Testimonial: Credit Rebuilding after a Consumer Proposal

Here is an email I received from a client we assisted confirming how quickly they were able to rebuild their credit following a consumer proposal.

They will be able to obtain a mortgage one year after successfully completing a consumer proposal.

"Hi Greg I wanted to thank you again for all the help you gave us during the past couple years.

Your suggestion to get a secured funds credit card while in our proposal was the best advice you could have given us.

We found out today both of our credit scores are near 700.

We went to our bank today to get rrsp loans for the next year to further speed up our credit recovery and the bank lady was very surprised when she saw our scores.

She told us that we should have had near 300 considering we just exited a proposal. But because we had that credit card all this time it was a huge boost to our credit.

We have been told we'll be able to get a mortgage in 1 year because of how high our credit is now.

So thank you again we really appreciate you helping us through this truly difficult time in our life... and hopefully this information can help someone else too. C K"

Credit Card Interest Rates

In September, 2010, the government introduced new rules that require credit card companies to disclose how long it will take to pay off your credit card balance if you make only the minimum payment.

However, I still speak to people each day that do not realize the true cost of borrowing from credit cards.

Another successful proposal

This is a testimonial I received from a small business owner that was caught in the economic downturn.

“Again, I want to thank you for all of your help throughout this process. I know that had I not found you, things could have been much worse without the right counsel. I really do appreciate the sound advice that you provided.”

This successful single mom operated a small business for many years. However, when the market turned, she kept her business going by turning to the easiest form of raising money for small businesses: consumer credit.

Unfortunately when she could no longer keep the business going, her house was at risk. She had used her personal credit cards and lines of credit to support her business.

We were able to structure a proposal that provided a lump sum settlement to her creditors and she was able to keep her home.