Consumer Proposal Due to Gambling

  • 16 Replies
  • 580 Views
*

novascotiaman

  • Newbie
  • *
  • 12
  • +0/-0
    • View Profile
Consumer Proposal Due to Gambling
« on: November 16, 2017, 01:32:29 AM »
Hello,

To make it short, I have done stupid stuff and gamble and its too late when I realized. I am browsing through and I found this site. Just wanna ask if there is someone similar to my situation. I owe 70K through CC. I am making around net income of 1000$/Month. I am planning to try the consumer proposal. Will they approve my proposal if the reason is gambling. They will surely find out with my transactions anyway so I nees to tell the trustee the real reason for the debt. Please advice. Thank you

*

Herbert

  • Newbie
  • *
  • 9
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #1 on: November 16, 2017, 08:23:48 PM »
I don't think I can offer help for your actual question but 70k at $1000/m does sound like a long time. You would have to negotiate a reduction but even with 50% off its still a hefty amount.  I'm quite disgusted by the government that turned Canada into a gambling shit hole. I've seen far too many stories like yours and these slots machines and such are set up to fail and get your addicted. I would personally dump the debt and declare bankruptcy. 

*

Jennykk

  • Jr. Member
  • **
  • 75
  • +1/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #2 on: November 16, 2017, 10:39:03 PM »
Book an appointment with a trustee asap to know what your options are.

*

muffin

  • Newbie
  • *
  • 3
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #3 on: November 17, 2017, 12:32:00 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.
« Last Edit: November 17, 2017, 12:39:13 PM by muffin »

*

novascotiaman

  • Newbie
  • *
  • 12
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #4 on: November 18, 2017, 12:06:16 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.





Thanks for replying. I have 29K from RBC, 15K from MBNA, 10K from TD, 8K Canadian Tire and 6K Walmart. I talked to a couple of trustee already. 1 wants me to offer 500/mo and the other is 300/mo as starting proposal. I just have these gambling losses recently, will that affect my application?Do I have to wait longer before applying?

*

Jennykk

  • Jr. Member
  • **
  • 75
  • +1/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #5 on: November 18, 2017, 03:26:42 PM »
Why wait longer? The sooner you deal with it, the better it is for your finances.
I owed a total of 46K when I filed the proposal. Half of that is with scotiabank. I also owed mbna, cdn tire, bmo and a couple of hundreds with the cra. I'm paying $250 every month on my cp.

*

novascotiaman

  • Newbie
  • *
  • 12
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #6 on: November 18, 2017, 04:17:09 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.



Any chance you can give me a call or text?Id like to ask you morr questions. 9023055157. Thanks

*

novascotiaman

  • Newbie
  • *
  • 12
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #7 on: November 18, 2017, 04:18:31 PM »
Why wait longer? The sooner you deal with it, the better it is for your finances.
I owed a total of 46K when I filed the proposal. Half of that is with scotiabank. I also owed mbna, cdn tire, bmo and a couple of hundreds with the cra. I'm paying $250 every month on my cp.


Thank you. I will sign my proposal this Tuesday. Hope everything is ok.

*

hdef

  • Newbie
  • *
  • 2
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #8 on: November 18, 2017, 07:43:31 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.

I am in the same situation, about 78k in debt. May I ask where do you live and what trustee did you use, because 18k on a 80k is pretty good (22.5%). I've read a lot of banks won't bother with anything less than 25% back.
I am in the Toronto area and one trustee told me they can do it for 27k, another 23k. I owe a dozen credits cards, with the highest being 14k.

*

Jennykk

  • Jr. Member
  • **
  • 75
  • +1/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #9 on: November 18, 2017, 08:14:39 PM »
Good luck! Keep us posted here. :)
[/quote]

Thank you. I will sign my proposal this Tuesday. Hope everything is ok.
[/quote]

*

muffin

  • Newbie
  • *
  • 3
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #10 on: November 19, 2017, 01:47:50 AM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.

I am in the same situation, about 78k in debt. May I ask where do you live and what trustee did you use, because 18k on a 80k is pretty good (22.5%). I've read a lot of banks won't bother with anything less than 25% back.
I am in the Toronto area and one trustee told me they can do it for 27k, another 23k. I owe a dozen credits cards, with the highest being 14k.

I live in Edmonton and I used Bromwich and Smith, your proposal really depends on your income, the more you make the more you'll likely pay.  Basically you have to offer more than what your debtors will get if you declare bankruptcy and start from there.

*

muffin

  • Newbie
  • *
  • 3
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #11 on: November 19, 2017, 01:52:41 AM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.





Thanks for replying. I have 29K from RBC, 15K from MBNA, 10K from TD, 8K Canadian Tire and 6K Walmart. I talked to a couple of trustee already. 1 wants me to offer 500/mo and the other is 300/mo as starting proposal. I just have these gambling losses recently, will that affect my application?Do I have to wait longer before applying?

Unfortunately since RBC is your biggest debtor you might have to offer more for them to accept, they're known to be tougher to deal with.  Gambling losses won't have an effect, your debtors really don't care how you incurred the debt really, but DO NOT borrow anymore money after you've met with a trustee, that's fraud.

*

novascotiaman

  • Newbie
  • *
  • 12
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #12 on: December 04, 2017, 07:16:32 PM »
Latest update: Signed my proposal Nov. 23.  RBC said yes. MBNA and Walmart already closed my account. Waiting for Scotia & TD. I proposed 400/mo x 60. 78500 total debt.
« Last Edit: December 06, 2017, 06:25:46 AM by novascotiaman »

*

Jennykk

  • Jr. Member
  • **
  • 75
  • +1/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #13 on: December 04, 2017, 11:29:48 PM »
Signed Nov. 23. Latest update: RBC said yes. MBNA and Walmart already closed my account. Waiting for the others. I proposed 400/mo x 60. 78500 total debt.

that's great! :)

*

novascotiaman

  • Newbie
  • *
  • 12
  • +0/-0
    • View Profile
Re: Consumer Proposal Due to Gambling
« Reply #14 on: January 10, 2018, 05:12:34 AM »
Update:

😊😊😊 Proposal Approved. 400x60, 79K Debt. Wife approved as well, just need to attend a creditors meeting called by RBC but trustee said they dont have enough % to reverse the decision. 700x60 for her 85K. We can now start our new financial life. We're now used to our cash only budget. Things are looking good so far. Thank you to this forum and to everyone. It was life changing when I learned about CP on this forum.

 

Sitemap 1 2 3 4 5