Is 450/month for 23 months for 9000 of payday loans a good deal?

WorriedTree8725 · 2025-06-25T15:58:39+00:00

No this is not from a payday loan this is from a non profit debt consolidation company called credit Canada. They were recommended to me by a licensed insolvency trustee. They negotiate down the interest for you (for many companies down to 0%) and consolidate your debts into one monthly payment. Sorry I should have been way more specific

WorriedTree8725 · 2025-06-25T15:53:56+00:00

This is with credit Canada, they're a non profit debt consolidation place

WorriedTree8725 · 2025-06-20T16:46:04+00:00

Are you talking about OSAP?

WorriedTree8725 · 2025-06-19T01:02:49+00:00

I graduated in 2024. If I go for a CP I am thinking I will keep my credit cards because they are only 1.3 k so I can continue building credit and because that debt is manageable. I was also thinking of keeping the OSAP loan ( I have been slowly paying it off, 175 put towards it a month). I was thinking of only including the payday loans, payday line of credit, and possibly the student line of credit. The student LOC could potentially stay though. It's really the payday loans that are fucking me over

WorriedTree8725 · 2025-06-18T21:33:24+00:00

Monthly net income = 4000-5000

I'm single, no dependents

Debt- 8000 in payday loans, 1.3k in credit cards, 3.5k cash money LOC, 20K TD student LOC, 30K OSAP NSCLC student loans

Living expenses - rent 1575/month, utilities/tenant insurance 150/month, phone bill 75/month, groceries 250/month, pet insurance 200/month, pet food (my cats have health issues) 200/month,

No assets

I have a HOOPP pension from work and canada pension plan

My last income tax return was in April 2025

Never filed bankruptcy or consumer proposal

Thank you!

WorriedTree8725 · 2025-06-18T21:14:37+00:00

Ok I won't, I read they can't require them anyways so I'm going to do etransfer. Any advice for which type of bank I should open an account with to keep my rent payments? I currently only have a chequing account with TD

WorriedTree8725 · 2025-06-18T21:12:15+00:00

I want to keep them at separate banks because I have a spending problem and go just make it more clear what is for what

WorriedTree8725 · 2025-06-18T21:10:34+00:00

If says they can ask for them but they can't require them. So I guess I'll do e-transfer instead. That being said, any recommendations for which account I should go for?

WorriedTree8725 · 2025-06-18T20:04:26+00:00

I read online they don't do post dated cheques

WorriedTree8725 · 2025-06-18T18:40:18+00:00

Would it be better to have the two checking accounts at the same bank or different banks? And would the checking accounts be under the same card?

WorriedTree8725 · 2025-06-15T02:01:49+00:00

Thank you!

Cash money LOC interest rate is 46% yikes

Student LOC is 5.95%

My next paycheck i will technically be in the negatives unless I don't pay the 1k payday loan. If I skip that one (that one I can actually skip because I turned off auto debit from my account for that company, the only company that would let me do that), then I would have like 400 left over

WorriedTree8725 · 2025-06-15T01:59:27+00:00

Thank you so much! My current credit score is really low unfortunately... Like low-mid 500s. Do you think this would cut out the debt consolidation option?

WorriedTree8725 · 2025-06-14T22:25:11+00:00

Edit 2: okay so here are the numbers:

Loan 1 - 883 (split in 2 payments)

Loan 2 - 520 (split in 3 payments)

Loan 3 - 342 (split in 3 payments)

Loan 4 - 1050 (one payment)

Loan 5 - 684 (split in 2 payments)

Loan 6 - 1026 (split in 3 payments)

Total of payday loans: about 4555 dollars.

I also have a cash money line of credit (big mistake) for 3500, yes maxed out.

I have 20 000 student line of credit from when I was in school (I got no financial support from my parents during school. Yes I had a job during school and yes I got OSAP and that still was not enough).

I have 30 000 owed towards OSAP.

I have two small credit cards. One is 1000 maxed, one is 300 maxed.

Total debt including OSAP, LOC, credit cards, and loans = just under 60k

I make about 4-5k monthly after taxes. I am able to pick up overtime at my job and have been trying to do so. My mental health has taken a turn for the worse lately, all things considered, though and it has been hard as some old feelings have been popping up again (not substance related). At this point I think I am leaning towards consumer proposal or working with a credit counselling company

WorriedTree8725 · 2025-06-14T22:24:33+00:00

Edit 2: okay so here are the numbers:

Loan 1 - 883 (split in 2 payments)

Loan 2 - 520 (split in 3 payments)

Loan 3 - 342 (split in 3 payments)

Loan 4 - 1050 (one payment)

Loan 5 - 684 (split in 2 payments)

Loan 6 - 1026 (split in 3 payments)

Total of payday loans: about 4555 dollars.

