consumer proposal,  personal bankruptcy,  personal finance

RBC rejected consumer proposal but asked for reasoning of credit card usage

Afraid that they’ll fully reject my consumer proposal. What are steps that I can do if they reject it fully? About 60k in debt.

I’m scared if i do declare bankruptcy i won’t get discharged due to gambling

Victor Fong, Licensed Insolvency Trustee responds

You mentioned in the comments that you accumulated the debt through gambling.

Have you taken any steps to address your gambling problem? For example, if you’re in the Toronto area, consider doing the following:

  1. Register yourself under the Ontario Lottery & Gaming Corporation’s (OLG) Voluntary Exclusion Program.
  2. Register yourself under the Centre for Addiction & Mental Health’s (CAMH) gambling counselling program.

Then write a letter addressed to RBC recognizing that you have a gambling problem and that you’re making a serious attempt to deal with your problem by registering in the above programs.

Indicate that while you are highly remorseful for your actions, you wish to work with RBC to resolve your financial issues by working with them to come up with monthly consumer proposal payment that you can afford which would be acceptable to them.

Ask the LIT to forward your letter to RBC and then hope for the best. That’s all you can do.

Victor is the President of Fong and Partners Inc. He is a Licensed Insolvency Trustee and Chartered Professional Accountant. With many years of experience in the insolvency field, Victor has been involved in both corporate and consumer insolvency engagements. Previously with a large national firm, Victor founded Fong and Partners Inc. so that he could dedicate his professional life to help people from all walks of life to deal with their debt.