I met with a young lady who had about $22,000 of debt. All of her debts but one was with the same bank. She really wasn’t sure what to do. She was finding the minimum payment of all the credit cards and the line of credit, just too much to pay.
I took a look at her paystub, her budget and asked her if she had checked with the bank to see if they would do what is called an unsecured consolidation loan. She looked at me and said “I didn’t know I could do that.”
The young woman had been at the same job for over 5 years and her credit score was very high, she was just having trouble making all the payments on the cards.
I suggested to her that before she enters into a consumer proposal or a bankruptcy with us, to go see if the bank will help her. If all else fails and they say no, then to call me and we will take a look at doing either a proposal or bankruptcy.
The woman was nervous about what to say at the bank so I made a few notes and calculations and said “Try this.”
About 4 days later that same girl called back with excitement in her voice saying “Thank you, the bank did a consolidation loan for me.” At A. Farber and Partners we’re not here to just have you sign a bankruptcy or a consumer proposal, but to give you options, suggestions and possibilities. Sometimes knowing what your options are helps you make the right decision for you.