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Consumer Proposals / Differing Opinions; Which Trustee to Trust??!!
« Last post by gotrice on Today at 01:07:06 PM »
Hello everyone. Compulsive gambler here. I admit it. After winning $50-60k in sport gambling from June to early November of this year, I hit a bad streak/tilt betting away everything plus an additional 

CIBC Visa                   $17,877
CIBC LOC                   $5,000
TD Visa                           $14,826
MBNA Mastercard 1   $10,364
MBNA Mastercard 2   $13,753
Scotiabank Visa 1           $14,998
Scotiabank Visa 2           $5,503
Rogers Mastercard    $777
OSAP student loans   $34,624
(less than 7 years)

Grand total
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Consumer Proposals / Re: Nervous about impending CP!!
« Last post by molly on December 14, 2017, 10:51:44 AM »
Just an update! My meeting went OK, and I signed everything on November 24th. I owe about $38K and he offered them 200/month for 5 years, or $12K. He said he has never known RBC to wait till the very end to respond, but is expecting them to come back...My trustee said to email him around December 30th if I haven't heard from him. I checked my accounts and it looks like everything is stopped; RBC removed my three in debt accounts from my online banking access and TD has not added any interest... I am still nervous, but I guess that is normal! I had asked them not to send me anything in the mail, but email only, but unfortunately a letter got through. Hubby picked it up but didn't make the connection; he thought it was from the Hudson's Bay Company! But our postal mistress is a gossip and the letterhead said "insolvency trustees" in bright red ink! The letter was barely even sealed so of course, I got paranoid... I do plan to come clean with hubby, but wanted to wait until I knew exactly what the final monthly amount will be first. And I didn't want to dump this on him before Christmas either.... hopefully I can line up a little job by then, although my trustee said to keep it small as any new income has to be reported within the first three months of filing. Thanks for listening!!!  :-\
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by Jennykk on December 04, 2017, 11:29:48 PM »
Signed Nov. 23. Latest update: RBC said yes. MBNA and Walmart already closed my account. Waiting for the others. I proposed 400/mo x 60. 78500 total debt.

that's great! :)
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Consumer Proposals / Re: Consumer Proposal Due to Gambling
« Last post by novascotiaman on December 04, 2017, 07:16:32 PM »
Latest update: Signed my proposal Nov. 23.  RBC said yes. MBNA and Walmart already closed my account. Waiting for Scotia & TD. I proposed 400/mo x 60. 78500 total debt.
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Consumer Proposals / Re: Cost of consumer proposal
« Last post by LT on November 29, 2017, 07:35:34 PM »
Not exactly sure what you are trying to get at.  For a Consumer Proposal, the trustee takes their fee from the monthly payments to the creditors.  If your CP is refused, you are most likely forced into bankruptcy and there are a different set of fees associated with a bankruptcy.
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Consumer Proposals / Re: Cost of consumer proposal
« Last post by Jennykk on November 28, 2017, 09:17:51 PM »
IMO, I don't think a cp will be refused. The creditors will ask for more money or will have your proposal terms amended.

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Consumer Proposals / Cost of consumer proposal
« Last post by wjefferson on November 27, 2017, 02:32:09 AM »
Hi all,

What is the typical cost to a person who files a consumer proposal if the proposal is refused after the 45 day waiting period? Thanks.
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Considering Bankruptcy / Can I file bankruptcy over this charge
« Last post by stuckindebt on November 25, 2017, 04:42:48 PM »
I had an accident about 5 years ago with cancelled insurance so I got ordered to pay for the insurance costs $8000 and $45000 to two different parties.  I couldn't pay it because I was 22 and unemployed. Now it's dragged on for 5 years and suspended my license.  Is it ok to file bankruptcy over this ?  I'm really not in debt otherwise because I have bad credit from the days of the accident so all I have is about $1000 owing to other places.  I was hoping to graduate from school and pay it off but I ended up dropping out and took on a lousy job that barely paid the rent. I can't see myself starting a 15 year payment plan with such uncertainties in the future. If anyone would be willing to give advise or bankruptcy court knowledge I would be grateful.

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Consumer Proposals / Re: Gambling and proposal question
« Last post by novascotiaman on November 20, 2017, 02:17:30 PM »
Hello Catfish,

I also had a gambling problem and used payday loans amongst other financial products to fuel this. This was how i ended up so far in debt as well. Not to worry when i filed my proposal i spoke with the trustee and was upfront about all the gambling. All they wanted to know was, had i sought help, had i self excluded and had i quit. Not that these are qualifications to qualify they just want to be sure that you will be able to meet the commitments of your proposal.

Completed my proposal just over a year ago and havent looked back.

Cheers


Hi fireguy,

Did they put gambling as reason for debts in your proposal? Did you mentioned how many percent of your debt was due to gambling? How much did you owe and how much did you settle to pay. Thanks
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Consumer Proposals / Re: Gambling and proposal question
« Last post by fireguy233 on November 19, 2017, 09:32:27 PM »
Hello Catfish,

I also had a gambling problem and used payday loans amongst other financial products to fuel this. This was how i ended up so far in debt as well. Not to worry when i filed my proposal i spoke with the trustee and was upfront about all the gambling. All they wanted to know was, had i sought help, had i self excluded and had i quit. Not that these are qualifications to qualify they just want to be sure that you will be able to meet the commitments of your proposal.

Completed my proposal just over a year ago and havent looked back.

Cheers

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