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Messages - Wetcoaster

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Consumer Proposals / Re: Counselling sessions?
« on: January 12, 2018, 07:39:05 PM »
I think Jennykk  and I both used 4Pillars which would be the reason why the counselling was different.

I still talk to 4Pillars all the time for advise and help.

We also got 1 year free at Equifax from them.

 We are a client for life with no more charges and I can call them anytime.

Consumer Proposals / Re: 1 year this week our proposal was paid off....
« on: January 12, 2018, 07:35:12 PM »
Capital One was part of our proposal....but I did read somewhere that after 1 year you can apply to them again.  I think I will call them to find out.

I have a People's Trust secured wife has the Affirm.

Her income is over $100,000.....we have a 0% car loan with $3900 left and a mortgage that we are paying.

My Telus Mobility bill also gets reported to both .

Will look into the Canadian Tire Card.

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 / Re: Consumer Proposal Due to Gambling
« on: January 10, 2018, 07:51:19 PM » to move on to better things.

Any reason why her payments are so much higher than your when the debt isnt that much different?

We were able to file jointly with about the same amount of debt as the 2 of you and got accepted at $860 for 60 months.

Consumer Proposals / Re: Counselling sessions?
« on: January 10, 2018, 07:46:52 PM »
Sounds like you had a bad counsellor.  Both of our 2 meetings lasted 1 hour.

We had to write every expense down ,clothing...,gas ,leisure....etc  for the 6 weks between meetings and then they
went over where we should cut back etc.  It was pretty eye opening and helpful.

Consumer Proposals / Re: Finally filed a consumer proposal
« on: January 06, 2018, 10:52:32 PM »
Cap1 is great unless it is part of your proposal.  I was told after 1 year we can apply to them again so will try in the next few months. 

 Affirm you have to be above a certain income level to get a card.  The last I heard Affirm was not giving out loans or credit cards and were up for sale.

We have had our People's Trust and Affirm cards for well over a year.....they get paid off every month keeping the balance each month between 5-25%

Consumer Proposals / Re: Finally filed a consumer proposal
« on: January 06, 2018, 12:46:44 PM »
So, long story short, I finally filed a consumer proposal last month after contemplating it for a very long time. I really didn't want to, but I figured I had nothing to lose. My credit score was shot (499), my credit cards and line of credit all had blocks put on them and I'd never be able to use them again and my minimum payments were all so high that I'd never be able to pay them every month. I was getting collections calls daily and one of my creditors threatend to take legal action if I didn't pay the full balance by a certain date.

I'm still in the 45 day waiting period to see if my creditors accept my proposal. CIBC being the largest - I currently owe them $31,000 and capital one $6600 (around $38,000 total combined)

Anyone have experience with either and if there were issues with CIBC or capital one accepting a proposal?

When I checked my online banking, CIBC had removed my CC and line of credit so my guess is they accepted it but I'm still nervous about it. This is going to be a long process, but I'm just happy I did something and can be on my way to building my credit score again. I will never put myself in this situation again.

I just feel so disappointed in myself because I used to have nearly perfect credit. My score before was 780 and now under 500.

For anyone who has already completed a CP, how hard was it for you to start building your credit again?

Thanks in advance. Just feeling so lost with things.

Capital One never even voted in  our proposal.....CIBC voted yes.  What were the term of your proposal?

One thing you need to do is open a new bank account somewhere at a place that was not part of your proposal and keep all your money there and make sure any direct deposits or payments for utilities etc...... come out of the new account.

You can start to build credit right away by getting a secured card ( I have a People's Trust)  You have to pay a deposit...I paid $500 and have a $500 limit.  If you keep the card  they refund the $500.  No idea about other cards.

We paid off our proposal in 5 months and it will be a year tomorrow since it has been paid.

My Equifax score is now up to 660 and my Transunion score is now 650.

Three years after the proposal is paid the derogatory cards will some off the credit reports.

Consumer Proposals / Re: Supplementary credit cards and consumer proposal
« on: December 20, 2017, 06:30:12 PM »
From what I could find.....

The answer lies in the specific terms and conditions of the credit card itself.  Each credit card is different.


When somone files for a bankruptcy or a consumer proposal they are required to deliver to the trustee, for cancellation, all credit cards issued to him/her and in his/her possession or control.

The only exception is for those cards where the credit card was issued to a third party (e.g., employer, spouse, friend, parent) and the trustee has confirmation that the issuer (i.e. the credit card company) or the third party has authorized the bankrupt to continue to possess and use the card.


What is the difference between a supplementary card and a secondary card holder?
A supplementary card is issued where a card holder wishes to allocate a portion of their card limit to another. A supplementary card holder is not responsible for the account.
A secondary card is issued where the secondary card holder is able to use the account and is also responsible for the account. However, some credit card companies use different terms and definitions it is important to have these terms defined by your bank or credit card company before you choose which type of card is best for you

Consumer Proposals / Re: Little out of the way question
« on: November 16, 2017, 05:19:32 PM »
I dont understand your question.  Go to a Finance forum or google it if you are talking about making $50,000 a year in wages.

Consumer Proposals / Re: Nervous about impending CP!!
« on: November 15, 2017, 05:48:51 PM »
Taking the 1st step is the hardest but well worth it in the end.

We went with 4Pillars as they offered the best solution in our particular case.

I also used to move money around from 4 different cards and never missed any payments that way.

We were also  told not to make any payments on our debt.  We actually went 2 months  and were able to save up a good chunk of money in that time.

 Once the CP is filed it will freeze the accounts so no more interest will be added on.

If your TD account will have a deposit in it before things are changed over just take the money out of the account before the CP is filed.  That is what we had to do also.

As far as buying a new place your credit rating will be no good but your husbands will not be effected.

I would sit down and talk with your husband ASAP and make him aware of what is going on.

I have heard RBC is hard to deal with from some people and others had no problem.

Good luck and keep us informed.


Consumer Proposals / Re: Question for those who have paid off CP
« on: November 15, 2017, 05:37:19 PM »
We only have 1 credit card each which we use never use over 30% in a month and pay them off each month.

All the other accounts were part of the CP and should have been closed by the credit card companies. 

Hence it shows I have $100,000 in available credit which is not good.

Consumer Proposals / Re: Finding job
« on: November 15, 2017, 05:34:07 PM »
Good far so good!

Consumer Proposals / Re: Question for those who have paid off CP
« on: November 09, 2017, 10:10:23 PM »
That is what ours show also.

Equifax is still showing the cards in our proposal as open....meaning it is showing we have available credit of $90,000.

I am still trying to get that corrected after all this time.

Consumer Proposals / Re: 1 year since I filed for CP
« on: November 09, 2017, 10:07:51 PM »
Thx for the replies

Jan is only a few months away so I think we will wait to be sure.

 My spouse has an income of over $100,000 and her credit scores are as of now  Transunion 619....Equifax 644 and RBC/Transunion is 702

I am sure she will be approved at some point.

My income is much much  lower but my Equifax and RBC/Transunion scores are higher than hers for some reason.

We actually just want a card with a decent limit in case of emergency.

Right now I have a People's Trust and she has an Affirm M/C total limit between the 2 is $1500.

Consumer Proposals / Re: Capital One after included in Proposal?
« on: November 01, 2017, 05:39:51 PM »
We are in the same boat....January will be one year the CP was paid off.

I read somewhere to wait 1 year for Capital One.

Hopefully someone here has more information.

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