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Messages - Jennykk

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1
Considering Bankruptcy / Re: Value of car
« on: June 16, 2018, 06:52:48 PM »
1. Can we buy a car after signing for bankruptcy?
You can. But the rate is insane. They may ask for a downpayment or a co-signer.

2. My family would support me with the cash required to buy the car as I need the car for my job and personal use.
Buy cash if you can.

3. My imp question that I have not been able to get the answer of is, how is the value of the car determined? Does the trustee go through proper valuation process of the car? Or they just ask for the buying/selling receipt of the car?
Sorry can't help with this.

4. What is the best, buying before bankruptcy or buying during bankruptcy?
If you finance, you'll be hit hard with a high interest. Buy cash if you can.

5. How do we justify the discretionary expenses? I understand that we do need to provide the receipts of the discretionary expenses e.g medical expenses, child support payment etc. Should we keep the keep the receipts of each and everything that we buy, lets say grocery, mobile top up cards, clothes etc?
Sorry, can't help.

6. Is it possible to get a secured credit card right after filling for bankruptcy? If yes, then do we need to let our trustee know that from where did we get the money for deposit?
You can try capital one secured card.

2
Mine does, too. Consumer proposal is under the bankruptcy and insolvency act.

3
Consumer Proposals / Re: Problem after CP
« on: April 01, 2018, 04:35:08 PM »
You mentioned agent. Did you work with a trustee or a debt management company?
The trustee should be able to help you with this as you paid them a fee as part of your proposal payment.

4
Consumer Proposals / Re: Found a replacement for Affirm!
« on: March 29, 2018, 09:12:40 PM »
I applied on Tuesday.....got a call I was approved today.

Thx Jennykk

Yay!!!

5
Share your Story / Re: Consumer Proposal
« on: March 24, 2018, 10:41:36 PM »
Consumer proposal is under the bankruptcy law. Thus,it shows bankruptcy in the credit report.

6
Consumer Proposals / Found a replacement for Affirm!
« on: March 24, 2018, 10:32:40 PM »
Currently, I have cap1 gold mc with $4K cl and the affirm mc with $1k cl.
Affirm is soooo expensive to maintain. The annual fee is $120 a year! What a rip-off! I pay off the balance each month so I don't pay any interest.
Anyway, I've been looking to replace the affirm for quite some time now. I applied for the National m1 mc but got declined and same with Canadian tire. Took a risk in applying for the cap1 aspire cash. The criteria says good credit. Well, my credit score is far from good. It's still in the low 500. I thought one hard hit wouldn't do much damage to my already damaged credit. So, I applied and surprisingly, got approved. Woohoo! I don't know how much I got approved for. I'll update when I get the card in the mail.
I'm so happy!!! Goodbye affirm!  ;D

7
It could be that file isn't updated yet.

8
I filed my own taxes and have gotten refund for 2 consecutive years - 2016 and 2017. I kept the refund. Made extra payments towards my proposal.
I'm not familiar with Quebec laws so I'm not sure if your taxes should be filed your trustee.

9
Consumer Proposals / Re: Experience with President's choice
« on: March 01, 2018, 12:18:17 PM »
Today I was approved for a Capital One M/C 13 months after our proposal was paid.  They were part of our proposal.

Woohoo!

10
Consumer Proposals / Re: Update on my case
« on: February 28, 2018, 11:42:32 AM »
Hi Kay.

I have not filed for bankruptcy so I am not much of a help with your questions.
Have you seen another trustee? I think it's best to get another opinion on your situation.

11
Consumer Proposals / Re: My consumer proposal
« on: February 26, 2018, 03:14:12 PM »
Congratulations!
I think you should still sue your tax accountant. It was clearly a negligence on his part.
Now, the best part is starting to rebuild your credit. Yay!

12
Consumer Proposals / Re: Best Secured Credit Card
« on: February 26, 2018, 12:11:37 PM »
Hi Thanks for the response. Did you apply right after filing CP or you waited few months?
Hi everyone. I would like to know which are the best secured credit cards out there after filing CP. I had capital one in my proposal so can not go for that.
What other options are available for me? Something where i do not have to put all the limit as security.
Please advise

Try Affirm mastercard. I got approved for $1000 limit at no security funds.

I applied after my first counseling. So, that's about 2-3 months after filing.

13
Consumer Proposals / Re: Looking for advice
« on: February 26, 2018, 12:09:45 PM »
1) I have a CIBC USD Visa with zero balance if not included in the CP will they take it?
You have to check with the trustee if you are able to keep this card.
2) I have a CIBC USD Savings account with money in it, will/can CIBC take that?
First step, open a new account where you have no banking/credit relationship. CIBC may withhold your money if you file a cp. Your trustee will tell you to do this, too.
3) Should I move my accounts from CIBC, can they review our spending activity while under CP?
You should move your money. I don't think they can review your spending activity if you're banking with a different financial institution.
4) Stupid question, if we go through this, who is there to govern our spending?
Yourselves. You should start creating a budget to avoid debt pitfalls. We've all been there and truly have to make lifestyle changes to make the cp work.
5) Prior to coming to this point I put a large payment on my Visa (Bonus) and paid for a vacation for our family (yes hindsight for sure) I know we shouldn't have no, but CIBC look at that and decline us or because it was weeks before hand it is not looked at?
6) Since CIBC owns all our debt essentially, has anyone any dealing with CP's with CIBC?
I don't have CIBC as part of my cp. Can't comment on this.
7) Has anyone done a CP with this amount of money - if so what type of payment/pay back did you have
I owed a total of $46K. It was approved for $14,500 or $250/month payable for 5 years. I pay more than the required amount if I have extra money.I want to get out of cp as soon as possible.
8) Has anyone used BDO as a firm for CP's, experience??
I used 4Pillars.

14
Consumer Proposals / Re: Div 1 filed, applying for cc
« on: February 26, 2018, 12:01:38 PM »
With a division one proposal, a meeting of creditors is automatically set up within three weeks of filing. It's not the 45 day period as with a regular consumer proposal. The outcome is determined the date of the meeting. If not accepted I'd have been deemed bankrupt automatically.

As mentioned in previous post, I applied for a guaranteed/secured card after the filing and was surprised to clarify a few days afterwards, by calling capital one, that it was a regular cc. My trustee had advised that if I applied for credit I must disclose that I was in a proposal. I made sure that Capital one rep noted on my account that I'd filed a proposal. She didnt care, just asked if capital one was included  in my proposal. I waited to find out that the proposal was accepted before activating (I didn't get the card and pin until after the meeting anyway). There wasn't anything underhanded or hidden about it. What could the creditors in the proposal do to come back at me? Demand I return the card? The voting deadline has passed and the majority voted in favour. I don't see how they could change the outcome at this point.

Looks like it'll be interesting :( to see the score go downhill over the next few months.

You'll be fine. I applied for cap1 gold mc 4 weeks after applying.

15
Consumer Proposals / Re: Best Secured Credit Card
« on: February 26, 2018, 12:00:51 PM »
Hi everyone. I would like to know which are the best secured credit cards out there after filing CP. I had capital one in my proposal so can not go for that.
What other options are available for me? Something where i do not have to put all the limit as security.
Please advise

Try Affirm mastercard. I got approved for $1000 limit at no security funds.

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