Family Debt Crisis: An Oshawa Success Story
If you are facing an impossible level of debt, you might think that all hope is lost.
You might even assume that you are going to be living in debt for the rest of your life.
But this is not the case, and there are always options available to you.
If you want proof of this, you need to explore previous success stories.
One family in Oshawa thought they would never find success breaking free from their debt.
But their story did have a happily ever after.
What Challenge Did The Family Face?
Sam, a resident of Oshawa, was facing difficulties with the financial challenge of supporting six incredible children.
Indeed, the bills were becoming overwhelming, and the family income was not covering the cost.
His wife, Ellie, was staying at home with the kids while Sam worked and earned an average salary.
Slowly but surely, the costs on the credit card built up.
Before long, the family owed more than $30,000 in unsecured debts.
Sam and Ellie were terrified that the debt would ultimately cause them to lose their home because they were finding it impossible to keep up with payments.
Even with the debt, it was absolutely crucial for Sam and Ellie to keep their home.
They had to continue to be able to support their children.
What Action Did They Take?
Eventually, Sam and Ellie contacted a debt support office in Oshawa.
It soon became clear that they were in more debt than they could afford to pay off.
Most of the debt was unsecured that was spread out across different credit cards.
They had also been unable to pay off a lot of the mortgage on the home that they owned.
In fact, the couple had virtually no equity on their home at all.
The only asset of any real value was the car.
What Was The Solution And Outcome?
If they filed for bankruptcy, Sam and Ellie discovered that creditors would receive roughly $9,000.
Due to this, they were able to negotiate and instead set up a payment plan of $175 per month for sixty months in total.
They ultimately cleared $10,500 worth of their debt, and the rest was wiped clean.
The couple were able to pay their creditors, keep to a budget, and even managed to keep their home as well as their car.
Sam and Ellie managed to get their finances back on track and, after the sixty months, were even able to afford a seventh child.
We hope this story has helped you realize that beating your debt is not impossible.
If you are struggling with how to get started, we can help.
Contact us today, and we will be happy to provide support as well as details of the options available to you.
Alternatively, you can fill out an evaluation form, and we will get back to you without delay.