
Loss and Recovery with a Consumer Proposal
In her mid-50s, Pamela (not her real name) suffered a severe emotional loss.
During the next few years, she tried to fill her emptiness with shopping, expensive gifts for family, and travel. Pamela earned a reasonable income. But her out-of-control spending began to put her into serious debt.
She and her husband took out a second mortgage against their home to pay off her debts. But she continued to spend. Eventually, she cashed in her RRSPs to pay off her debts. But her spending still didn’t stop, resulting in debt piling up again.


And then, over a three-month period:
- Pamela’s husband’s health failed, and he could no longer contribute to the household income.
- Pamela, who had wanted to work past 65, was facing imminent retirement due to her poor health.
With nothing left to cash in and debts continuing to pile up, Pamela became desperate. Finally, after accepting how serious her situation was, she got in touch with a grief counsellor and an accountant.
The grief counsellor helped Pamela to begin her emotional recovery. And the accountant advised her to contact David Sklar & Associates to begin her financial recovery.
Here's how David Sklar & Associates was able to help Pamela resolve her debts
Pamela met with a Licensed Insolvency Trustee at David Sklar & Associates to discuss her situation and review her options. 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 |
Revenue Canada Tax Debt | $2,000 |
Total Unsecured Debts | $43,700 |
Here's how much Pamela was able to save by filing a consumer proposal
Pamela’s proposal offered to pay $15,300 of the existing $43,700 owed.
Her creditors accepted the proposal, and she would pay $255 per month for 60 months.
Pamela would need to only repay debts totaling only $28,400 – a reduction of 65% of the original amount.
After completing her consumer proposal, she’ll be released from her unsecured debts. In the meantime, her creditors cannot contact her for extra payments nor charge interest on the negotiated debt.
Pamela knows her journey toward emotional and financial recovery will take time and effort. But she’s confident in her abilities and knows that it’s doable. And if her early efforts at recovery are any indication, we don’t doubt that she’ll achieve her goals.
To protect our client’s privacy, aspects of this case study have been altered.
Photo by Polina Tankilevitch, Photo by Karolina Grabowska, Photo by Anastasia Shuraeva

Find out how much you can save with our Consumer Proposal Debt Calculator
Use the slider below to tell us how much you owe and we will show you how much you can save!
*This calculator simply provides an estimate of the total savings you could receive filing a consumer proposal. Actual results may vary as each financial situation is unique. Your actual payments will be based on your income, assets, and debts.
Do Not Include Mortgage or Car Loan Debt.
With a consumer proposal at 0% interest, you will only have to pay back:
$3,480/$58 per month
*This calculator is for demonstration purposes only. Your results may vary based on your unique financial situation.
David Sklar & Associates is here to support your financial recovery
Learn how we can help you find debt relief with a consumer proposal or personal bankruptcy. Our passionate and experienced team at David Sklar and Associates has helped thousands of individuals break free from crippling debt payments. Our experts can answer any questions about your debts and recommend a solution based on your unique needs and goals.
Let us help you pave the way for a brighter financial future, starting with a free, no-obligation consultation





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