John’s interest payments were reduced to $0.00
Pretending your debt problems don’t exist only makes things worse. Morataya Debt Solutions can negotiate with your creditors to reduce your debt.
John’s financial troubles started after he lost his job for about 6 months. More money was going out than coming in.
John was relying on credit cards, lines of credit and overdraft to pay for his everyday needs such as rent, groceries, transportation, phone bill and much more.
His debt inflated from $12,000 up to $48,000 in 2 years. He was paying $800 a month just in interest. Even if he paid back $1,000 a month, it would take him more than 15 years to pay off the debt.
John came to see us for help. We negotiated with John’s creditors to stop charging him interest through a consumer proposal.
The interest payments per month went from $800 to $0 (yes, zero).
At that point, all his payments went to pay off the principal instead of the interest.
The principal was then reduced from $48,000 to $14,400.
He paid off the total amount of his debt in 2.5 years.
Imagine what you can do with an extra $1,000 dollars a month. Just think of all the goals you want to achieve and how your family will benefit.
Acting early is the best strategy. If more than 20 percent of your take home pay is going towards consumer debt, such as credit cards or lines-of-credit, you are headed towards financial trouble. This is the time to seek professional advice from a Licensed Insolvency Trustee.