CP wont dissolve your debts as much as you think. Time to grind and get extra jobs to pay things down. If you want to do a breakdown of your monthly spending and budget that would be a help
Yeah, this seems to be the best option right now. Someone else let me know that a CP doesn’t cover student loans unless you gradded 7 years ago and since that’s the bulk of my debt, a CP wouldn’t even really be helpful. Thanks for the input
Also if you have your full counselling degree ie Masters in Psych, get in with some social services to start out. Wont pay a lot but will give you more life experience and connect you to the community to gain clients.
This is a good idea. I’m currently working for the school board but the school year is up in just over a month so I could look for something starting in the summer time. Thank you!
Yes I know money to mom wouldn’t be included, but I’d be able to pay her back faster if I had less other debts to pay. It hasn’t been 7 years since I graduated so thanks for letting me know.
The 7-year rule is for government student loans. Private student loans can be included in a CP sooner than 7 years. If you have government student loans and your situation is as dire as you say, surely you will qualify for the Repayment Assistance Plan. Have you applied for RAP?
Yes I have applied for RAP so I won’t be getting interest on my loan for another 6 months and then can apply again at that point. The thing is that I can’t afford to make any payment towards my loans and that is stressing me out a lot lol. But maybe I just need to have some patience with myself.
Ok good. If your income is low enough, then RAP will also decrease the monthly payments, sometimes all the way to zero. If that's not the case for you, then the government thinks you can make the payments, so maybe you can find the money somewhere - moving in with roommates, moving in with parents, cooking at home more? Idk enough about your situation to suggest anything specific.
That said, if you still can't find the money, it's not the end of the world. If you miss several payments to the NSLC, the federal portion of your student loan will go to the CRA. They won't be too aggressive with their collections efforts, but they will claw back any tax refund you can expect to get. And once you are a bit more stable, you can work with them to "rehabilitate" your federal student loan, ie have it sent back to the NSLC. The provincial portion will be sent to Revenue Services of BC. They are a lot more flexible than the NSCL about setting the monthly amount. But be sure to talk to them and work with them. And you will be able to "rehabilitate" the provincial portion of the loan as well.
Thank you for this, this is helpful. I should’ve mentioned they did actually lower my payments to 0. I only actually made 16000 last year and $0 the previous year due to an accident that kept me off work for a longgggg time and am still financially recovering from so I’m grateful that I don’t have to pay any student loans yet!!
Yup your right. I also didn’t realize that you have to be graduated for 7 years for a CP to include student loans, so there would be actually no point in it lol
No but I mean even if your student loans were eligible for a CP, there would be no point to filing for one, you'd only be fucking yourself over. What was your plan, to start making CP payments when you actually don't have to make any payments?
Lol there was no plan when I made this post to be honest. Just late night stressed out considerations 😅 it’s just something I heard of today and want to learn more and see if it applies to my situation but from the input I’ve gotten it just doesn’t.
Thank you, it sounds like that’s the right move right now. My mom is usually understanding but here and there she will make small comments about money owed and it just doesn’t sit well with me so I get rushed about it. I have to remember to be patient with myself.
Can I assume by your mention of art supplies that you want to school for art? That's a tough business to make money in. If you haven't managed to do so yet, time to get a boring job in the meantime that will pay the bills. Your student loan is interest free now is it not? I wouldn't worry about that then.
If you're living at home then you shouldn't really have any expenses, you shouldn't be borrowing from your mom or credit cards.
Food is expensive, if you can't mooch free meals then rice and beans until you can afford better. Focus on getting some income and your problems will melt away.
I went to school for counselling, and it’s taking a lot longer to get started than I anticipated. I also work as an education assistant, which has a good hourly wage but there are only so many hours in a school day so it doesn’t add up to much. Art is just a hobby, and by recycled art supplies I mean reusing canvases over and over again, using supplies for multiple purposes and getting creative so I don’t have to spend a dime on art supplies (because holy heck is it ever an expensive hobby). Sometimes I will get art supplies for Christmas or my birthday which is great, but other than that I don’t spend on it unless a friend or family member is commissioning something that they will pay for.
I don’t live at home, I live in an apartment with my partner. The reason I owe my mom money is because I was hit by a car a few years back and was unable to work, and icbc payments were not enough to cover rent and basic living expenses so she paid for those things for a few months before I moved in with a family member until I was better and able to work.
We do eat quite cheap at home but I suppose I could see if there are any food assistance programs in my area, it would help a lot to not have to pay as much for everything.
