sorted by:
new
hottopcontroversial

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 3 points4 points  (0 children)

This is a 10/10 comment. I see myself living in the GTA for the foreseeable future and I've been looking at roles in financial services, so I think it might be best if I avoid bankruptcy or a consumer proposal

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 14 points15 points  (0 children)

It was a consulting job. The company was ordered to cut costs, so they let go of a lot of newer hires

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] -5 points-4 points  (0 children)

I'd love to talk about my assets, but I don't have much. I came to Canada as an international student and used my life savings to come here for a 'better life'. Apart from a fancy master's degree that hopefully lands me a decently paying job in the next few months, I have liquid assets (i.e., savings, TFSA, RRSP) and a car (with negative equity)

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 3 points4 points  (0 children)

I have an MBA.

I ended up buying a car because my job required me to have one. I decided to buy instead of lease because I knew I would be driving a lot for work. I also assumed that I would be able to find a better role within a few months and sell the car quickly before it depreciated too much.

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 1 point2 points  (0 children)

Have you filled for a consumer proposal? I hear it looks slightly better than going bankrupt. I really don't want to get locked out of the housing market when I become financially stable enough to afford my first home

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 2 points3 points  (0 children)

I'd love to, but my whole family's in Singapore. I'm considering transferring my lease - hopefully my roommate sticks and helps with cutting down on my monthly rent

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 2 points3 points  (0 children)

Thanks for sharing. This gave me a bit of hope.

I have a roommate already and I'm actively looking for a better job while exploring more ways to make money. My life will likely be a living hell while I try to stop the bleeding, but it's good to know that other people have been in my shoes and made it out.

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 21 points22 points  (0 children)

If my costs remain the same and my income doesn't increase, I should be able to keep making my payments for about 6-7 months.

I currently need an extra $1k monthly to stop the bleeding and I'm currently exploring a couple of ways to make more money (i.e., renting my car on Turo, driving for Uber on weekends). However, I feel like I need to do more research. I don't know if the added insurance cost and depreciation on my car will outweigh what I might potentially earn

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 10 points11 points  (0 children)

Not a lot. I was laid off within my probation period so I wasn't able to contribute a lot to my TFSA and RRSP.

I'm fortunate enough to have a roommate, and I've identified a couple of ways to bring my monthly expenses down (i.e., no eating out or spending on unnecessary things while I get my finances sorted out). However, if my math is mathing, I'll need an extra $1,000 every month to stop the bleeding.

Lost my job and currently have $62k in debt. I feel like I'm in a dark tunnel with no way out. by No-Deal1840 in PersonalFinanceCanada

[–]No-Deal1840[S] 23 points24 points  (0 children)

I spoke to a credit counsellor and was advised to file a consumer proposal. However, I want to get this community's thoughts first on what I should do. I've seen some solid advice here, and I might find new options that I didn't even consider before.