WOW! I have to share with you a story I just heard from one of our Counselors about an 80 year old retiree, who called OCCA with questions about his debt and was considering joining our program.
Please keep in mind OCCA’s mission is to assess a person’s financial situation and make expert recommendations on what options can be offered. The solution must always be in the best interests of the consumer!
While assessing this retiree’s financial condition, the Counselor established that he owned a home valued around $250,000. However he owed nearly $200,000 worth in credit card debt. He was on a fixed income and behind on all of his bills. At this point we wish he had called us for help.
He made an unfortunate and misinformed choice by taking out a $50,000 mortgage against his home, in order to keep up with his minimum payments on his credit cards. This is where the story becomes a tragedy. Again, we wish he had called us at this point. His minimum monthly income of $1,600 did not allow him to keep up with his new high interest $50,000 mortgage. The persons he owed the $50,000 had forced a power of sale on his home.
He was in a difficult situation and only at this point did he call OCCA. We assessed his financial situation and offered a settlement program tailored to his needs. He did not take our advice. In the meantime his home was sold and the loaners received their $50,000 back. Furthermore, these loaners poorly advised the man OCCA was not a good option for aid; and the only option for him was a Bankruptcy Trustee. We at OCCA really wish he had taken our advice and joined our program. Before this elderly man had a chance to see the $200,000 produced from the forced sale of his home, the Bankruptcy Trustee had divided it amongst his creditors; leaving him with nothing. At 80 years old and at the tail end of a lifetime of struggling to make a living with the hope of a well earned retirement, this poor man was left with nothing.
A negotiation settlement through OCCA’s program would have resolved the consumer’s debt load and allowed him to retain a considerable amount of his equity.
Now you may be wondering whose fault is it that this man has been financially crippled at 80 years of age. Well, there are a number of factors to consider, including the man himself who let his finances get so out of hand. There are also the people who kept lending him the money and those who advised him so poorly.
What concerns me the most is the fact that this man was having a very difficult time surviving mortgage free with his $1,600 a month pension. How is he supposed to survive now living in Toronto, with today’s high rental and expenses????
We don’t want to see ANYONE being misinformed, mislead or ripped off. We work hard for our home investments, and upon retirement we want to relax and enjoy our security. Don’t let anyone take this away from you.
Call OCCA to find out what your REAL options and choices are..
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