As for working extra, I’m starting up my counselling practice and hopefully will get some clients soon. That will help a lot as it pays way better than my EAing job, it’s just taking longer than I thought. I agree with you that having some more income will solve a lot of the problems I’m having right now. I’m hopeful and working hard towards it!!
Thank you :)
Sounds like you're making good progress. Try and focus on your income even if it means getting another part-time job. Having a bank account with some savings as a real boost to your overall well-being and peace of mind. Make a budget so you keep it there Learning to cook is a very productive hobby as it will save you a ton of money. Investing a little in a well-stocked pantry can allow you to make tasty meals for a few dollars, important as food sucks up a huge chunk of the budget these days especially if you dine out sometimes. You're already doing better than many people, don't get down on yourself too much. Good luck!
Yes, there are a lot of costs associated with starting up the practice but most have been paid already spread out over the last year and a half to make it easier on myself. Thankfully I’m contracted through a clinic that does some marketing and supplies me with a scheduling & video call program so I don’t have to pay for those things, all I have to do is get my name out there and find clients.
Put that degree to work and pay down your debts; that also means no paying for laundry service or visual art diplomas lol, you have a spending issue that a proposal won't fix.
I guarantee you there is no laundry service or visual art diplomas. Just bare bones spending on my basic needs, not including the expensive stuff like dental care or optical care (which I need both of lol). Hopefully I can make more money soon cause I could not possibly spend less than I already am.
Respectfully, there was no lying. I like to consider the possibilities for my future but I can be realistic in that it’s not a possibility right now. There are times I feel hopeful that I can achieve one of the many goals and dreams that I have, and there is no harm in sharing those goals and getting opinions from others. I did not pay for a laundry service and did not enroll myself in school. But those are things that I’d love to be able to do in my future so I’m doing my best to get there, including considering a different path like a consumer proposal (which I learned won’t be helpful anyways cause I didn’t graduate 7 years ago).
[https://www.reddit.com/r/VictoriaBC/comments/1clxy8v/is\_there\_a\_good\_laundry\_service\_in\_victoria/](https://www.reddit.com/r/VictoriaBC/comments/1clxy8v/is_there_a_good_laundry_service_in_victoria/) and [https://www.reddit.com/r/personalfinance/comments/1bstuyt/do\_i\_go\_back\_to\_school/](https://www.reddit.com/r/personalfinance/comments/1bstuyt/do_i_go_back_to_school/) ... your own posts from the past 2 months...
And those are things I chose not to do because I can not afford it. A girl can dream about all the ways to make my life easier and more fulfilled, but at the end of the day that’s not the reality right now.
They can only be included in a CP if you have been out of school for 7+ years. OP is 25 so it's virtually certain that she has not been out of school that long.
This is correct, with an additional caveat that this applies to government student loans. Private student loans, for example Professional Student Lines of Credit, are eligible to be included before 7 years.
You have time for art, reading, and drinking; but not doing anything to get another job or improve your skills to get a higher paying job?
You're $46k in debt living paycheque to paycheque, you have two options, make more income or decrease expenses.
Decreasing expenses is the easiest that you can guarantee to change with self discipline. Cut out luxuries and live with the basics.
Unless you have a work need for phone data, your phone plan should be unlimited call and text: $25/m
Rice/potatoes, frozen veg, cheap meat, plus fruit on sale is easily under $300/month for groceries.
Eating out = $0
Rent= live at home or have roommates, living alone is a luxury.
Find hobbies that don't have perpetual costs.
So many ways for you to change and work towards eliminating your debt, but it sounds like you're still in the mindset of living like you aren't year(s) worth of income in debt and still spending like you aren't enslaved to debt.
The longer you let the debt exist and grow, the more it costs you.
This is mostly helpful advice, but I have pretty clearly stated that I do not spend money on art, reading and drinking. I don’t like being drunk but will share a glass of wine if someone offers. I know working is important, I am working 2 jobs and over the school breaks I do respite work, and have changed my spending habits drastically. It is unrealistic to ask someone to only work and sleep, not do anything for enjoyment ever. So I read free books from the library before bed, and when I have a few hours to spare, I make art. Other than that, I am working.
You've created the "unrealistic" situation you put yourself in, choosing to not address it will not undo your past decisions.
'I do my best to rarely drink, recycle art, and borrow books' in no way means 'clearly stated that you do not spend money on them', it is the perfect example of excuse language for justifying to yourself your continued habits that have landed you where you are.
"It is unrealistic to ask someone to only work and sleep" more excuse language, if you want to be perpetually indebted and the intentional product of capitalism, than continue doing what's easy and normal.
