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  #1  
Old 06-19-2009, 06:59 PM
firewoodman firewoodman is offline
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Unhappy 39000 in debt!

I owe 19000 on amex and another 20 on my bmo mastercard.

I only net about 2000 month and have no other assets, and i am paying 500 interest on the two cards each month.

what do you think would be best a comsumer proposal or debt settlement.
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  #2  
Old 06-19-2009, 07:38 PM
Canadian Canadian is offline
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What are the intererest rates on both cards? Have you talked to AMEX and MC to lower your interest rates?
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  #3  
Old 06-19-2009, 07:44 PM
trent trent is offline
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If you can pay your debts when they are due, then you are solvent, which means that consumer proposal is not an option. If that's the case then you can either try getting a debt consolidation loan, or you can go for debt settlement.
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  #4  
Old 06-19-2009, 10:12 PM
firewoodman firewoodman is offline
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I heard a proposal get's rid of 75 percent of the debt, and debt settlement is only around 40.
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  #5  
Old 06-22-2009, 01:42 PM
Canadian Canadian is offline
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I'm not sure if you can reduce the principal by 75%. Where did you read that?
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  #6  
Old 06-29-2009, 08:13 PM
trent trent is offline
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Quote:
Originally Posted by firewoodman View Post
I heard a proposal get's rid of 75 percent of the debt, and debt settlement is only around 40.
Any progress with that? Have you decided which way to go?
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  #7  
Old 07-03-2009, 04:26 AM
firewoodman firewoodman is offline
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Thumbs up

I got them to reduced it to 5.9 till payed off. That way i still have great credit.
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  #8  
Old 07-06-2009, 08:51 PM
Jason Jason is offline
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Quote:
Originally Posted by firewoodman View Post
I got them to reduced it to 5.9 till payed off. That way i still have great credit.
That's great news! Did both BMO and AMEX reduced it down to 5.9%?
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  #9  
Old 07-09-2009, 02:08 PM
Canadian Canadian is offline
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There will be more cases like firewoodman in the future, and this will hurt the profitability of the Canadian banks immensely.
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  #10  
Old 07-13-2009, 03:19 PM
trent trent is offline
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Quote:
Originally Posted by firewoodman View Post
I got them to reduced it to 5.9 till payed off. That way i still have great credit.
That's great. The question is would any financial institution be willing to lend you money in this economic environment?
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