This client was a long-term employee earning $140,000 annually and approaching retirement after 30 years with the same company.
Overview
Challenges
Despite a strong income and a pension valued at over $300,000, she had accumulated approximately $80,000 in debt. Much of this came from payroll loans and financial support for her daughter and special needs grandchild.
She was under significant financial pressure and deeply concerned about losing her pension, home, and vehicle. With retirement approaching, she was unsure how she would manage her obligations without her salary.
What we did
We reviewed her situation and filed a consumer proposal in Toronto for $40,000.
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Her proposal was accepted and provided a clear and manageable path forward:
- Reduced total debt by approximately 50%
- Preserved her pension
- Retained ownership of her home
- Included $10,000 in CRA debt
- Included $2,000 in 407 ETR debt
- Retained her vehicle
- Consolidated to one monthly payment of $500