Free Consultation

Creditors reaction to proposal?

I had a serious gambling addiction for several years. I admitted myself to seeking help and realize my problems and behaveour. I started getting help 2 months ago, have not used any credit since, and have made my payments, only because I had some income tax money to get me threw that period for living expenses.
Now I have to live off my salary and there is not enough to make all the payments, if I do nothing I will not be able to make payments to my creditors.

How will creditors react, when they know those cards were being used up until 2 months ago?
Would I be at serious risk now for fraud?
I would like to be honest with my process, and hopefully pay off 2/3 of the debt, and do whatever I have to do to have a normal life again.

Thankyou, I am scared of what to do or not to do.

Posted from: Saskatchewan

One Response to “Creditors reaction to proposal?”

Avatar photo
A licensed trustee said...

No one can predict with certainty how your creditors will react, but if you disclose the fact that you have a gambling problem and the fact that you are now receiving counseling (treatment) for the problem that will have a significant influence on their decision.

Your trustee will probably ask for a letter from your counsellor as proof that you are taking steps to bring the problem under control – in the end, you simply have to realize that this is a problem you’re going to have to live with for the rest of your life. Taking responsibility and dealing with the debt is just part of the process.