My Debt Repayment Success Story
Below is a debt repayment success story from our client Mary* who overcame great obstacles to pay off her debt. Her determination and persistence paid off and she is now debt free!
I have worked most of my life and was quite comfortable earning a full time wage. In 2007 I was diagnosed with seizures (epilepsy). This diagnosis was tough news to receive because it impacted my health seriously. It also impacted all other areas of my life as well.
To sum up my experience, I suffer from partial seizures, which means I move around, babble, make repetitive movements, etc. At the time of my diagnosis, I had just purchased a condo so I had a mortgage, plus a couple of credit cards with balances of several thousand dollars. After being diagnosed, I was informed that I could no longer work, drive a car, should not live alone, have glass top tables and many other things which severely altered my life. I went from a steady income of approximately $50,000 per year to $12,000 in the blink of an eye when I was put on disability income.
I was stunned and shaken as to how I was going to manage mortgage payments and utility bills in addition to credit card debt. In essence, I was officially broke. So, as well as to having to deal with a devastating health blow, my finances were threatened too. Talk about stress. I didn’t know how I was going to manage.
I tried my best for a while, but with bills continuing to come in and my income seriously reduced, it was only a matter of time before I was in over my head. It was hard to take, as I’d always been good managing my money before, but this diagnosis turned my life upside down. You try your best, but sometimes life events sideline you and it’s hard to get back on your feet.
I started getting delinquency notices from these credit card companies and I was devastated. I seriously didn’t know how I was going to pay my credit card bills. I’d always been responsible with my credit and had been proud to maintain a good credit score.
Just when I felt like I was running out of hope, I saw a television commercial for Consolidated Credit and decided to contact them to see what they could do for me. Consolidated Credit got in touch with my creditors and explained my situation; the plan was that Consolidated Credit would take over my debt and have me make monthly payments to them. They would be responsible for distributing my payments to the creditors in order to pay off my debt. I was overjoyed that they were able to assist me with this onerous task and I started making payments to Consolidated Credit right away.
Although my credit cards were cancelled as part of my program, with all the stress I suffered after my diagnosis figuring out how I was going to pay my bills, I am more than happy to turn to a cash only lifestyle.
Another benefit of my debt repayment program was that Consolidated Credit also arranged for interest on my credit cards stop accumulating; credit card interest rates are so exorbitant, that if you aren’t paying off your credit card debt entirely every month, you can expect it will catch up with you and put you in a no win situation. Through my debt management program, I only had to pay back the outstanding balance without compounding interest, which gave me breathing room, the chance to repay my debt and get back on my feet, ready to move forward in a positive way.
My credit counsellor also helped me learn about budgeting and about the importance of putting aside savings in the event of an emergency. You should also consider unforeseen circumstances such as illness or loss of employment, which was my experience, as your life can change in an instant, and you can be in serious financial trouble.
I’m happy to say that with my hard work and support from Consolidated Credit, over the next few years, I paid off my credit card debt and am now debt free. What a wonderful place to be!
I would recommend Consolidated Credit to anyone who is facing financial hardship. I’m so glad I contacted them and asked for their assistance in paying off high interest debt on a monthly basis and I hope that others can become debt-free too. This organization is a not-for-profit company that uses much of its earnings to focus on you, the client and getting you the help that you need, which is different from some other debt management companies. On top of the benefits to your finances, there is nothing that compares to the feeling of having no debt after suffering from so much stress worrying about if I would be able to stay afloat. It is wonderful and freeing.
*Name changed for privacy purposes.