Recent Posts

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Consumer Proposals / Re: Newbie here
« Last post by Jennykk on November 15, 2018, 09:24:11 PM »
I agree. It is a humbling experience. The most important part is you've made the decision to take control of your finances.
Good luck!
Consumer Proposals / Newbie here
« Last post by debtends on November 14, 2018, 05:12:07 PM »
Hi All,

I just started my CP journey. Filed on October 15th, and will know more at the end of this month. This has been years of juggling debts, and trying over and over to consolidate only to find myself in a worse situation when the ball dropped. It's humbling, and embarrassing, but I feel I can finally see the light at the end of the tunnel

My situation:

  • 27k in personal loan (Simplii)
    17k in LOC (BMO)
    3500 CC (BMO)
    9.5K CC (MBNA)
    2600 CC (PCF)
    2600 CC (RBC)
    4k CRA
    4K auto insurance claim

70,000 total debt.

We offered 350.00 per month over 60. Fingers crossed we get it accepted, and I can move on from here.

Anyways, It's nice to see this page up and running again, and wanted to share my story  as it goes.

Share your Story / Credit card company sues
« Last post by samcleo7 on August 22, 2018, 07:20:50 PM »
Hi, hoping someone can help me. We have a credit card balance of $7000. that we cannot pay. Can they sue us for payment.
Consumer Proposals / Buying a house/condo while in a Consumer Proposal?
« Last post by hdef on August 18, 2018, 08:48:21 PM »
I was wondering is it possible to put a down payment for a home while in a CP.
If I am able to get 20% down and have a co-signer. Would that be possible?
Consumer Proposals / Re: How much did you owe in your consumer proposal?
« Last post by toomuch on August 17, 2018, 08:21:24 PM »
I owe just under $53K.  $40K in credit card and $13K in a personal loan.  $13K was to RBC.

I was just approved for a CP and I'm going to be paying $700 for 5 years based on my income.  That was higher than I hoped, but I've already lived on my budget and set aside the $700 for 2 months now.  Next month is my first "real" payment. I'd like to pay it off sooner than 5 years, but it would be hard.

Still,  happy that I'm on the path.
Consumer Proposals / Re: How much did you owe in your consumer proposal?
« Last post by LT on August 14, 2018, 02:50:30 PM »
I was just under the $250K maximum for a CP.  I think the creditors accepted my proposal because the knew they would get $0 if they forced me into bankruptcy. I had zero assets. I filed in August and lost my job at the end of September.  I was making a fairly good salary, about $15K per month (so I had about $45K in my war chest).  The thing that was different for me was that I am incorporated (I am a contractor).  That $15k/month is paid to my corporation and then the corporation pays me.  That meant the creditors could not get at any of that money.  I could pay myself just under the bankruptcy limits. I am sure they could probably have taken me to court, but that would cost them even more. The thing about a CP is if you fail paying the CP in its entirety, they get to keep all the money and you still owe the original amount (I think).  So I guess it came down to get some money or get zero.  They chose to accept my CP.
During Bankruptcy / Re: Finally signed my papers
« Last post by Kay on August 14, 2018, 08:11:00 AM »
Hi jennykk

I filed for bankruptcy.

Hello guys

After spending almost 8months in asking wuestions back and forth to the trustee and getting help from his forum, I have finally signed my papers yesterday. Now I am hoping that everything  goes smooth until the end. I am also feeling relaxed a bit knowing the fact that I have finally entered into it and will build my life again. I was dealt by the estate manager and then had my meeting with the trustee too. I must say both of them are really cooperative. The estate manager is always there to answer my queries believe me. I had read horror stories here about the trustee, so far, my experience is good and I hope it remains good in future too.

Did you file for bankruptcy or consumer proposal?
After Bankruptcy / Re: Credit utilization between 1% and 30%
« Last post by Wetcoaster on August 14, 2018, 02:15:34 AM »
Consumer Proposals / Re: How much did you owe in your consumer proposal?
« Last post by Wetcoaster on August 14, 2018, 02:12:37 AM »
Keep in mind that your CP payments are based on your income and ability’ to pay.  Our Cp payments were high because our income was over $100,000 a year
Consumer Proposals / Re: How much did you owe in your consumer proposal?
« Last post by Lost and Found on August 13, 2018, 11:04:19 PM »
LT, I understand that if that was over $250 you would not have been able to get a CP. Is that correct?

Also, wondering, at $1000 per month and at serious risk of losing your job, why did they accept your proposal as from my understanding, for a CP to be accepted there must a means of paying it off with no waffle room for missed or skiped payments.  Unless they also find that getting some money and then raking you over the coals until you bo bankrupt is a trick they hope to use.

Well done anyhow! 

Every situation is different. There are many factors that go into your proposal, like how much is your current income, what are your current assets, etc.  Also, RBC can be a tough nut to crack.  That said, $500/month for 60 months is about 43%, which seems high. You can always make a lowball offer, what's the worst that can happen?  They make a counter you offer?

I owed close to $250K and I am paying just under $1K/month.  I think it worked out to be about 24%.  I told the trustee that I would soon be losing my job (which was true) and since I had no assets, the creditors would get nothing if they forced me into bankruptcy.  My CP was accepted, with no counter offers.

I guess I am saying is that you have more power than you think.  The banks have already written off your debt, they are now just trying to get back as much as possible.

Good luck.
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