*DEBT* STRESS...FM Resident - should I do a consumer proposal?

[LunaMD]

DEBT...DEBT....and more DEBT! 

I am  a FM at UBC with ALOT of DEBTS...and almost at the end of my LOC. I feel out of options and extremely stressed. 

I wanted everyone opinions on a consumer's proposal? Essentially, proposing a debt settlement agreement to the bank (decreasing your overall debt and monthly payments).

However, a consumer proposal would decrease my credit rating/score enormously (you become an R7 until you pay off your debt, then R5 for 3 years after you repaid the debt) and I would lose my LOC. 

Is anyone else feeling stressed about their debts? Almost at the end of the LOC? How are you managing financially? Anyone else considering a consumer proposal?

Any help is appreciated! 

[hero147]

Are you in your first year or second year of residency? Do you have any dependents? are you still drawing from your LOC during residency? If you still are, I would recommend speaking with your bank to increase the size of your LOC until you're staff and then paying it off accordingly. 

 

 

[LunaMD]

Hi Hero147, 

I am still drawing from my LOC during residency and have no dependents.

I asked the bank to increase the size of the LOC, however they said that is not a possibility at the moment...

 

[blah1234]

Can you elaborate more on your monthly expenditures? Is there no way at all to reduce your cash outflow?

[JohnGrisham]

1 hour ago, LunaMD said:

Hi Hero147, 

I am still drawing from my LOC during residency and have no dependents.

I asked the bank to increase the size of the LOC, however they said that is not a possibility at the moment...

 

We need more information. What is causing your debt to be so high? No dependents, so its your own individual costs... help us with more clarity, and we can help provide better guidance! Sorry things arent going so well