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Consumer Proposals / Consumer proposal accepted!
« Last post by edmgirl07 on Today at 11:43:11 AM »
Well, I had my first credit counselling session yesterday and was also informed that my proposal was accepted. Yay!

CIBC being my largest creditor voted in favour and it sounds like Capital One didn't even vote. Now I just need to wait around 15 more days for it to be officially approved. I had $43k in debt and my proposal is to pay back $12,000 over 5 years.

For others who have gone through this, I have a few questions:

1. How long did it take you to pay your proposal off?
2. Did you eliminate any thing to save extra money to help pay it off sooner?
3. Did you have a secured credit card during your proposal, and if so through which company?

I want to pay off my proposal as soon as I can. I've definitely learned to live within my means since I have not been able to use a credit card since March or April 2017, but that being said, I think it might be good to have some type of credit in case any emergencies come up.

Any help or suggestions are much appreciated. Thank you!  :)
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Consumer Proposals / Re: 1 year this week our proposal was paid off....
« Last post by BCM35 on Today at 10:58:46 AM »
I agree that Affirm is expensive. I've also read that they are struggling financially so they are no longer issuing credit cards.
It's great to hear that some of you are being approved for credit cards when the CP is still showing on your credit reports.
Hopefully we will have the same experience once we are out of our CP for a year.  :)
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Consumer Proposals / How Long Did It Take?
« Last post by BCM35 on Today at 10:52:27 AM »
My husband and I will finished paying our CP in August of 2020. We know we will have to wait 3 years until the CP is no longer on our credit report. We would like to move in October of 2023 and we would like to have a credit score of at least 680 by then. We will always rent houses as it is cheaper than owning a home. We know that we can't afford the houses we want and we can't afford all of the extra costs of owning a home such as repairs and property taxes. My husband and I would prefer to put our extra money into investments as well as RRSPs.

Our plan is to obtain 2 secured credit cards while we are still in the CP. Hopefully, paying those off regularly will have a positive effect on our credit score so that when the CP is off our report, we will see a huge increase in our credit score and landlords will not turn us away. We are good candidates in every other respect such as income, job security and references. However, we realize that a low credit score will make landlords nervous. Our current landlord didn't care that we had poor credit but I think we were just fortunate. Every ad that I see for houses indicates that only tenants with good credit will be considered.

My question is how long did it take for you to see a huge increase in your credit score? Do you think that 3 years will be enough to go from 520 to 680? Are there any other measures we can take to raise our credit score to that level within that time frame?
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Consumer Proposals / Re: Finally filed a consumer proposal
« Last post by LT on January 22, 2018, 08:00:57 PM »
From what I have gathered through this site, friends and my own experiences:

During your proposal, your credit score will stay in the low - mid 500's. Not much you can do, your credit is shot. You can still get a credit card, but it won't do much to increase your score.  After your proposal (and 3 years following that), if you have used your credit wisely, you can probably work it up the the mid 600's.  After 3 years, once the CP has dropped off your credit report and you have used your credit wisely, it should go into 700+. YMMV, everyone is different.
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Considering Bankruptcy / Grandpa getting creditor letters of asset look up etc..
« Last post by hyperactive on January 19, 2018, 09:51:39 PM »
Back Story, my grandpa got sick and the family wasn't aware that bills were stacking up because he used to go to bank pay manually and voila.. fast forward a few months..  one of us went to the mailbox to check to see if he had went to it and there was a stack of bills including a letter from Canada Post that mail has been halted til contact is made at Canada post.. we went to Canada Post and grabbed another huge stack of letters.

Throughout these letters 1 stood out "Immediate Attention Required" it was dated approx 2 weeks ago. And had to action within 5 letters of the letter date so it's well behind.. schedule.

My grandpa as 3 Forms of income, WSIB (expires this year), CPP and OAS I read everywhere that WSIB, CPP AND OAS cannot be touched by a garnishment order because they are not actual WAGES earned even though WSIB is questionable and NOT clear.

In any case, it talks about probing into assets etc... my grandpa has no assets other then receiving his WSIB CPP AND OAS and those monies have been collecting up for quite some while (No idea how much)

Can creditors successfully seize his bank account if he has 1 of those 3 above mention incomes coming in in any way shape or form (This specific creditor is a creditor from a credit card company about $108.92 + $209.00 interest)

We have power of attorney letters were getting him to sign to gain access to his bank accounts to process all these payments by next week (If it goes smooth) but in the interm, can creditors successfully seize the account is the main question.

We have calculated all the bills to have added up to $3,514.22
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Considering Bankruptcy / Re: Business failure
« Last post by Broken_wallet on January 19, 2018, 03:52:38 PM »
Every experience I've had directly with a trustee has seemed like they're out for a higher profit at your expense (my bankruptcy was a sham - they raked me over the coals on it. I was young and stupid, but scared of my debt at the time), and they want your creditors to recover as much income as possible. I respect what they're doing, but I found a debt help type place to be a lot better. The credit counselling society had me file a CP for 1/3 what the trustee thought I should be paying, I was so happy. A bankruptcy won't be much different, and if they can find you an option outside of that, they will.
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Considering Bankruptcy / Re: Can I file bankruptcy over this charge
« Last post by Broken_wallet on January 19, 2018, 03:48:57 PM »
Your best bet would be contract a trustee or a credit counselling society, explain to them everything and see what they think you should do. I filed a consumer proposal for ~25k, the trustee wanted me to file one for $400/month, the credit counsellors opened at $150 and ended up getting it down to $135. You have options, don't be afraid. I know it's been awhile since you posted, hopefully you are still doing okay.
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Consumer Proposals / Re: Finally filed a consumer proposal
« Last post by Broken_wallet on January 19, 2018, 03:46:12 PM »
Capital One never replied on my proposal either (may 2017) and they were my largest creditor. The other ones all voted yes.
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Consumer Proposals / Re: Counselling sessions?
« Last post by Broken_wallet on January 19, 2018, 03:42:40 PM »
It really depends on who you use for it. I've had to file a bankruptcy in the past, and last year I filed a consumer proposal. My bankruptcy sessions were budget-oriented, about an hour each, and discussed how to keep within my budget without credit. I also had to provide budget slips every month. We also talked about re-establishing credit after discharge. This was direct with a trustee and they were alot more cutthroat about things.

Counselling sessions with my consumer proposal - the first one was pretty much all about budget, an hour or so long, we also reviewed how I was doing financially, discussed any financial strains I had and how I could fix them. The second session we looked at my credit report, checked in to see how I was doing financially, discussed my options for credit-building post-proposal, also tips & tricks to keep myself afloat and cut budget costs to keep from becoming insolvent again. All in all, very informative and thorough, I felt both sessions were very valuable.
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Consumer Proposals / Re: Counselling sessions?
« Last post by Jennykk on January 13, 2018, 07:26:45 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.

Yes! I used 4P.
There were errors in my credit report. 4P prepared the letter and sent it to the bureau.
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