Finding financial stability after divorce with Spergel (Larissa’s story)

Client Background

Larissa, a 36-year-old dedicated mother of two from Ontario, found herself in a challenging situation following a difficult divorce. Balancing her responsibilities at home and work as a part-time teacher became increasingly tough as financial pressures mounted. Despite her best efforts, the legal fees and the burden of managing a household on a single income pushed her into significant debt. Determined to provide a stable and secure future for her children, Larissa knew she needed professional help to navigate her financial crisis.

The Challenge

Following her challenging divorce, Larissa found herself burdened with overwhelming financial difficulties. With legal fees from the divorce, a mortgage to maintain, and daily expenses to cover on a reduced income, Larissa accumulated over $50,000 in credit card debt and personal loans. Despite her diligent efforts to budget and save, the mounting financial strain became increasingly unmanageable. Harassing calls from creditors added to her stress, leaving Larissa feeling trapped and uncertain about her financial future. She realized that without professional assistance, her ability to secure a stable financial footing for herself and her children would remain out of reach.

Solution

Seeking a way to regain control of her finances, Larissa turned to Spergel, the ‘get rid of debt’ people. She chose Spergel having noticed the company’s positive client reviews, testimonials, and the fact they’ve been assisting Canadians to gain debt relief for over 35 years. Working closely with an experienced Licensed Insolvency Trustee, Larissa explored her options and decided on a consumer proposal. This solution allowed Larissa to consolidate her debts into manageable monthly payments and significantly reduce the total amount owed. By formalizing her agreement through a consumer proposal, Larissa also gained legal protection from creditors, putting an immediate stop to the harassing calls and collection efforts. With the support and guidance of Spergel, Larissa was able to alleviate the stress of her financial burden and take proactive steps towards rebuilding her credit score and securing a stable financial future for herself and her children.

Implementation

Upon filing the consumer proposal with Spergel, Larissa’s journey to financial stability began with a detailed plan crafted by her Licensed Insolvency Trustee. Together, they negotiated with Larissa’s creditors to agree on a reduced total debt amount and structured manageable monthly payments. This formal agreement provided Larissa with the immediate relief of legal protection from creditor harassment. With the weight of constant calls lifted, Larissa focused on adhering to her new financial plan, diligently making payments and adhering to the terms of her proposal. Throughout the process, Spergel’s ongoing support and financial guidance ensured Larissa stayed on track toward achieving her goals of debt freedom and a secure financial future.

Results

Through Larissa’s consumer proposal with Spergel, she successfully reduced her total debt of over $50,000 by 50%, to a manageable amount. Larissa agreed to pay $500 per month towards her consolidated debts, significantly less than her previous obligations. This reduction in monthly payments alleviated the financial strain she faced as a single mother and part-time teacher. With the support of Spergel, Larissa not only gained immediate relief from creditor harassment but also set herself on a path towards rebuilding her credit score and achieving long-term financial stability. The structured plan provided by Spergel allowed Larissa to regain control of her finances and focus on providing a secure future for herself and her children.

Conclusion

Larissa’s success story with Spergel is a testament to the transformative power of proactive financial management. Facing overwhelming debt following a challenging divorce, Larissa found relief and stability through a consumer proposal that reduced her debt by 50%. With reduced monthly payments and legal protection from creditor harassment, Larissa was able to regain control of her finances as a single mother and part-time teacher. The support and guidance provided by Spergel not only eased Larissa’s immediate financial burden but also empowered her to rebuild her credit and secure a brighter future for herself and her children. Larissa’s journey demonstrates that with the right professional assistance, anyone can achieve financial freedom and peace of mind.

Client Testimonial

“I can’t thank Spergel enough for their support and expertise during one of the toughest times in my life. Their consumer proposal not only reduced my debt significantly but also stopped the constant stress of creditor calls. Now, I’m able to focus on providing a stable future for my children without worrying about money. And, I can now sleep at night! Spergel truly gave me a fresh start.” – Larissa, ON

How Spergel can help you

At Spergel, our expert Licensed Insolvency Trustees have been helping Canadians to gain debt relief for over thirty-five years. As the ‘get rid of debt’ people, we help individuals in various ways to improve financial wellbeing. In this scenario, our approach focused on supporting a client who had faced difficult personal challenges and needed a sense of renewed hope. We reviewed her circumstances and advised her to file a consumer proposal to begin a fresh financial future. Here are some ways we can help you:

• Debt consolidation and management – making debt easier to handle and reducing overall interest payments.
• Budgeting – we help to create realistic budgets and financial plans tailored to your needs.
• Credit counselling – we offer guidance on improving and maintaining a healthy credit score. 
• Debt relief – for any individuals facing significant financial challenges, we provide advice on your options including bankruptcy and consumer proposals, guiding you through the process and helping you make informed decisions.

By offering a range of services and expertise, we aim to empower individuals to gain financial freedom and to take control of their finances to build a more secure future.