Category: Consumer Proposal Information

Buying a house right after consumer proposal

payday advance

Buying a house right after consumer proposal Today’s question comes from a reader who is tangled up in payday loans, but is about to enter a consumer proposal and eliminate the stress as well as the killer monthly payments and interest rates. She wants to buy a house very soon thereafter. “I’m doing very well …

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Include parking tickets in a consumer proposal

parking violation

Include parking tickets in a consumer proposal Today’s question is from a young lady in Toronto who has managed to accumulate four thousand dollars worth of parking tickets, penalties, and interest charges over the past few years. She also has too many debts and we are about to enter her into a consumer proposal. She …

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Effect of consumer proposal on spouse

debt relief

Effect of consumer proposal on spouse Hi Ross, my wife and I have a joint MasterCard with a $25,000 limit, and we are maxed out. I have several other significant debts and I plan to enter into a consumer proposal. My wife is petrified her credit history will be adversely affected by this. In fact, …

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Rebuild credit score in a consumer proposal

HomeTrust Secured Visa

Rebuild credit score in a consumer proposal This is another question in the Ask Ross series where you can ask me anything about personal finances. If you have a question for me ask here. This question comes from William who is paying down his consumer proposal and trying to rebuild his credit at the same …

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Second time bankruptcy

bankrupt is broke

Second time bankruptcy Hi Ross, looks like I have to do a personal bankruptcy. I owe $59,000 across several credit cards and my minimum monthly payment is over $1,700! Back in 1997 I declared bankruptcy (for only $10,000 in debts), and it went pretty smoothly. Now I am making around $70,000 per year, and I …

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Cannot afford car payments

car loan

Cannot afford car payments Hi Ross, I recently financed a new car and a few months after that I lost my second job.  Now its seems like I’m going backwards with all my other bills, and it is hard to keep up.  As much as I would love to keep the car it’s not worth …

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How to pay for home renovations when in a consumer proposal

leaky roof

How to pay for home renovations when in a consumer proposal Hi Ross, we must do some home renovations as soon as possible. Our basement is leaking and so is the roof over our garage. It’ll cost about $10,000. But we are in a joint consumer proposal, and we still owe $4,400 on that. Do …

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Second mortgage can fix debt problems

equity from house

Second mortgage can fix debt problems I was inspired to write this post after reading “Will a second mortgage clean up all your debts? by Angela Marquis at the Hoyes Michalos blog. My purpose is not to refute Angela’s article, since she makes some excellent points. Rather, I want to add to the discussion and …

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Filing a second consumer proposal

debt free

Filing a second consumer proposal Dear Ross, I know that if you are a second time bankrupt, you are automatically looking at two or three years before you receive a discharge. Are there any special rules applied if I file a second consumer proposal? I completed my first three years ago, but I have run …

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Consumer proposal ended her payday loan misery

payday loans

Consumer proposal ended her payday loan misery Hi Ross, About a year ago I had an unexpected car repair, and arranged a payday loan for myself. Of course, I would rather have used a credit card, but I don’t have any. When it came time to pay the loan off, I was surprised how high …

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Must keep the house no matter what

stop foreclosure

So many times when I meet homeowners in debt stress, the first thing they say is they intend to keep their house – come hell or high water. “Find us a solution Ross, but we insist on tying your hands behind your back in the process.” In some cases, it’s actually quite doable. If, after …

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New House While Still in a Consumer Proposal?

good credit bad credit

New House While Still in a Consumer Proposal? Dear Ross, my wife and I are both in the early stages of making monthly payments towards consumer proposals. I pay $575 per month and she pays $450. The reason the payments are so large is because we have good equity in our home. We have found …

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