Paul & Nancy's Story

Real People, Real Debt, Real Solutions

Stopping Aggressive Bill Collectors

Paul (not his real name) was a successful computer hardware engineer working at a leading technology company for over ten years. Earning over $85,000 per year, Paul was able to provide the “good life” in Toronto for his wife Nancy (not her real name) and their three children with a nice home, organized sports for the kids, frequent family holidays, and Nancy’s ability to be a stay-at-home Mom.

Unfortunately, Paul’s company shut down when a prolonged drop in the market for its specialized products pushed it into bankruptcy. Due to his specialization and an industry-wide glut of professionals with similar qualifications, it took Paul nearly two years to find work.

job loss

His new job paid less than half of what he earned in his old career. But it allowed him to move forward and increase his income in the future.

During the two years that Paul was out of work, Nancy was able to find a part-time job in a nearby daycare – but their income was still far below their needs. As a result, they relied on credit to pay for their household expenses.

By the time Paul began his new job, they had run up their six credit cards to $32,000 and maxed out their bank line of credit at $38,000.

To make matters worse, Paul could not make payments on several credit cards, resulting in a judgment for garnishment (aka garnishee) put on his wages. Creditors began calling him at work so frequently that his manager complained about the calls. In near panic mode, Paul realized that if he didn’t take action to fix his financial problems, his performance at work would deteriorate, and he might lose his new job.

How David Sklar & Associates were able to help Paul and Nancy find a way out of debt

When Paul and Nancy came to David Sklar & Associates, they had the following debts:

Credit Cards


Line of Credit


Payday Loan


Total Unsecured Debts


Their home had a high mortgage and only $6,500 in equity. Their car was nine years old with a low resale value. And their combined net income was $3,850/month (Nancy continued to work part-time, earning a net monthly income of $750 after Paul began his new job).

David and Nancy met with Jason Sklar (their Estate Administrator), who assessed their current financial situation. It was evident that Paul was worried about the effect of the wage garnishment and collection calls in his workplace. Jason discussed their options with them – and they were delighted to learn that a consumer proposal could (if accepted by the unsecured creditors) resolve their debt problems. Filing a consumer proposal would allow them to:

  • Keep their home,
  • Stop the collection calls
  • Lift the wage garnishment
  • Repay a portion of their debts
  • Avoid bankruptcy
jason sklar licensed debt counsellor

Jason Sklar

Licensed Debt Counsellor

Paul was also happy to hear that if the household income increased when the proposal was in place, it would not affect or change the terms – the debt payments would remain the same.

Here's how much Paul and Nancy were able to save by filing a consumer proposal

Paul and Nancy worked with their Licensed Insolvency Trustee to create a consumer proposal and a budget for the family. Because they wished to keep their home and the creditors would be looking for a settlement that provided more than they would receive from bankruptcy, they accounted for the $6,500 of home equity in their offer.

Paul and Nancy’s creditors accepted the proposal at the trustee’s recommendation. Under the terms of the agreement, the Toronto couple would repay $39,000 of the current debts of $72,200, a drastic reduction of their previous obligations.

Under the proposal’s terms, Paul and Nancy would make payments of $650 per month for 60 months to David Sklar & Associates for disbursement to their creditors. In total, they were able to eliminate $33,200 of their unsecured debts, a reduction of over 45%.

With the garnishment lifted and the collection calls stopped, Paul could better focus on his new job, free of stress and financial distractions. And within a few months, he received his first salary increase.

One of Paul and Nancy’s duties under the consumer proposal was to attend two financial counselling sessions. Nancy had some uplifting news to share during their first session with Jason. She explained that all three of her children were in their teens when she first started working outside the house, and everyone had managed quite well. So, the whole family had agreed to her working full-time at the daycare to pay down the proposal faster.

Paul expressed his surprise at how agreeable and almost eager the kids had been to help the family through this challenge. Although he would still somewhat that he had not lost his job in the first place – it appeared that, as a result, the family was closer and stronger than it had ever been.

With Paul’s and Nancy’s rising income, they completed their proposal in 36 months rather than 60. Now fully discharged from their unsecured debts, they began a fresh start with an understanding that the ‘good life’ is when families pull together.

To protect our client’s privacy, aspects of this case study have been altered.

Photo by Nataliya Vaitkevich, Photo by Djordje Petrovic, Photo by Yan Krukau

debt calculator

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.

$10,000 $250,000

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

Kelly Silke
Kelly Silke
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Trina Powell is an excellent listener and completely non judgmental. She truly cares for her clients and goes out of her way to be available and to help even when that means she has to accommodate last minute life changes. She is incredibly smart and kind and takes the time needed to explain everything from start to finish. She is an incredible human being and only wants the absolute best for everyone she helps. The work she does is life changing and improving. I highly recommend her services and support to anyone else who is struggling with their debt loads to seek out her help. Trina will absolutely be there for you too and help you just as excellently as she did for me. I cannot say enough good things about her or the amazing work she does. Her patience, empathy, understanding, and dedication make her the absolute best. You should absolutely trust her with your life on the road to moving forward. Don’t be afraid you’re not alone and Trina will help you too.
Sheri Stevens
Sheri Stevens
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I am so grateful to Jackie Stanley with David Sklar & Associates. She has listened and worked with me to come to a reasonable solution. Jackie has provided so much information, walking me through everything. I couldn’t ask for a more patient, kind and understanding person to help me. I look forward to working with her through my time with David Sklar & Associates.
Bob Irvine
Bob Irvine
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Jackie Stanley is an extremely personable, friendly and professional representative with David Sklar & Associates. Her customer service skills are exemplary and her knowledge with regards to my situation and helping me with getting my life back on track was just amazing. She was very understanding of my issues, and took her time to make sure that I understood everything. At the end of my meeting with her I left feeling emotional but relieved to know now that my life can finally move forward. Jackie, you have been a great asset in my life and I will never forget your kindness. Mr. Sklar I would just like to say that you have a 5 Star representative in your associate Jackie Stanley. Respectfully, Bob
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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"!
Christopher Rakobowchuk
Christopher Rakobowchuk
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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.

Getting into debt is easy. Getting out is a different story.

But it's still possible!

Did you know there is a Canadian debt relief program federally regulated by the Canadian Government, designed to help citizens avoid claiming bankruptcy? This amazing program can only be administered by a Licensed Insolvency Trustee (LIT).

If you’re struggling to make your payments every month and creditors won’t stop calling, we can help.

What our clients are saying.

Based on 1045 reviews
Danny Gottshalk
the service was excellent, Grace Cuffaro and Serena Sklar was very helpful and knowledgeable.
Martin Obrien
Trina was Very pleasant and professional to deal with made the process absolutely easy no stress at all explained everything simplified it down so I could understand it would definitely recommend it
Jordan Clarke
This place is great! Grace answered all my questions, very welcoming and I never felt judged! So far everyone I have dealt with was super polite, thorough and treated me with respect! 10/10 recommend!
Praise_Hymn P
They are very accommodating and very respectful. They do very professional and make sure your worries are being addressed. Excellent job Samycha thanks for the help.
Arci Olvez
Very helpful with all the inquiries and satisfied with their service!. Great company to work work with.
Sharon Baltzer
Treated very well. They showed me a great deal of respect. Felt a load had been taken off my shoulders. Would highly recommend.
Ken Burgess
Your staff was all very helpful and kind. They did not make you feel like a lesser person. We are so happy we went to see you to get us out of debt.
Lawrence Wolfe
My experience working with Trina and then the rest of the team was great. They listened to all my concerns and addressed them.
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