Susan: Consumer Proposal Recovery & Unsecured Debt

Table of Contents

‘Susan’ a Case History: Consumer Proposal – Finding Help in Toronto

‘Susan’ (not her name), was a bright, hard-working professional who was moving up the corporate ladder. After university, she had moved to Toronto where she was hired by the company she most wanted to work for. After six years with her firm, Susan was in good professional and financial condition.

Then everything changed. She became a drug addict. In a few months, she had nothing left but debt. She had lost her job, her apartment, her car and her future.

Hitting bottom was hard on Susan, but it convinced her to turn her life around and get the help she needed to deal with her drug addiction. After several months of intensive treatment and counselling, she was ready to begin rebuilding her life.

Susan approached her former employer and asked for a job. Because of her excellent performance before the drug issues surfaced, they decided to take a chance on her and gave her a job. It was at a much lower level – and it would take time for her to re-earn their total trust, but it was an opportunity that Susan gratefully seized.

She then had to clean up her financial mess. She now owed nearly $20,000 in unsecured loans, credit cards, student loans and taxes. With her new lower income of $1,750 per month, she realized she simply could not repay her debt.

Susan called David Sklar & Associates (DSAI) and booked a free consultation to see what could be done about her debts.

*** **

During her consultation at DSAI, Susan met with Trina Powell, Estate Administrator. They reviewed her financial situation in detail.

Susan had:

No Assets

No Secured Loans

Unsecured Debts:

Credit Cards Totaling$5,500
Unsecured Bank Loans Totaling$6,000
Payday Loans Totaling$2,300
Student Loans Totaling$990
Canada Revenue Agency$5,000
Total Unsecured Debt:$19,790

Income of $1,750/mo

Trina and Susan reviewed all of her options and while Susan could have filed for bankruptcy, she decided to go with a Consumer Proposal. She felt it was important for her recovery, to make as much of an effort as possible – to pay back her debt.

Fortunately, her student loans were over 7 years old – which meant they could be included with her Proposal.

DSAI submitted Susan’s Consumer Proposal to her creditors (including Canada Revenue Agency) and it was accepted. Under the terms of the Proposal, Susan would pay $9,000 over a 60-month period at $150/mo.

Susan continues to honour the terms of her Proposal, with monthly payments of $150 and by attending credit counselling sessions. At work, Susan is slowly regaining the trust of her company and co-workers. Her recovery is still the most important part of her life – and she is re-building her life, one day at a time.

To protect our clients’ privacy, details of this case have been altered.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 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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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"!
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
Hi there! I am very glad to met this company, especially Jackie Stanley. Thanks for her great work and help me to save my money! Very appreciable!
Mehri Agil
02:43 26 Oct 22
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