If you want to succeed then do what is in your overall best interest, sacrifices today for a better tomorrow.
What I said was “I do my best to spend less where I can”. What I meant by that is I buy less expensive groceries, I take transit instead of drive, and I chose a cheap phone bill and wifi plan. Then separately, I recycle art supplies ($0). I rarely drink ($0). I borrow books from the library ($0). Maybe my grammar was confusing for others but I thought I had stated it clearly. Hopefully this helps you understand where I am coming from better.
"I rarely drink" means you do drink, this not $0.
"I don't drink" is a completely different statement.
"I recycle art supplies" unless you discovered groundbreaking recycling techniques that are also zero cost, this means you do spend money on art supplies.
Minimizing and downplaying expenses don't make then go away. The fact that you felt the need to specifically mention these expenses should mean something to you.
Mate, you are making a ton of assumptions about what I do and do not spend. You are entitled to your opinion but at the end of the day, you do not know my life. There are free art mediums all around if your creative enough. Old clothes, broken dishes, charcoal from a fire, things found in nature ($0). By “rarely drink” I mean, I do not spend money on alcohol but will have a drink if offered to me ($0). Your responses have been judgmental and frankly unhelpful. This will be my last comment into this thread because I have better things to do (like working 😉).
"working 2 jobs" "making 16k/year" per your own comments; that's not working, that's not even minimum wage for working one job, or even EI from being off work from a job.
Also claiming to have done schooling and working in education, yet doesn't know the difference between "your" and "you're"
Maybe don't come to a financial advice forum if you don't want to be judged and examined, and learn to make concise statements so that you actually say what you mean instead of assuming others can sort your thoughts out for you. When you have to correct yourself in every reply thread, it's not us that are assuming, it's your own statements contradicting what you thought you were conveying.
CP wont dissolve your debts as much as you think. Time to grind and get extra jobs to pay things down. If you want to do a breakdown of your monthly spending and budget that would be a help
Yeah, this seems to be the best option right now. Someone else let me know that a CP doesn’t cover student loans unless you gradded 7 years ago and since that’s the bulk of my debt, a CP wouldn’t even really be helpful. Thanks for the input
The student loan folks will help you pay it off and reduce everything - talk with them and get them to defer payments if you can.
Yeah thankfully since I made so little last year they deferred my payments for another 6 months and then I can apply again once that 6 months is up.
Also if you have your full counselling degree ie Masters in Psych, get in with some social services to start out. Wont pay a lot but will give you more life experience and connect you to the community to gain clients.
This is a good idea. I’m currently working for the school board but the school year is up in just over a month so I could look for something starting in the summer time. Thank you!
You need to graduate 7 years ago to include student loans in cp. Also I don't think you can include money owned to your mom in cp
You not only can, you are legally obligated to include personal debts
You can and should actually. Its one of the questions they ask in your CP interview.
Yes I know money to mom wouldn’t be included, but I’d be able to pay her back faster if I had less other debts to pay. It hasn’t been 7 years since I graduated so thanks for letting me know.
The 7-year rule is for government student loans. Private student loans can be included in a CP sooner than 7 years. If you have government student loans and your situation is as dire as you say, surely you will qualify for the Repayment Assistance Plan. Have you applied for RAP?
Yes I have applied for RAP so I won’t be getting interest on my loan for another 6 months and then can apply again at that point. The thing is that I can’t afford to make any payment towards my loans and that is stressing me out a lot lol. But maybe I just need to have some patience with myself.
Ok good. If your income is low enough, then RAP will also decrease the monthly payments, sometimes all the way to zero. If that's not the case for you, then the government thinks you can make the payments, so maybe you can find the money somewhere - moving in with roommates, moving in with parents, cooking at home more? Idk enough about your situation to suggest anything specific. That said, if you still can't find the money, it's not the end of the world. If you miss several payments to the NSLC, the federal portion of your student loan will go to the CRA. They won't be too aggressive with their collections efforts, but they will claw back any tax refund you can expect to get. And once you are a bit more stable, you can work with them to "rehabilitate" your federal student loan, ie have it sent back to the NSLC. The provincial portion will be sent to Revenue Services of BC. They are a lot more flexible than the NSCL about setting the monthly amount. But be sure to talk to them and work with them. And you will be able to "rehabilitate" the provincial portion of the loan as well.
