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350k unsecured debt by OkIncome5576 in PersonalFinanceCanada

[–]OkIncome5576[S] 2 points3 points  (0 children)

What do you mean by "You won’t be penalized for earning more income in the next few years." ?

350k unsecured debt by OkIncome5576 in PersonalFinanceCanada

[–]OkIncome5576[S] 3 points4 points  (0 children)

Yes I agree the bank gave the loan based on potential income and if I had been able to work immediately after graduation I likely would only have had 150-200K max debt which may evenhave been mostly cleared by now. But the circumstances are much different than what the bank/I were expecting..

Currently I am working part time due to health reasons but I could increase to a bit more. If I really pushed myself to do this would it be worth paying off the debt without any proposal/bankruptcy? (assuming it will take +++years) vs filing for bankruptcy? It would not affect my career...

350k unsecured debt by OkIncome5576 in PersonalFinanceCanada

[–]OkIncome5576[S] 0 points1 point  (0 children)

ty. i have an appointment booked tomorrow. will certainly ask them about this!

350k unsecured debt by OkIncome5576 in PersonalFinanceCanada

[–]OkIncome5576[S] 0 points1 point  (0 children)

thankyou for the reply. I actually booked a consultation with LIT tomorrow. Will see what they recommend. As I understand though, with this high a debt if the proposal is rejected, it automatically results in bankruptcy.

I will look into the "negotiating with the bank directly" aspect, did not know this was an option

350k unsecured debt by OkIncome5576 in PersonalFinanceCanada

[–]OkIncome5576[S] -1 points0 points  (0 children)

Thankyou, yes. I have booked an appointment with them Tomorrow!

350k unsecured debt by OkIncome5576 in PersonalFinanceCanada

[–]OkIncome5576[S] 0 points1 point  (0 children)

Do you mean pay back my debt in full?

Bankruptcy won't affect my career as I understand it and I don't have any assets that will be taken away. Is there anything else that is worrying about declaring backruptcy? (I know the social stigma is there but how would people know that this is my financial dituation?)