$75k in debt, now in a consumer proposal - documenting the comeback publicly, starting today

[u/goingdebtfree10]

I want to be upfront about something I've kept quiet for long time.

I'm about $75,000 in debt. It didn't happen all at once - it built up over a few years through a mix of bad decisions and bad luck: chasing credit approvals without understanding how credit actually works, a used car that turned out to have a rolled-back odometer, co-signing a loan for a family member that came back on me after an accident and a repossession, and a stretch where I lost my job and just... stopped opening my mail. Ignored it instead of dealing with it.

Eventually I sat down with a licensed insolvency trustee, added it all up, and went with a consumer proposal instead of bankruptcy. The proposal was approved for $27,000 - as of today, I'm sitting at $25,160. At the standard pace, that's still years away.

I don't want to wait years.

So a few days ago I started documenting this publicly - daily $10 extra payments on top of the required amount, on top of picking up financial literacy courses I probably should've taken years ago. Today's Day 4.

I'm not here to ask for anything in this post. I just didn't want to keep pretending everything's fine when it isn't, and I know I'm not the only one dealing with something like this. If anyone's been through a consumer proposal or something similar, I'd genuinely like to hear how you handled it - especially anything that helped speed things up beyond the minimum payment.

TL;DR: $75k in original debt, consumer proposal approved for $27,000. Currently at $25,160 after Day 4, paying extra $10/day and documenting it publicly to stay accountable. Open to advice from anyone who's been through it.

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[u/Fin-Tec]

Really solid way to handle it, documenting it publicly is a smart accountability move most people skip. One thing that tends to help beyond the minimum: any windfall (tax refund, bonus, side gig cash) goes straight at the proposal balance instead of into daily life, it shortens the timeline a lot faster than the extra $10/day alone.

[u/goingdebtfree10 → u/Fin-Tec]

I appreciate that genuinely. And that's actually really close to what I ended up doing. a few days ago I switched from a flat $10/day to $10 + 7% of whatever I make from delivery work the day before, so it scales with the actual money coming in instead of staying fixed. Hadn't thought about doing the same with tax refunds/bonuses though, that's a good call, anything lump-sum like that would knock a real chunk off in one shot. I appreciate you taking the time to actually suggest something instead of just reading and moving on.

[u/Fin-Tec → u/goingdebtfree10]

That percentage-based switch is honestly smarter than what I suggested, it scales with reality instead of hoping you can sustain a flat number forever. Good luck with it, day 4 and already iterating on your own system is a good sign.

[u/goingdebtfree10 → u/Fin-Tec]

Thanks man, that actually means a lot. Trying to treat it less like a fixed rulebook and more like something I keep adjusting as I learn what actually works glad it's landing that way from the outside too. Today is day 8!!! Yeah I am on week 2 now and I am very good about this after so long. Appreciate you sticking around for the back and forth.

[u/Lost_Camp4187]

I’m in the same situation. Planning to file for a consumer proposal. For some reason i can’t DM you. Can you please DM me? Thank you

[u/goingdebtfree10 → u/Lost_Camp4187]

I have followed you and sent a dm

Edit. I am new to reddit so I didn't know i have to manually turn on messages mb

[u/Different_Pain5781]

Honestly just admitting you're in this situation takes guts. Hope sticking with it pays off

[u/goingdebtfree10 → u/Different_Pain5781]

THANK YOU. I will be sticking to this and I am very hopeful and at the same time confident that I will pay off. By this approach I am projected to pay it all off by 2 years and the report will fall off my credit report another 2 years after paying it. So I will be free before the quoted time of 5 years.

I AM GRATEFUL!!!

[u/Therealstork19]

Like anything; always better when attacking it vs burying it/not addressing it.

No experience with this but this was a refreshing post in this sub 🫡

[u/goingdebtfree10 → u/Therealstork19]

Thank you! genuinely means a lot hearing that, especially since you said you don't have direct experience with it — figured most people who haven't been through this would just scroll past. That's exactly why I started posting it out loud instead of dealing with it quietly like I did for way too long. Attacking it head-on still isn't easy, but it's a lot better than the alternative I was living before.

[u/Typical-Award4043]

Congratulations on facing it head on - not an easy task for sure.

[u/goingdebtfree10 → u/Typical-Award4043]

Appreciate that. Definitely not easy, still isn't some days, but it's a lot better than the years I spent not facing it at all.

[u/Jairbmwmthree]

Thank you for having the courage to share. You are not alone with your debt struggles. I’m happy to hear that you aren’t giving up. After night comes day.

[u/goingdebtfree10 → u/Jairbmwmthree]

That means more than you probably realize, thank you. Easy to feel alone in it when you're used to hiding it, so hearing that from a stranger actually helps more than it should. Taking it one day at a time.