Real Life Stories: Lost Job and $40,000 in Credit Card Bills About to Roll In
John Doe (name has been changed for privacy) was working for a major Canadian company making a good salary – and then he lost his job.
This would have been hard enough, but he hadn’t been expecting the loss, and he had $40,000 in credit card bills.
He came to us at Fuller Financial Solutions and we helped him get out of debt. Here’s how it happened.
“I was working for a major Canadian company, making good money in the manufacturing department. My family had recently gone on vacation, I had bought presents for the holidays, and I had purchased a used car for my son. All of which had gone on my credit card. And then I lost my job.
“It was a sudden announcement. Restructuring. Downsizing. I was out. Although I received a severance package, it was only enough to get me through temporarily — not to deal with any additional expenses. I knew that I had to look for a new job, but my credit card bills were coming due sooner than I could find one.
“I logged into my bank accounts and looked at all of my credit card statements. I hadn’t realized it, but over the previous months I had racked up about $40,000 in debt. This would have been hard to deal with before, but now it seemed impossible.
“I didn’t know what to do. I didn’t want to stress out my wife. I didn’t want to lose our house or our car. I had my children to think about. I had never worked in finance. I wasn’t sure what my options were.
“My cousin had run into some money problems a couple years earlier. I gave him a call, just to ask what he’d done, get some ideas. He told me that he had called a local financial consultant in Scarborough. Specifically, Fuller Financial Solutions.
“At first I was a little skeptical. I didn’t want someone judging me for charging up $40,000 or making me feel even worse for losing my job without having a plan. I was also worried that other people would find out what was going on. I was trying to make it seem like everything was okay for my wife and kids, but inside I was struggling.
“My cousin told me it hadn’t been like that. When he called Fuller Financial Solutions, they were really nice and easy to talk to. They went through all of his options and he never felt ashamed or pressured to choose a solution. He said it was worth giving them a call just to see what choices I had and if I didn’t like what they had to say, I could go somewhere else.
“So, I called them. And I couldn’t be happier that I did.
“When I spoke with Fuller, they told me everything would be confidential. They looked at all of my available options and walked me through the pros and cons.
“It turned out that I had some equity available in my home, enough to cover my credit card bills. Fuller Financial helped me arrange for mortgage refinancing to access that equity and deal with my debt for good. They also helped me make a new budget to get through until I found a new job.
“It was a hard time in my life, but Fuller Financial Solutions made it a lot easier. With them on my side, I got through and now am doing better financially than ever before. And I know that if I ever do get into trouble again (knock on wood!) I can count on them to help me out.”
Create your own real-life financial case study today. Contact us at Fuller Financial Solutions for a free consultation.
Call 416-927-7200 or visit www.fullersolutions.ca.