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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The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
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20:18 16 Jun 22
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Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
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01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
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