How Ronald Reduced His Debt Without Putting His Home or Investments at Risk
Ronald* had accumulated $68,000 in credit card and line of credit debt. After being declined for both a consolidation loan and a second mortgage, he turned to a consumer proposal, reducing his debt to $54,900 while keeping all of his home equity and protecting his investments.
*name changed for anonymity
Safe, secure & confidential
TOTAL DEBT
$68,000
Credit cards & lines of credit
AMOUNT ACCEPTED
$54,900
20% reduction in total debt
MONTHLY PAYMENT
$910
Over 60 months, 0% interest
Ronald cut $13,100 from his debt, protected his home equity and investment accounts, and now has a fixed monthly payment and a clear five-year plan to be debt-free.
Client profile
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Age: 50s
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Province: Manitoba
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Employment: Employed full-time, labourer
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Family: Married, one child, household of three
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Homeowner: Yes
The situation
Ronald, working full-time at 50 years old as a labourer, came to Harris & Partners after years of unsecured debt that simply wouldn’t shrink. A married homeowner, with a young family to support, Ronald had built up $68,000 in debt over about five years, split between credit cards ($35,000) and lines of credit ($33,000).
Unlike many people who reach out to us, Ronald wasn’t behind on his bills; he had kept up with his minimum payments throughout. But despite paying every month, his balances weren’t going down. He tried to get ahead of it by applying for a debt consolidation loan and looking into a second mortgage on his home, but he was declined for both. With no realistic way to make a dent in what he owed, Ronald realized he needed a more decisive solution.
Why did he choose a consumer proposal?
Ronald looked into several possible solutions before deciding on a consumer proposal, including debt consolidation, an informal arrangement with his creditors, credit counselling, and bankruptcy. Protecting what he had built mattered to him. He didn’t want to risk his real estate or his investment accounts, and bankruptcy didn’t feel necessary or like the right fit for his situation. With a steady, full-time income, he had what he needed to make a fair offer to his creditors. A consumer proposal allowed him to do exactly that, meaningfully lower his debt and ease the strain on his monthly budget, all while keeping his home equity and investments fully protected.
What this meant for Ronald
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Debt reduced from $68,000 to $54,900: a saving of $13,100
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Fixed monthly payment of $910 over 60 months at 0% interest
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Full protection of his home equity and investment accounts
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No bankruptcy on record, and a clear five-year plan to become debt-free
Ronald’s path to debt relief
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14 November
Ronald completed his initial consultation with one of our Licensed Insolvency Trustees.
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2 December
We filed Ronald’s Consumer Proposal, and a stay of proceedings immediately took effect. Ronald began making his $910 monthly payments, which we held in trust while his six creditors reviewed the offer.
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16 January
Ronald’s creditors held a vote, and all six accepted without objection. The payments he had made since December were applied directly to the agreed amount of $54,900, and Ronald continues on his path to becoming debt-free.
The outcome
For Ronald, the real win wasn’t only the lower balance; it was knowing his home and his family’s financial stability were never at risk. By choosing a consumer proposal over bankruptcy, he was able to protect the equity in his house and keep his investment accounts untouched, all while still meaningfully cutting down what he owed.
With a fixed $910 monthly payment, no interest, and five years to the finish line, Ronald now has something he didn’t have before — a realistic plan that fits his income, protects what matters most to his family, and gives him a defined date to be debt-free.
"If I had known about consumer proposals, I would have called Harris & Partners sooner."
— Ronald, Manitoba
Key case details
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Debt type: Credit cards ($35,000), lines of credit ($33,000)
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Number of creditors: 6
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Debt accumulated over: at least 5 years
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Proposal term: 60 months at 0% interest
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Creditor vote result: Automatically accepted
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Total debt forgiven: $13,100 (20% of original balance)
Example Savings With Harris & Partners Debt Relief
Your Potential Debts:
Your monthly repayments over a 60-month period would be
Before Help
$1409
After Help
$210
Monthly payments are determined based on individual financial factors
How much Could I Save
Why choose us for consumer proposals in Canada
Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.
Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.
Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.
Still unsure?
It’s never too late to get help with your debt. Book a free, no-obligation consultation with our Licensed Insolvency Trustees in Canada to get started.
Most people feel anxious before calling. That’s completely normal. You’re not alone!
Contact information
It’s never too late to obtain debt help. Book your free consultation today
It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 800-268-8093
- hello@harrispartners.ca