I made my bed, and now I must lie in it!


So I met with the advisor and have been stressed ever since that meeting. I left there feeling even more down in the dumps than I had felt before. Maybe it’s a “you’re going to feel worse before you feel better” kinda thing but either way it sucked. I got into my car and could literally have cried for days but the tears never came.

What came was PANIC. How the fuck am I gonna do this?

The advisor was amazing! I’m not sure what I thought might happen in there. Maybe judgement? There was none of that at all. There was actually sympathy! She compared 2 scenarios to me, I guess the only 2 that made sense in my situation. Since I had done a lot of research I knew a lot of info before going in, but what I wasn’t sure on what the calculations! Well ladies and gentlemen, now I know! LOL!

She had to compare bankruptcy to consumer proposal since you need to offer more money in a consumer proposal than you would repay in a bankruptcy. I did not know that! So basically, after giving her all my salary and debt info she figured out that I would have to pay around $18,000 (or $360.00/month) for a bankruptcy, and therefore would have to at least offer $20,000.00 for a consumer proposal. (which is $350/month) You repay that monthly amount for 5 years.

The bad news? Each is almost just as bad on your credit score. Bankruptcy is a R9 and a consumer proposal is a R7.

At this point I’m paying $720/month on my debt. If I were to do a consumer proposal (I’ve decided against bankruptcy) that means my debt is cut in half.

Pros? My debt is cut in half!

Cons? I have no credit, and will not have any for 5+ years.

My question to myself is, can I do this myself? If I get a better paying job, I could very well bring in $300.00-$400.00 more a month that could be put on my debt.

I need advice. I need tips. I’ve been reading a lot about Dave Ramsey and actually reserved his book at the library (The Total Money Makeover). A quote I read of his makes perfect sense: “If you will live like no one else, later you can live like no one else.”

It makes perfect sense, and that is my goal!


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5 thoughts on “Gah!

  1. Crazynoiia on said:

    Read Dave’s Book! His FPU (Financial Peace University) was the kick in the tush I needed! If you can listen/watch his program at his website. I love the zero base budget! Its the best thing that ever happened to me. I also recommend Gail Vaz-Oxlade! She has a show on CNBC call ’til debt do you part’ and ‘princess’. Both the same basic concept she focus on debt repayment, a cash budget and has some great material on her website. I can’t praise Dave Ramsey enough for what his book and class taught me. Good luck!

    • I know all about Gail, especially since she’s Canadian! 😛 I find her advice helpful, but nothing has really moved me like the things I’ve heard Dave Ramsey say! I am very excited to read his books and check out his show.

      Thanks for the encouragement, I appreciate it! 🙂

  2. Dave Ramsey is awesome!

    I am so sorry that you are so stressed out about this stuff. I have been in major debt and I know

    I know this sounds like crazy self promotion–but seriously check out my first post on my blog at I have come back from the brink a few times and it has come from trying everything I can to make even a little bit of money. Anytime I could pick up a temp job or do a survey for $75 I would do it. Luckily it was enough to get me through. It absolutely is not fun, but it helped me! I have a few ideas on my blog. Also, never underestimate the power of downsizing. Selling books, dvds, cds, clothes, anything can help you scrape by a bit.

    I hope this was at least a little helpful. $720 a month is killer. Good luck!

  3. I just finished the Dave Ramsey ebook Total Money Makeover and I highly recommend it. He talks a lot about gazelle intensity. I’m not sure if I could do his plan 100% but I’m gonna try to do parts of it.

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