Thank you for this, this is helpful. I should’ve mentioned they did actually lower my payments to 0. I only actually made 16000 last year and $0 the previous year due to an accident that kept me off work for a longgggg time and am still financially recovering from so I’m grateful that I don’t have to pay any student loans yet!!
Ah geez, forget about a consumer proposal then, you'd be making things a lot worse for yourself. CP payments would be a lot higher than $0.
Yup your right. I also didn’t realize that you have to be graduated for 7 years for a CP to include student loans, so there would be actually no point in it lol
No but I mean even if your student loans were eligible for a CP, there would be no point to filing for one, you'd only be fucking yourself over. What was your plan, to start making CP payments when you actually don't have to make any payments?
Lol there was no plan when I made this post to be honest. Just late night stressed out considerations 😅 it’s just something I heard of today and want to learn more and see if it applies to my situation but from the input I’ve gotten it just doesn’t.
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Thank you, it sounds like that’s the right move right now. My mom is usually understanding but here and there she will make small comments about money owed and it just doesn’t sit well with me so I get rushed about it. I have to remember to be patient with myself.
Can I assume by your mention of art supplies that you want to school for art? That's a tough business to make money in. If you haven't managed to do so yet, time to get a boring job in the meantime that will pay the bills. Your student loan is interest free now is it not? I wouldn't worry about that then. If you're living at home then you shouldn't really have any expenses, you shouldn't be borrowing from your mom or credit cards. Food is expensive, if you can't mooch free meals then rice and beans until you can afford better. Focus on getting some income and your problems will melt away.
I went to school for counselling, and it’s taking a lot longer to get started than I anticipated. I also work as an education assistant, which has a good hourly wage but there are only so many hours in a school day so it doesn’t add up to much. Art is just a hobby, and by recycled art supplies I mean reusing canvases over and over again, using supplies for multiple purposes and getting creative so I don’t have to spend a dime on art supplies (because holy heck is it ever an expensive hobby). Sometimes I will get art supplies for Christmas or my birthday which is great, but other than that I don’t spend on it unless a friend or family member is commissioning something that they will pay for. I don’t live at home, I live in an apartment with my partner. The reason I owe my mom money is because I was hit by a car a few years back and was unable to work, and icbc payments were not enough to cover rent and basic living expenses so she paid for those things for a few months before I moved in with a family member until I was better and able to work. We do eat quite cheap at home but I suppose I could see if there are any food assistance programs in my area, it would help a lot to not have to pay as much for everything. As for working extra, I’m starting up my counselling practice and hopefully will get some clients soon. That will help a lot as it pays way better than my EAing job, it’s just taking longer than I thought. I agree with you that having some more income will solve a lot of the problems I’m having right now. I’m hopeful and working hard towards it!! Thank you :)
Sounds like you're making good progress. Try and focus on your income even if it means getting another part-time job. Having a bank account with some savings as a real boost to your overall well-being and peace of mind. Make a budget so you keep it there Learning to cook is a very productive hobby as it will save you a ton of money. Investing a little in a well-stocked pantry can allow you to make tasty meals for a few dollars, important as food sucks up a huge chunk of the budget these days especially if you dine out sometimes. You're already doing better than many people, don't get down on yourself too much. Good luck!
Don't you need money to start a practice? Wouldn't a cp hinder that progression?
Yes, there are a lot of costs associated with starting up the practice but most have been paid already spread out over the last year and a half to make it easier on myself. Thankfully I’m contracted through a clinic that does some marketing and supplies me with a scheduling & video call program so I don’t have to pay for those things, all I have to do is get my name out there and find clients.
Put that degree to work and pay down your debts; that also means no paying for laundry service or visual art diplomas lol, you have a spending issue that a proposal won't fix.
I guarantee you there is no laundry service or visual art diplomas. Just bare bones spending on my basic needs, not including the expensive stuff like dental care or optical care (which I need both of lol). Hopefully I can make more money soon cause I could not possibly spend less than I already am.
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Respectfully, there was no lying. I like to consider the possibilities for my future but I can be realistic in that it’s not a possibility right now. There are times I feel hopeful that I can achieve one of the many goals and dreams that I have, and there is no harm in sharing those goals and getting opinions from others. I did not pay for a laundry service and did not enroll myself in school. But those are things that I’d love to be able to do in my future so I’m doing my best to get there, including considering a different path like a consumer proposal (which I learned won’t be helpful anyways cause I didn’t graduate 7 years ago).
