you can phone or mail.

My Equifax score was 561 at the end of May.  After getting most of the errors fixed it jumped to 80 points and is now 641.

Transunion score was 523 and after corrections is 567.

Big difference between the 2.


We do have a mortgage,car loan that we kept during the CP.
I also have a Telus bill that gets reported.
I also have a People's Trust Secured M/C I I got a few months after we filed the proposal.





I was told during our counseling sessions  to use between 5-10% each month and pay it off when the bill comes.
Then once a year use it 1 month for 50-60% and pay it off when that bill comes.








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Long story short, your credit rating is going to remain poor until the accounts involved in your CP are purged from your file.  I left my CP with a rating around 560, so I don't think 541 is bad.

Now if you want to try and get your rating up over the next few months and years before that purge happens, there are a couple things you can do. First off don't carry a balance on your credit cards every month, and when you do make sure the balance is no higher than about 20% available credit based on the cards limit.  Credit bureaus devise your ratings based on balances as well as paying on time.  I would recommend a rotating balance/no balance approach.  What I mean by this is one month you carry a balance (which you pay in full by the due date) and then next month you pay the card in full before the statement date so it reports to the bureaus with a zero balance.  That will help the bureaus establish your ability to pay off credit. Also Walmart and Capital One cards aren't considered 'big' cards by the bureaus which means they don't weight as heavily in your credit rating as cards from the major banks do.

Although having a small amount of credit might sound good, your good credit footprint is actually very small since you don't have a mortgage or car loan.  Look at it this way, say I have 2 credit cards in good standing versus 8 accounts that were involved in my CP, that means 75% of my credit footprint is considered bad credit.  You might want to consider trying to get another card or perhaps a small loan (but be warned no major bank will likely offer you anything, but credit unions might albeit with a higher interest rate) to increase the amount of good credit on your file.

The honest truth is that your credit rating will remain low until your CP records are gone. 
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Hi, guys. I have been discharged from a 5 year CP for 1 year now and my credit score is 541 (according to Equifax, haven't checked Transunion yet).
I applied for, and received a Walmart Mastercard before the CP went through the system, which was in August, 2011. I know that sounds contradictory as the CP was signed that month, yet I was discharged 2 months earlier than I expected (June, 2016).
Then, in May, 2012, I got a Capital One guaranteed Mastercard. For both of these, I used them regularly and always paid well ahead of payment due date, and received regular annual limit increases without once requesting it. So, I thought I would get a good head start on rebuilding my credit score, and would come out of the proposal with a decent score. Boy, was I wrong. If it is 541 a year after discharge, it must have been pathetic before then! Those 2 Mastercards are the only accounts on my file. I owe nothing else; no car loan, no mortgage, no personal loans.
So, I wanted to know if a score of 541 a year after discharge sounds about right to you guys? Any opinions or advice would be greatly appreciated. Thanks!
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Consumer Proposal was approved by administrator and court, fulfilled obligations, received certificate of completion. Followed a week later by a letter staying it has come to administrator's attention that it exceeded allowable limit for Consumer Proposal and shouldn't have been eligible.  Original amount was under threshold, 2 years later amount was changed with no notification.  Now over threshold.  Apparently creditors have all been informed that it wasn't eligible for Consumer Proposal - what now???  Do we now have to start all over and go through bankruptcy (as would have been better in the first place)?  Do we get all the money we paid faithfully to creditors for 5 years back?  Help????  This was a small business failure we've been suffering through for over 5 years now, only to be told it's not over yet.
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Consumer Proposals / Re: Affirm Financial
« Last post by Westcoaster on June 20, 2017, 06:19:55 PM »
Strange indeed.  We paid our proposal off in June after 5 months.  Credit score at Equifax is only 560 and my wife makes $100,000 a year.
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