Rags to Riches, A Debt Help Success Story in St. John’s
Debt can have a crippling effect on your life, but you don’t have to suffer forever.
Many people have found the help they needed from debt specialists up and down the country, and here at Bankruptcy Canada, we have supported the needs of Canadians for over 20 years.
After reading the case story below, the true tale of one family who sought help from a debt specialist in St John’s, do the right thing and call us if you’re currently stuck in debt.
You could be on your way to financial freedom if you do get in touch, and you will find the same hope that Robert, the person detailed in the case study, found for himself and his family.
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When jobs in Newfoundland’s fishing industry dried up, one of the island’s residents, Robert, decided to head west with his girlfriend to Alberta in search of work.
He found work at one of the province’s Oil Sands plants, and for a time, life was good for him.
He got married, bought his own house, started a family, and enjoyed the fruits of his labours.
Robert also bought himself a boat, an RV, a couple of snowmobiles, two ATVs, and a new truck every couple of years.
He was earning the money after long hours at work, so he felt he deserved to buy himself those things that bought him happiness, and we’re sure that you often do the same in your life.
But here’s the thing about Robert’s purchases, they were bought on credit.
While earning, Robert could afford to make those repayments, but then disaster struck.
The bottom fell out of the oil industry, and Robert lost his job.
As Robert’s children went off to college, Robert and his wife found themselves in serious financial difficulty.
Work was hard to find, the family savings weren’t enough to keep them afloat for long, and thanks to the items he had bought on credit, Robert was now in debt with no money coming in to salvage the situation.
As the kids were away from home and starting new lives for themselves elsewhere, Robert and his wife decided to sell their Alberta home and the items they had bought on credit and move back to their Newfoundland home in St John’s.
They hoped the sale of their home would pay off their debts, but because Alberta was no longer the attractive place to live as it once was after the collapse of the oil industry, their home was no longer worth what they had initially paid for it.
He needed help and fast because the crippling effects of debt were overwhelming him.
Robert Found Hope
Robert was in dire need of help.
With $90,000 worth of debts to pay, he assumed bankruptcy would have to be the answer.
And while it is for some people, Robert consulted with a debt relief expert in St Johns and discovered there were other ways out of the dilemma he was in.
With the help of the people at BankruptcyCanada, a debt relief firm in St John’s, Robert started to find hope again.
With expert help, a debt resettlement strategy was put in place, and Robert was given financial education to help him live within his means.
After structuring a proposal for his creditors, and after agreeing the terms with a Licensed Insolvency Trustee, Robert’s debts were eventually reduced down to $30,000.
Thanks to the budgeting help he received, he was able to pay off that debt in less than five years.
Robert found hope, and he found a way out of his debt problem.
Despite the whopping $90,000 he owed in debts, he discovered a way out of the dilemma he had found himself in.
What Can You Learn From Robert’s Story?
In many ways, Robert wasn’t at fault.
While earning money, he had the freedom to spend it how he liked.
Even though he bought items on credit, he assumed he would always have that money coming in to pay off his creditors.
Chances are, you might have found yourself in the same boat as Robert.
Buying on credit can seem like the logical thing to do when you know you have the money to pay off your debts.
But as Robert found, the unexpected can happen.
With the loss of his job, he found himself in dire need of financial help, and if you’re currently in debt, you may have got to that place in the same way that he did.
So, what can be learned from Robert’s story?
Well, if you aren’t in debt at the moment, and you are thinking of buying the items you want in life, think twice before buying on credit.
Saving up is always the best thing to do, so make every effort to save money each month to give you the financial freedom to spend on the items you desire.
If you are already in debt, don’t do anything to make it worse.
Stop buying things on credit.
Don’t neglect the need to create a budget.
And don’t assume another loan or a credit card will automatically rescue you from the debt you are in.
You need to take the appropriate steps, and this begins by calling on somebody for professional help.
This is what Robert did, and he was then able to climb out of the debt hole he had fallen into.
Here at Bankruptcy Canada, we can help you with your debt situation.
While bankruptcy might be the answer, it might be that a Consumer Proposal can be put in place to reduce the debt you owe.
We can also offer you advice on other debt management strategies, so you will have a range of options to choose from.
Call us today at (877) 879-4770 or complete this form to arrange a free consultation with one of our licensed trustees.
We are here to help you, so follow Robert’s example, and take the first step towards financial freedom today.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?