Pamela: Loss & Recovery with a Consumer Proposal

Table of Contents

Finding Her Way

In her mid 50s, Pamela (not her real name) suffered a severe emotional loss.

During the next few years she tried to fill her sense of emptiness with shopping, expensive gifts to family, and travel.

Pamela earned a reasonable income – but her out-of-control spending began to put her into serious debt.

Her and her husband took out a second mortgage against their home to pay off her debts – but she continued to spend.

She cashed in her RRSP’s to pay off her debts – but she continued to spend.

And then, within a three-month period:

    • Pamela’s husband’s health failed and he was no longer able to contribute to the household income.
    • Pamela, who had wanted to work past 65, was facing imminent retirement due to her own poor health.

With nothing left to cash in and debts continuing to pile up, Pamela became desperate. Finally, accepting how serious her situation was, she got in touch with a grief counsellor and an accountant.

The counsellor helped Pamela to begin her emotional recovery.

The accountant advised her to contact David Sklar & Associates to begin her financial recovery.

**** ***

Pamela met with Ashley Carter, an Estate Administrator at David Sklar & Associates, to discuss her situation and find out what her options were. Non-judgemental, professional and caring, Ashley helped Pamela review her finances and options in detail.

At the time of their meeting, Pamela owed the following unsecured debts – all of which were in her name only:

Credit Cards:$38,000
Bank and Other Loans:$3,700
Reveune Canada:$2,000
Total Unsecured Debts:$43,700

 

Her home had no equity – her and her husband had ongoing medical expenses – she had no assets beyond those exempted from bankruptcy in Ontario- and her monthly income (the only income for the household) was about to plummet to under $2,500 per month.

Pamela was eligible to file for bankruptcy – however, she wanted to pay back at least some of her debt. After discussing her situation with Ashley and the trustee, she decided to file a consumer proposal.

Her proposal of $255 per month for 60 months was accepted by her unsecured creditors. At the end of the successful completion of her proposal, she will be released from her unsecured debts. In the meantime, her unsecured creditors must not contact her or charge her any interest.

Pamela believes her journey to emotional and financial recovery will take time and real effort on her part, but she believes that it is doable. And if her early efforts at recovery are any indication, she will make it.

To protect our client’s privacy, aspects of this case study have been altered

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Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
David
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
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