Situation
Marc works as a representative. His base salary is not very high, but adding his commissions he earns more than 50,000 $ per year.
Marc is a happy going person. He is always ready for a night out or a trip south and only wears the latest fashion. He spends according to his commissions, which have been quite stable each year.
He never bothered with a budget and was always able to cover his current expenses and credit card payments each month.
But this year, Marc doesn’t reach his sales objectives and his commissions are considerably reduced compared to the previous years. Marc cannot make the minimum payments required. Collection agencies have started to contact him on a regular basis.
Meeting with a trustee
Marc decides to meet with us for a free evaluation of his financial situation. In order to better understand his situation, we fill out a questionnaire to verify his monthly income and expenses as well as his assets and liabilities. The analyse completed, we discuss the possible alternatives and also the consequences they will have on Marc’s credit. Whatever the chosen solution, Marc will have benefited from tips and advice from an insolvency professional who helps him work a budget and stick to it.
This is of course a fictitious situation, but very representative of the services we offer to those experiencing budgetary difficulties.