I went to see Yanch Dey & Associates Ltd after I separated from my husband. I owed 42,000 dollars in credit card debt.
When we were together the debt that we had accumulated was manageable, but I couldn’t afford to keep up the payments on my own.
I have two children and I was really scared about being on my own as a single Mom and having this debt.
I felt better as soon as I met with the Trustee, we went over my options and I decided to file a consumer proposal.
Although I owed about $42,000.00 I thought I would have to pay most of that back, but they explained that I would pay back a fraction of what I owed as an affordable monthly payment.
The Trustee explained that there was no sense in my trying to make payments that I couldn’t afford as it would just result in my being back in the same situation.
By filing for a consumer proposal I was able keep the all of my assets that had.
Initially I was afraid of what to expect as I had heard a lot of rumours about bankruptcy and proposals which turned out not to be true. For example, I was able to include the income taxes I owed for last year in my proposal which was a surprise to me as I had heard that you could not include taxes.
The trustee did all of the negotiation with the creditors and my proposal went through. I have been making payments now for 18 months, and will be out of debt in another 18 months.
It has been such a relief to know that in a year and a half I will be debt free. It would have taken me close to ten years to pay off what I owed.
I can sleep again now and know that this was the best solution for me and for my kids who now have a parent who is not constantly stressing.
I want to thank the people at Yanch Dey and advise everyone if you have debt or are in a situation like I was to give these people a call. They will help you.
H. Bennett, Peterborough