Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Topics - Wetcoaster

Pages: [1]
Consumer Proposals / 1 year this week our proposal was paid off....
« on: January 10, 2018, 07:55:40 PM »
Kind of an anniversary of sorts.

Proposal was accepted July 2016.....paid off Jan 7 / 2017

The proposal has been paid off 1 year now....2 to go before it drops off.

Equifax is now 660
Transunion is   650
RBC/TRansunion score is 712

Thinking of applying for another credit card.

Any ideas?

Consumer Proposals / Question for those who have paid off CP
« on: October 30, 2017, 05:50:15 PM »
I was just wondering.....what does it show on your credit report?

 Do your accounts show derogatory still or R7 ?

Consumer Proposals / RBC/Transunion
« on: August 30, 2017, 06:34:35 PM »
Any RBC clients out there you can now get a credit score from them (in partner with Transunion when you log onto online banking. It updates once a month I think.

Big difference in my score though

RBC Creditview Dashboard    712
Tranunion                                 567

I thought I would share our story to show never give up and in the end things will work out.

Our debt was high.... but was manageable until about 5 years ago.  Then it was like a tidal wave that hit.  Our son started University.....he graduates this years with no debt or student loans thanks to our help and the money he earned.  Unfortunately it  added about $35,000 to our debt we had.  Also in the last few years I had to have major dental surgery to the tune of $40,000 over 3 years.  My partner had to take a $35,000 pay cut in her job 3 years ago because the stress was getting to much to handle so she changed employers even though the money and benefits were worse but you cant buy mental well being.  Along with getting a new car and house repairs  our debt went up well over $100,000 in 5 years on top of what we owed.

So now we were $155,000 in debt and falling thousands behind each month just in interest payments.  Thru it all though I never missed any payments on any of the debts.  But the sleepless nights and worry just got too much to bear.  Moving money from one credit card to line of another just make min payments.

That's when I started to research what our options were.  And as we all know there are only 2 that make sense when you are that far in debt.

So I made appointments with 2 trustees each from a different city.

The 1st trustee I saw told me that we had no option but bankruptcy and we would lose everything.  The trustee was not very outgoing quite frankly rude.
The 2nd trustee I saw was actually very nice.  But she said the best I could hope for was a CP at around $1400 - $1500 a month.

So I researched some more and found some very nice things said about 4Pillars.  And I also found not so nice things said about them.  But really I had nothing to lose as it was a free first consultation.  It was the best thing I could have done.

The person I dealt with was amazing really and very understanding.  I actually think of her as a friend now...thats how close our relationship is.  She laid out the options for me and we both felt a CP was the best option to try.

The only thing I had to do was supply my information and she did everything else.  She also had trustees and appraisers she works with all the time that she trusts to help the CP.

Long story short....she was able to get a CP @ $860 a month for 60 months with a 25% discount for early payout.  So we were able to keep our house....RRSP's and 2 vehicles.  But on a side note her services did cost close to $5000 but it turned out to be well worth it.  Perhaps if I had better trustees that I had seen I might not have used4Pillars.  But for us it was the right choice.  For others perhaps not.

The CP was filed on July 7 2016 and was fully paid as of Jan 10/2017.

I cashed in $30,000 in RRSP's in December which after withholding tax left $21,000.   But $5400 will come back in a tax refund this year.

 I was going to cash in more RRSP's to pay out the CP this month.....BUT on Dec 28 / 2016 I won $25,015 playing Keno on the BC lottery.

Almost to good to be true but it was true.

So Term - $860 x 60 months
Start - $51,600
Paid - $3,440
Less December payment - $860
Balance - $47,300
Less 25% clause amount - $11,825

Final Balance - $35,475

So the total payout was $38,915

So we have gone from being $155,000 in debt....... to being debt free with $18,000 in the bank in 5 months.

So make that 1st step and you will be happy you did.

I posted that question in a different Forum.  Here is the response I got from someone.

The sweet spot is 2-3 credit cards and at least one installment account (for each of you). Make sure your statement balance on any of the credit cards is never more than 30% of the credit limit.

Only apply for credit cards where you know for sure you will be approved:

- Affirm (during CP)
- Capital One Guaranteed Secured (during CP)
- Capital One Guaranteed (after CP is paid)
- People's Trust Secured (during CP)
- Home Trust Secured (durIng CP)
- Canadian Tire (3-6 months after the CP is paid)

Don't bother applying for cards from the big banks, (even secured cards). They will decline you and your score will drop because of the credit inquiries.

I started my CP in November 2014 and paid it off in January 2016. I have the following:

$1K Affirm Card (13 months old)
$2K Canadian Tire Card (5 months old)
$5K Capital One Card (0 months old)
$5K loan from TD Auto Finance (2 months old)

I'm still waiting for my score to go up. Time is the last ingredient. My Equifax is sitting at 586 and TransUnion is at 605.

Consumer Proposals / Cashing in RRSP's to payoff consumer proposal
« on: September 08, 2016, 11:32:49 AM »
I was just wondering what people think of that idea.  Our proposal was finalized a couple days ago.  Our debt was $152,000 and now we are going to pay $860
a month for 60 months so now it is 51600.  One payment has been made.  There is a clause that if it gets paid out there is a 25% discount. so a one time payout
would be around 38000.  Just waiting for the decision we have managed to save approx $4,000.

My wife makes over $100,000 a year and I am on a CPP pension @ $9300 per year.  So I am in a low tax bracket and can cash out $49,000 in RRSP's and pay off the entire proposal ASAP.   Then begin to build it back up.  The RRSP's will not have to be used for 20 years.  I also expect some inheritance in the next 8 years or so.

Any thoughts?  That way our credit will be back to normal when our mortgage is due in 5 years.

Thanks for any responses.

Pages: [1]