It’s still emotional for me right now. I’ve met with the bankruptcy trustee on Tuesday (December 17) and I was able to meet with someone in person who deals with debt every day and understands how the law handles financial hardship.
I am not filing for bankruptcy because I’ve already filed before and filing again would mean, it would stay on my credit report for 14 years plus I do have some income to pay my creditors just not always the full minimum payment. So now I am filing a consumer proposal.
I’m not going to explain in detail what is a consumer proposal but the short version is I am still paying off my debt over a maximum of 60 months (5 years) with one fixed monthly payment that is negotiated from the licensed insolvency trustee to my creditors that is analyzed from my budget and it would give me a financial restart.
Knowing the information is one thing, but putting the information into practice is an experience.
At the moment I made a stop payment against the high-interest loan company, I will find out later in the month If I will be charged an NSF fee because even with making a stop payment funds still get pulled from your account and fees could still be applied.
I am not worried about adding on more bank fees because this whole process is a game of Duck Duck Goose. My big wish is to keep banking with this megabank while I enter into a consumer proposal and I can give myself some breathing room from all this stress.
Leaving the Insolvency Trustee Office, I felt good about my decision, my LIT (licensed insolvency trustee) person even said my budget is tight so this isn’t I get to walk away from the debts I still have to be gazelle intense and finish this consumer proposal strong.
My responsibilities for being under a consumer proposal start in January 2020.