Every consumer proposal that is filed by my office includes a clause that states as soon as the total due under the consumer proposal is paid that the consumer proposal is deemed fully performed. This clause allows you to pay-off and complete your consumer proposal at any time. It is important to note that there is no penalty for early payment. It is also important to note that there is no discount or reduction in the total amount you will pay if you decide to pay-off your consumer proposal early. Although you don’t get a discount for paying your consumer proposal off early there are actually a lot of advantages to getting your consumer proposal completed, including having your credit score improve sooner.
-Chris Welker
