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 worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
They made a difficult situation, easy thank you.
Ray Barkley
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
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