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Welcome to the Consumer Proposals category of the Support Group. Don't want to file bankruptcy? A consumer proposal is an alternative. This is the place for discussions about Consumer Proposals.
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Discussion: Money Management Sessions-with Trustee?  (Read 332 times)
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« on: January 12, 2012, 04:52:45 PM »
FamJam
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I'm reading everyone's success stories post-CP and wondering how you all have done it? Considering I have no cash management skills, I have only done the initial meeting with trustee so I'm still very new with all this. Not sure how to live on cash or put savings away. Do the sessions help?
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« Reply #1 on: January 12, 2012, 09:47:52 PM »
JEC
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Hi FamJam

I knew what got me into trouble so it was a matter of stopping my spending. My two budgeting sessions did help me to get back to square one and think about how to spend the money that I had, and how to spend it wisely. Perhaps let your counsellor know that you feel that you don't have very good money management skills and that person can be more specific or offer places to go to for you to learn about money management.  It is a very important part of the 'recovery' process. You don't want to get into this type of mess again.

Good Luck!

JEC
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« Reply #2 on: January 12, 2012, 10:20:05 PM »
tipler
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Well yes and no. Personally my trustee warned me that the first session will be extremely boring for me but the second one where its discussed what comes after the CP process should be more interesting. I have had my first session and it was not too interesting for me but I did learn something interesting and the counselor had few interesting articles to read for me, which I have enjoyed.  Personally I always had great budgeting skills, however sticking to these budgets was another story.  Living on cash at first is not easy as you have to change a lot of habits and figure it out how it will all work.
One thing you constantly must remember is that what you have today in cash has to last you till next payday and you have to somehow have enough for rent as well. I started to have breakfasts at home, brought my lunches from home to work and paid cash for everything. It took me almost 3 months to figure how to deal with it all (rent, bills and upcoming obligations). Now not a problem at all.  Now as I try to pay of my CP faster I look for ways to cut my spending even further by changing cell providers, using coupons and only opening that wallet when necessary.
Have you filled yet for CP?
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« Reply #3 on: January 12, 2012, 11:07:16 PM »
FamJam
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I can't file until my banking is sorted out. Cibc holds over 50% of my credit as well as bank accounts. If I file they will also take my income and block money coming out. Once that's done, I'm closing accounts and filing ASAP!
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« Reply #4 on: January 15, 2012, 10:44:24 PM »
AlmostDone
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yes, you are right. change banks before doing anything, Our advisors advised us to change, on the first , initial meeting where we just discussed our options.
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« Reply #5 on: January 18, 2012, 10:41:45 PM »
Geoff
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Yes get new banking right away and first!!!! Even better it's cibc so getting away from them you are already doing better. Grin

As for the sessions, you may get something out of it but it's more a mandatory thing of you showing up, signing a paper saying you attended and get a lil bit of budgeting advice and such, other part of the time you are just shooting the s!@# with the trustee.

But I had a terrible trustee so this may not be the case with you Cool
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