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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by Jennykk on November 18, 2017, 08:14:39 PM »
Good luck! Keep us posted here. :)
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Thank you. I will sign my proposal this Tuesday. Hope everything is ok.
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by hdef on November 18, 2017, 07:43:31 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.

I am in the same situation, about 78k in debt. May I ask where do you live and what trustee did you use, because 18k on a 80k is pretty good (22.5%). I've read a lot of banks won't bother with anything less than 25% back.
I am in the Toronto area and one trustee told me they can do it for 27k, another 23k. I owe a dozen credits cards, with the highest being 14k.
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by novascotiaman on November 18, 2017, 04:18:31 PM »
Why wait longer? The sooner you deal with it, the better it is for your finances.
I owed a total of 46K when I filed the proposal. Half of that is with scotiabank. I also owed mbna, cdn tire, bmo and a couple of hundreds with the cra. I'm paying $250 every month on my cp.


Thank you. I will sign my proposal this Tuesday. Hope everything is ok.
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by novascotiaman on November 18, 2017, 04:17:09 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.



Any chance you can give me a call or text?Id like to ask you morr questions. 9023055157. Thanks
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by Jennykk on November 18, 2017, 03:26:42 PM »
Why wait longer? The sooner you deal with it, the better it is for your finances.
I owed a total of 46K when I filed the proposal. Half of that is with scotiabank. I also owed mbna, cdn tire, bmo and a couple of hundreds with the cra. I'm paying $250 every month on my cp.
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by novascotiaman on November 18, 2017, 12:06:16 PM »
I was in your position almost 2 years ago.  I owed almost 80k in debt.  I ended up with a 18k proposal over 5 years (250 per month), best decision I ever made.  In fact I was in a way worse position than you are in now, I had payday loans, high interest loaners like CitiFinancial, I was getting harassed daily by phone, I was afraid that CitiFinancial would roll up to my house and take my furniture since the loan was secured and listed all my possessions are collateral.  None of that happened, as soon as I filed, I just emailed all of them to contact my Trustee.

The reason for your filling won't have a big effect on a proposal, gambling will be an issue though if you decide to file for bankruptcy.  Definitely talk with a trustee though to see what your options are, I ended up with a lower amount than I imagined possible.  Which credit card do you have?  I owe Scotiabank 50k and they were my biggest debtor and they didn't even vote.  RBC is definitely the toughest to deal.





Thanks for replying. I have 29K from RBC, 15K from MBNA, 10K from TD, 8K Canadian Tire and 6K Walmart. I talked to a couple of trustee already. 1 wants me to offer 500/mo and the other is 300/mo as starting proposal. I just have these gambling losses recently, will that affect my application?Do I have to wait longer before applying?
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Consumer Proposals / Re: Nervous about impending CP!!
« Last post by molly on November 18, 2017, 10:09:43 AM »
Thankfully I have no CRA debt! Thanks for pointing it out, though!
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Consumer Proposals / Re: Nervous about impending CP!!
« Last post by LT on November 17, 2017, 06:10:34 PM »
One more thing. If CRA are one of your creditors, make sure they are in the loop for everything. Even though they are a creditor like everyone else, they have special powers that most creditors do not have.  CRA can freeze all your bank accounts, garnish your wages, etc.

When I filed my CP, CRA was one of my creditors, but did not have a say in the approval of the CP (they were a small percentage of what I owed).  My CP was approved and everything was signed and started. Months later, CRA called and said I still owed them money.  It seems like they did not like the "wording" of the CP and did not accept it. What???? My trustee said that CRA didn't have a leg to stand on, but because they are "special", we had to re-propose my CP to all creditors.  Luckily only the "wording" changed and all creditors accepted the change.  Just make sure that CRA is in the loop.
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Consumer Proposals / Re: Nervous about impending CP!!
« Last post by molly on November 17, 2017, 02:01:35 PM »
See my replies in red!!
Here are a few suggestions that my trustee advised me to do:

  1. Stop all payments.  When the creditor calls, just say you are having some cash flow problems and to give you a couple of weeks to sort things out.  After you sign the CP, tell your creditors that you have filed a CP and to direct any questions to the trustee. After that, by law, that are not supposed to call you. Luckily, I have not been in arrears yet, but I am now over my overdraft on my LOC interest and will leave it alone!
 My CP meeting is on November 24th, so not far off! My CC payments are not due till early December so will not pay those, although they will have been notified by then, I think....


  2. Take all the money you are not paying to the creditors and put it in a new bank account with a bank that is NOT one of your creditors. This will be your war chest.  You will need it to pay the trustee and use it for your first payments. I am opening a new account with ATB Monday,
 after my birthday, so I can get their free senior account, haha... they have a great promo on right now, BTW.


  3. Take out all the money in joint accounts. That way if the bank is one of your creditors, they can't take anything. Yes, hubby opened an ATB account also, and we will close our TD joint account next Friday after the last pension deposit goes in...

  4. Move all pre-approved withdrawals to a new bank account (e.g. rent, hydro, cable, etc). All done except one which will get done Monday!

  5. Move all deposits to the new bank acccount (e.g. salary, pensions, etc). Yup, everyone has been notified!

Also, don't worry about the 2 "credit counseling" sessions with the trustee.  My sessions consisted of 2 meetings with the trustee to say hello and chat about how things were going. She gave me a pamphlet on how to budget, that's it. Not worried about those! I was worried about the creditor's meeting I may have to attend!  :P

Thanks very much for that! Opening a new account was suggested to me by all three trustees and 4 Pillars, so I made sure it would be done. Hubby and me will make $350.00 each for switching to Alberta Treasury Branches, and hubby gets an extra 50 bucks for referring me!
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Consumer Proposals / Re: Do I need to wait before filing?
« Last post by LT on November 17, 2017, 01:37:10 PM »
My trustee told me I did not have to stop using my credit cards prior to a CP, as long as it was normal purchases.  She told me that I could not go max out all the credit cards, like buying 5 TV's! She told me that the courts take a dim view on things like that.

As always, contact a trustee and get their opinion. Rules may have changed since I filed.
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