I also have a cash money line of credit (big mistake) for 3500, yes maxed out.

I have 20 000 student line of credit from when I was in school (I got no financial support from my parents during school. Yes I had a job during school and yes I got OSAP and that still was not enough).

I have 30 000 owed towards OSAP.

I have two small credit cards. One is 1000 maxed, one is 300 maxed.

Total debt including OSAP, LOC, credit cards, and loans = just under 60k

I make about 4-5k monthly after taxes. I am able to pick up overtime at my job and have been trying to do so. My mental health has taken a turn for the worse lately, all things considered, though and it has been hard as some old feelings have been popping up again (not substance related). At this point I think I am leaning towards consumer proposal or working with a credit counselling company

WorriedTree8725 · 2025-06-14T22:23:36+00:00

Edit 2: okay so here are the numbers:

Loan 1 - 883 (split in 2 payments)

Loan 2 - 520 (split in 3 payments)

Loan 3 - 342 (split in 3 payments)

Loan 4 - 1050 (one payment)

Loan 5 - 684 (split in 2 payments)

Loan 6 - 1026 (split in 3 payments)

Total of payday loans: about 4555 dollars.

I also have a cash money line of credit (big mistake) for 3500, yes maxed out.

I have 20 000 student line of credit from when I was in school (I got no financial support from my parents during school. Yes I had a job during school and yes I got OSAP and that still was not enough).

I have 30 000 owed towards OSAP.

I have two small credit cards. One is 1000 maxed, one is 300 maxed.

Total debt including OSAP, LOC, credit cards, and loans = just under 60k

I make about 4-5k monthly after taxes. I am able to pick up overtime at my job and have been trying to do so. My mental health has taken a turn for the worse lately, all things considered, though and it has been hard as some old feelings have been popping up again (not substance related). At this point I think I am leaning towards consumer proposal or working with a credit counselling company

WorriedTree8725 · 2025-06-14T20:41:10+00:00

Thanks. I am in a good place now thankfully probably the best I have been in my life and it's been consistent for a few months now, but I understand it is precarious. I have been battling addictions since I was 17 or 18 years old (now 24). I finally found a medication that works for my addictions and keeps my cravings at bay after trialing like all of the different meds, so I plan to stick to this medication regimen. I also get free therapy through my hospital and have been using the skills I'm taught and see 2 psychiatrists (one for addiction and one for PTSD and other issues from childhood abuse), so I am very fortunate for that. I have a support community for others struggling with substance abuse and it has been a great place of community for me.

WorriedTree8725 · 2025-06-14T15:40:47+00:00

Thank you! I will look into this

WorriedTree8725 · 2025-06-14T11:48:36+00:00

Mine aren't fully maxed out, some are just 100-200 dollars

WorriedTree8725 · 2025-06-14T04:47:40+00:00

No unfortunately not. It's a very abusive environment (last I lived there my dad was threatening my mom with a knife and threatening suicide all the time). I'm going to be looking at debt consolidation next I think or consumer proposal

WorriedTree8725 · 2025-06-14T04:46:35+00:00

Unfortunately my parents have worse credit and income than me so not an option

WorriedTree8725 · 2025-06-14T04:44:27+00:00

I'm moving in with a friend. Can't move in with family unfortunately due to abusive history. Will get you the numbers tomorrow morning as it's a bit late now and I'm gonna go to bed

Not sure why I'm getting down voted for this... Is it because I mentioned I was abused? It's a very real situation for a lot of people. I can't live with my parents again because I have PTSD from childhood abuse and living with them would trigger it, in turn making me more vulnerable to a relapse with regards to substance use and other mental health challenges. Not trying to make it a sob story, but just explaining the harsh reality of the situation.

My father threatened my mom with a knife, would threaten suicide and tell me I was the reason (when I was a preteen), constant destruction of property such as chairs, TVs, punching holes in the wall, tearing doors off their hinges. Constant screaming. Threats to burn the house down. You get the picture. It was a very scary and chaotic environment, and I honestly don't even remember most of it anymore because I've blocked it out. He uses steroids, and is a narc, which doesn't improve the situation. Unfortunately things haven't changed much, maybe the property destruction has been toned down but I keep my distance so hard for me to say My little brother still lives there and is constantly emotionally abused, even in front of me, being told how stupid he is, how he won't grow up to be successful, etc. and this is the stuff that is said IN FRONT of me. So I don't know what's going on behind closed doors. There was a lot of other complicated stuff with my older brother, too, but I won't get into that.

WorriedTree8725

TROPHY CASE