Pamela: Loss & Recovery with a Consumer Proposal

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

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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