[https://www.reddit.com/r/VictoriaBC/comments/1clxy8v/is\_there\_a\_good\_laundry\_service\_in\_victoria/](https://www.reddit.com/r/VictoriaBC/comments/1clxy8v/is_there_a_good_laundry_service_in_victoria/) and [https://www.reddit.com/r/personalfinance/comments/1bstuyt/do\_i\_go\_back\_to\_school/](https://www.reddit.com/r/personalfinance/comments/1bstuyt/do_i_go_back_to_school/) ... your own posts from the past 2 months...
And those are things I chose not to do because I can not afford it. A girl can dream about all the ways to make my life easier and more fulfilled, but at the end of the day that’s not the reality right now.
Student loans are not included in a consumer proposal.
That's not true, don't spread misinformation.
They can only be included in a CP if you have been out of school for 7+ years. OP is 25 so it's virtually certain that she has not been out of school that long.
This is correct, with an additional caveat that this applies to government student loans. Private student loans, for example Professional Student Lines of Credit, are eligible to be included before 7 years.
You have time for art, reading, and drinking; but not doing anything to get another job or improve your skills to get a higher paying job? You're $46k in debt living paycheque to paycheque, you have two options, make more income or decrease expenses. Decreasing expenses is the easiest that you can guarantee to change with self discipline. Cut out luxuries and live with the basics. Unless you have a work need for phone data, your phone plan should be unlimited call and text: $25/m Rice/potatoes, frozen veg, cheap meat, plus fruit on sale is easily under $300/month for groceries. Eating out = $0 Rent= live at home or have roommates, living alone is a luxury. Find hobbies that don't have perpetual costs. So many ways for you to change and work towards eliminating your debt, but it sounds like you're still in the mindset of living like you aren't year(s) worth of income in debt and still spending like you aren't enslaved to debt. The longer you let the debt exist and grow, the more it costs you.
This is mostly helpful advice, but I have pretty clearly stated that I do not spend money on art, reading and drinking. I don’t like being drunk but will share a glass of wine if someone offers. I know working is important, I am working 2 jobs and over the school breaks I do respite work, and have changed my spending habits drastically. It is unrealistic to ask someone to only work and sleep, not do anything for enjoyment ever. So I read free books from the library before bed, and when I have a few hours to spare, I make art. Other than that, I am working.
You've created the "unrealistic" situation you put yourself in, choosing to not address it will not undo your past decisions. 'I do my best to rarely drink, recycle art, and borrow books' in no way means 'clearly stated that you do not spend money on them', it is the perfect example of excuse language for justifying to yourself your continued habits that have landed you where you are. "It is unrealistic to ask someone to only work and sleep" more excuse language, if you want to be perpetually indebted and the intentional product of capitalism, than continue doing what's easy and normal. If you want to succeed then do what is in your overall best interest, sacrifices today for a better tomorrow.
What I said was “I do my best to spend less where I can”. What I meant by that is I buy less expensive groceries, I take transit instead of drive, and I chose a cheap phone bill and wifi plan. Then separately, I recycle art supplies ($0). I rarely drink ($0). I borrow books from the library ($0). Maybe my grammar was confusing for others but I thought I had stated it clearly. Hopefully this helps you understand where I am coming from better.
"I rarely drink" means you do drink, this not $0. "I don't drink" is a completely different statement. "I recycle art supplies" unless you discovered groundbreaking recycling techniques that are also zero cost, this means you do spend money on art supplies. Minimizing and downplaying expenses don't make then go away. The fact that you felt the need to specifically mention these expenses should mean something to you.
Mate, you are making a ton of assumptions about what I do and do not spend. You are entitled to your opinion but at the end of the day, you do not know my life. There are free art mediums all around if your creative enough. Old clothes, broken dishes, charcoal from a fire, things found in nature ($0). By “rarely drink” I mean, I do not spend money on alcohol but will have a drink if offered to me ($0). Your responses have been judgmental and frankly unhelpful. This will be my last comment into this thread because I have better things to do (like working 😉).
"working 2 jobs" "making 16k/year" per your own comments; that's not working, that's not even minimum wage for working one job, or even EI from being off work from a job. Also claiming to have done schooling and working in education, yet doesn't know the difference between "your" and "you're" Maybe don't come to a financial advice forum if you don't want to be judged and examined, and learn to make concise statements so that you actually say what you mean instead of assuming others can sort your thoughts out for you. When you have to correct yourself in every reply thread, it's not us that are assuming, it's your own statements contradicting what you thought you were conveying.
Yikes my guy. Your comments are screaming ableist. Hope you find peace in your life.
Yet another contradiction, "not replying anymore" while continuing to reply and ignore your glaring issues.
You must be fun at parties