Rags to Riches: A Debt Help Success Story in North Vancouver
I’m Jennifer Virani, your 4 Pillars Debt Specialist in North Vancouver. It’s been almost 3 years since I met Angela. She was one of my first clients and someone I’m still working with today. This is her Debt Help Success story.
When I met Angela she’d been unemployed for over a year. She’d always carried credit card debt but hadn’t worried about it since she was gainfully employed. However, after 26 years in a career she loved her position was eliminated and she was let go. It didn’t take long to blow through her severance package and her unemployment benefits barely covered her basic living expenses. She fell behind on her payments and the cards she did make payments on were also being used to cover other bills. Unable to find work in her field, she was spiraling down in a vicious circle of debt, fear, and constant stress as the bills piled up and her hope declined. Finally, she found a minimum wage job, but that barely covered the rent. She knew she couldn’t continue living like this and had convinced herself that bankruptcy was her only option. She’d seen my post about Debt Help on Facebook. Feeling she had nothing to lose, she gave me a call.
We talked about her debt, what she owed and to whom. We explored how her income had changed drastically in the past year and how she’d already pared down her living expenses to the bare minimum. When we finally sat down for our first meeting I was able to explain how we could help deal with her debt without filing for bankruptcy. Because she had limited assets and a reduced income, a consolidation loan wouldn’t work. So I explained how a consumer proposal may be her best option to deal with her debt and begin the financial rehabilitation process. She left our meeting with a renewed sense of hope and for the first time was able to picture her life beyond debt.
I set to work creating the first step of the plan which would help to get her debt reduced so her payments would be affordable. We structured a consumer proposal and presented it to a Licensed Insolvency Trustee to file. They agreed to it and we were able to get her debt down from $60,000 to $15,000. With a payment of $250 a month she would have the proposal paid off within five years. Within days of filing her creditors had stopped calling and the one aggressive pit bull of a bill collector (her words) who’d threatened her with legal action was quickly shut down. Not only was she protected from her creditors, Angela was able to start living within her means and began thinking seriously about her future. That’s when we rolled up our sleeves and started work to rebuild her credit.
In the beginning Angela was concerned about not having her credit cards, given how much of her life was spent relying on them. She quickly realized she could get along just fine without them. So we went into her credit report and set about clearing up any discrepancies. After creating a stable budget and paying down her consumer proposal, we helped Angela get a credit card with a small credit limited. I explained how using it and paying the balance off each month would work toward rebuilding her credit. The next step in rebuilding her credit would be helping her secure a loan to buy out the Consumer Proposal. Because payments on a consumer proposal don’t report to your credit bureau it doesn’t help improve your credit score, so it was important to create a repayment option what would show on her credit report. By paying out the consumer proposal it would also be removed from her credit rating 3.5 years sooner than if she had continued to make the regular payments. This in turn would also lower her monthly payments, allowing her a little more cash flow.
As Angela’s credit score improves, she’s able to see her future in a more positive light. With retirement on the horizon, Angela is able to start saving for that day! In two years Angela will be have all of her debt paid off. She marvels at how quickly the process has gone and is grateful for what she has learned about budgeting for her life and the importance of saving for her future. She likes knowing that her debt is in the past and her future is bright and hopeful. For Angela, getting rid of her debt meant eliminating a great deal of stress and improving her quality of life. Hers is a simple rags to riches story, but with it’s one she will happily share.
Debt Help: The power of Hope
For Angela, and thousands like her, debt had become a way of life; just something else she had to deal with. It wasn’t until she was no longer able to maintain it that she realized the toll debt had taken on her life. With the help of 4 Pillars, Angela has started to rebuild her life, shaping it in ways she’d never thought possible. Though she’s never seriously let herself think about becoming a homeowner, it’s something she is now able to consider after being able to quickly rebuild her credit by paying of the proposal and committing to the credit rebuilding plan. Even her friends have remarked there is now a lightness to her, a sense of joy they hadn’t seen in years. Without the stresses of debt dragging her down, Angela is able to move forward in her life, recognizing and embracing each new opportunity as it presents itself.
4 Pillars Debt Consulting: There’s No Place like Home
As a 4 Pillars Debt Specialist I work for you, not your creditors. I am not affiliated with your creditors in any way, no truly independent Debt Advisor should be. I am accountable to you, my client. It is my job to lessen the burden of your debt, create a plan to help make it manageable, sometimes it can be reduced by up to 80%, and provide you with the tools to pay it off within 5 years. While I’m doing that I am also working on rebuilding your credit and planning your future. In other words it’s my goal to see you debt free and thriving within 5 years!
At 4 Pillars North Vancouver I understand your concerns about debt and its impact on your future. So I take all of this into consideration and create a Debt Settlement Strategy that is going to work best for you. I create a plan to deal with your creditors, keeping you up to date with our progress. I then present you with all your options including budgeting and financial education. Debt consolidation may be your best solution, or perhaps a consumer proposal. Regardless, I will work for you, representing your interests and guiding you to your financial future.
If you’ve been told that bankruptcy is your only option, talk to me. If it’s determined that a Consumer Proposal is a better, less drastic option, the 4 Pillars team will be there to help you structure the proposal on your terms, representing you throughout the whole process.
If your debt is keeping you from achieving your financial goals, fulfilling your dreams, or if it has taken control of your life, call me, Jennifer Virani at 4 Pillars North Vancouver, (604) 621-9211. Angela’s debt situation was unique to her as yours is to you. But with the help of 4 Pillars you can write your own rags to riches story, complete with the happy ending you’ve always wanted.
To learn more about 4 Pillars Debt Solutions. Visit us at 4Pillars.ca. And while you’re there, sign up for our free Debt Boot Camp.
