Machine operator suffering from periods of unemployment – How We Helped

Saturday, February 20, 2016 - 13:54

Consumer Proposals, Government Debt

“Brian”, a client of ours from Guelph, contacted our office when he realized his debt had gotten out of hand. He was a forklift and often times found himself going through periods of unemployment. When he contacted us, he was also dealing with an income reduction at his current job. These two situations had forced him to overextend his credit in order to pay the bills. When he contacted us, he had $36,476 worth of credit card and government debt. He was overwhelmed and in need of financial help.

How we helped:

Since Brian had the ability to work significant overtime hours, which would results in surplus income payable, we decided that making a consumer proposal was the best option for him. This way, he would have fixed payments that were not based on his income.

By making a consumer proposal, Brian was able to:

  • avoid bankruptcy
  • consolidate debt payments into one monthly payment
  • make personal budgeting easier
  • protect assets from creditors

In the end, Brian ended up paying his creditors $12,600 in total. His payments were only $210/month for 60 months.

Where is he now?

Brian paid off his creditors in 60 months and was able to keep his vehicle, furniture and other personal belongings. It will take some time, but Brian is currently working on improving his credit score.

If you are overwhelmed with debt and need help, we are here for you. Please do not hesitate to contact us. It’s never too soon and it’s never too late.