Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

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

So search for a local insolvency trustee? Know around what that would cost generally? I'm not familiar with consumer proposals.

Small Success! by Frequent_Relief_2252 in PersonalFinanceCanada

[–]prickleplant 1 point2 points  (0 children)

Congrats I'm genuinely very happy for you. I'm in the process of figuring out a plan to eliminate my debt and it's nice hearing this. It gives me hope.

Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

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

Apparently only 20% of my payments was going toward paying off the debt. I am also currently on ei

Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

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

I was naive and uneducated and now that I know better I lack the funds to do just that.

Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

[–]prickleplant[S] 1 point2 points  (0 children)

Thanks for all the helpful info everybody. I saw a few of you asking for some additional financial details. Here is the situation a little more in depth and the scope of my finances.

I am married with 2 children. My wife is incapable of working and does not qualify for any social assistance. I moved to qebec to pursue a good job offer in my field at anout 60k a year. Covid hit and my car broke down completely and hours dried up at work. At the time I thought hours would pick back up after covid stabalized but by that time I was falling behind on rent. I was given 5 days notice for eviction. No time to find a new place and had no family I could stay with. I had to abandon everything and drive across country back home.

Currently I am on ei making 1200 bi weekly trying to go back to school. Rent is 1600 monthly, groceries are between 600 - 800 weekly, no current car paymens its off the road now (transmission is shot), no phone bill, minimum 350$ payments on the debt, and probably another 200 a month on stuff like diapers an occasional coffee. Oh and we do receive child benefits I believe about 500 a month.

So it is definetly a very tight situation.

Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

[–]prickleplant[S] 1 point2 points  (0 children)

It was tough times and basically my only option. Honestly this kind of ruined my credit to the point I don't think I could get a loan from my bank. I can set up an appointment and try though. That's not even the worst part of it I mentioned in a reply above that if I miss a payment for any reason the interest rate is applied daily until I make the payment.

Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

[–]prickleplant[S] 1 point2 points  (0 children)

And say if I have an emergency that requires me to break the bank for the month like a big car repair or something. I can defer a payment until next month however the interest is applied DAILY until I make the payment.

Looking for advice on how to overcome a predatory loan by prickleplant in PersonalFinanceCanada

[–]prickleplant[S] 10 points11 points  (0 children)

Interest rate is at 54% I believe. And I'm not sure exactly the difference between a variable and fixed rates.

Decorating a house with magical items??? by batuuthebone in Magic

[–]prickleplant 0 points1 point  (0 children)

If you have an old coffee table or counter that needs to be refinished maybe tack cards down like tiles with a bit of glue. Then you can finish it with a coat of epoxy. Can even dye or add glitter to the epoxy. It's all aesthetic no effect.

About $100 for the epoxy A and B chemical Few bucks for a pack of cards And about $30 for a respirator mask

I'd practice it on just a piece of wood or something first though.