Recent Posts

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21
Considering Bankruptcy / Business failure
« Last post by catgirlinc on January 08, 2018, 11:15:30 PM »
Im considering bankruptcy, closing my business that has been struggling to make ends meet. I have so many concerns, As I know I am personally liable for the GST and Source deductions. I do have a payment plan started with the CRA and they have no frozen any of my bank accounts yet, however I did fail to remit payroll deductions, I was using them to stay afloat. Very stupid on my part, I know :(

Anyways, we have a Payroll audit this week and i am so worried that the CRA won't negotiate a payment plan. I know personal bankruptcy will rid all of these debts - However, I am worried that they will see how much I owe and instantly place a lien on my home. I should mention that I have 2000$ in Equity in my home. All my research says that a lien is a last resort used by the CRA when they've been ignored by previous attempts to collect.

anyone have experience with this? Do you think they would freeze my accounts before registering a lien on my property or do you think they would go straight for my Jointly owned property?

 I have calculated with interest and late charges that I owe $28,000.

I am so stressed
22
Consumer Proposals / Counselling sessions?
« Last post by hdef on January 08, 2018, 10:09:29 PM »
I have a few questions regarding the mandatory sessions in a CP.
-What do they talk about?
-how long is it?
-Is it actually helpful, or just a requirement by law?
23
Consumer Proposals / Re: Finally filed a consumer proposal
« Last post by Wetcoaster 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%
24
Consumer Proposals / Re: Finally filed a consumer proposal
« Last post by Jennykk on January 06, 2018, 07:25:25 PM »
Congratulations for taking control over your finances! We've all been there. Neither CIBC nor Cap1 is part of my proposal so I can't comment on that.

I started rebuilding my credit after I filed my CP. I have cap1 gold mc and affirm mastercard. No secured deposit was required.
After a year of using cap1, they increased my credit limit from $2500 to $4000.

I use credit responsibly. Learned my lesson hard.
25
Consumer Proposals / Re: Finally filed a consumer proposal
« Last post by Wetcoaster 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.
26
Consumer Proposals / Re: Differing Opinions; Which Trustee to Trust??!!
« Last post by Kay on January 05, 2018, 06:20:20 PM »
Just a question here
What assets do creditors really get hold of if u end up non payment of due amount ?
27
Consumer Proposals / Re: Holy cow!! CP accepted and no counteroffer!!
« Last post by Kay on January 05, 2018, 06:13:15 PM »
Congraulations to all of those who got their proposals accepted.
Could someone please help me too? Could someone please recommend a trustee in Winnipeg. I will be very grateful to you.
28
Consumer Proposals / Re: Finally filed a consumer proposal
« Last post by Kay on January 05, 2018, 06:11:21 PM »
Hi
Good to know that you took the step to protect yourself. I do not have experience with any of them. Actually I myself is thinking to file the proposal and I do not have any other option.
I just wanted to gain some idea of how did your meetinng go with the trustee? What questions do they usually ask? Is it possble to get approved for CP if you are not working? I have recently moved back to Canada, I was out of Canada for a year. I am so much worried about whom to consult. A little help would be great for me.
Thanks
29
Consumer Proposals / Finally filed a consumer proposal
« Last post by edmgirl07 on January 05, 2018, 12:12:04 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.
30
Consumer Proposals / Re: Holy cow!! CP accepted and no counteroffer!!
« Last post by Jennykk on January 02, 2018, 09:38:29 PM »
congrats to both of you! now, it's time to get your life back and start rebuilding credit.
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