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Messages - Wetcoaster

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After Bankruptcy / Re: Credit utilization between 1% and 30%
« on: Today at 02:03:15 AM »
Mid 750’s is enough to get a top rate on mortgages

Go to and go to the credit card forum ... lots of great info there

Consumer Proposals / Re: Newbie to a CP, some insight to prepare us
« on: July 08, 2018, 04:46:10 PM »
1  -  Yes open accounts in another bank or credit union. you owe nothing too and will not be a part of the CP.
        Also change any direct deposits (pay,income tax etc) and any bills that come out automatically.  You can also move RRSP's to your new bank if you have any.
        Any money left in the CIBC they can take when the CP is filed.

2 -  All credit cards need to be turned in regardless of balance.  If you keep them CIBC can void the CP if accepted  I have no ide about the US one but I would  I      I imagine the same rules apply.

3  -  It depends on the value of the vehicle.  A trustee will be able to answer.

I suggest seeing 2-3 trustees and see what each say.  We owed about $130,000    I saw 2 and one said bankruptcy  was the only option.  The other said they might be
able to get a CP for $1500 a month.  Then I went to 4Pillars for a free consolation. They were able to get us a CP at $860 a month for 60 month with a 25% discount for early pay off. Keep in mind 4Pillars does charge for their services but in our case it was well worth it.

It took me 6 months once our proposal was completed to get errors corrected.

What is your monthly income?  It doesn't sound too high to me necessarily.  It is true that for creditors to accept a proposal, the settlement has to be better than it would be in a bankruptcy so it all comes down to the surplus income calculation.  Not all proposals can be 30 or 40 cents on the dollar.  In some cases they have to be 100% or more in order to be higher than what the creditor would receive in bankruptcy.  I do agree however you should consult more than one trustee.  Trustee fees are Regulated.  They get 20% of what you agree to repay your creditors plus I believe they also will charge an administration fee.  That administrative fee may vary from trustee to trustee but the 20% is Regulated.

No way you should ever pay 100% in a CP

When you are paying the CP your report says you are making payment as part of a CP.

After it is paid it says included in proposal arrangement paid.

Three years after it is paid off it will be removed from your record

That is way too high for a CP.
Go see a few different trustees.
Also if there is a 4 Pillars near you go for a free consultation.

Considering Bankruptcy / Re: Just wanted to say Hi!
« on: June 09, 2018, 12:44:40 AM »

Consumer Proposals / Re: Is there Admin?
« on: June 02, 2018, 06:53:35 PM »
I told you they are stupid.

Consumer Proposals / Re: Is there Admin?
« on: June 01, 2018, 01:16:55 AM »
There are admin they just don’t monitor at all.  I still think it is funny spammers trying to sell thing to people with no money

Considering Bankruptcy / Re: Lawn Care Services Provided
« on: May 30, 2018, 10:00:37 PM »
How stupid are you?

Consumer Proposals / Re: 10k loan during CP “repairs”
« on: May 29, 2018, 06:45:50 PM »
After how long do banks start considering giving you a loan in this kind of situation, Wetcoaster? Or anyone else for that matter. Cheers.

You won't get a loan from a major bank until 3 years after your proposal has been paid off is what I have been told.

Any loan you get from someone else is going to outrageous interest.....same goes for car loans.

You could talk directly the sales manager at a car dealership and explain your situation and see what they can do for you.

Consumer Proposals / Re: 10k loan during CP “repairs”
« on: May 29, 2018, 06:41:42 PM »
How stupid are

Consumer Proposals / Re: 10k loan during CP “repairs”
« on: May 21, 2018, 12:00:39 PM »
No major bank will give you a loan 2 years into your proposal.

Considering Bankruptcy / Re: Can collection conpany find you?
« on: April 30, 2018, 09:43:10 PM »
If you are getting a cheque you are on the company's payroll unless it is a personal check and you are doing something illegal.  The fact they found you means you are on the payroll.

Listen to your trustee.

Consumer Proposals / Re: Refresh Financial Secured Visa
« on: April 22, 2018, 08:49:53 PM »
Hi, everyone. I just thought I'd share this with anyone in, or just out of a CP, and trying to rebuild their credit. I've seen a few posts about people being charged unreasonable annual fees for secured cards, and this one is much cheaper at only $12.95 per year, with a lower interest rate, to boot. Also, for anyone who feels a little self-conscious about whipping out well-known secured cards in front of people, this isn't very well-known, and looks pretty snazzy. No one would think it's a secured card. Just Google "Refresh Financial Visa".

Also, a little update on my progress. Both my TU and EQ scores are now at 750+ since being discharged from my CP, July, 2016. And I just got an Amex Simplycash (the no fee version) in the mail today with a $6400.00 CL! Time to ditch the Capital One Gold card! I'll be keeping my Walmart Rewards Mastercard, though, since it's the oldest on my credit file.

Stay positive, everyone!

Very good credit score for only that long out.  I am 16 months out after finishing our CP and am sitting in the mid 600's.

I have 2 Capital one cards and a CT M/C for a total of $9000 credit.

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