Susan: Consumer Proposal Recovery & Unsecured Debt

‘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 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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