How to Get on a DMP and Rebuild Your Credit After
Your creditors have to agree to allow you to go onto a DMP, but they typically will if one of our accredited credit counsellors believes that this program is the right fit for your situation. If you decide to enroll in a debt management program, all of your credit cards and unsecured debt will be paid off within 5 years. However, most people pay off their program as fast as they can, so the average program is completed in less than 3 years. There is no penalty if you can pay your program off faster.
Once you have completed your debt management program, you can begin to rebuild your credit. We have a credit rebuilding program that can help you to re-establish credit as quickly as possible and buy a home or vehicle if that is something you’d like to do. One of the nice things about a DMP is that it’s the only formal debt repayment program in Canada that’s completely private and has no permanent record. All records of the program and debts paid off through the program are erased from your credit report 2 years after you complete the program.