September 17th, 2010 by Questions
She had a debt of over $30,000 with a $24,000 income before tax. 3 credit cards, car loan, student loan, loans for furniture and 2 other loans totaling $30,000. I suggested for her to come look at your website but she ignored it… since then she`s got 1 HUGE loan from the bank, aka debt consolodation loan. the bank asked her to sign a 10 year loan!! at about 13.5%. Is it too late to use the other alternatives on your website or even go bankrupt to escape this ridiculous debt??
Posted from: Quebec
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September 18, 2010 at 7:53 am, A licensed trustee said:
Yes, this person may still avail themselves of the other solutions listed on the site: debt management, a consumer proposal or personal bankruptcy. Unfortunately, you can’t do this for them – they have to make the call themselves.
I should tell you that it is unusual to hear that a bank has given someone a consolidation loan like the one you have described. The interest rate isn’t out of line with the terms usually granted, but the 10 years is quite strange.