I decided to get help. I'm currently in the process of getting a consumer proposal. It's a government program that involves repaying a portion of your debt. A licensed Insolvency Trustee negotiates with creditors on how much you need to repay.
This proposal consolidates the debt into manageable payments. It freezes debt interest charges. It also reduces stress.
The catch is that I needed to change banks. I can't have a credit card that is a part of this proposal with a bank account that gets my pay directly deposited. When this proposal is approved, sometimes credit card companies will take money from your chequing account to pay off the credit card before it is communicated that the proposal is official.
I had to change where my paycheque would be directly deposited. The change was straightforward through our Dayforce site.
I was a bit stressed out that I did this change on Thanksgiving Day and it was immediately approved. I didn't know when the change would kick in. Would it be seamless or would I get a cheque mailed to me?
Well, all that stress went away. My pay was deposited last night, which was early. My payday is officially on Thursday. Bi-weekly.
I'm relieved!
I asked about how long it will take for my consumer proposal to be official. I got 1.5 weeks at least. I'm approaching one week on Friday. We had Thanksgiving Day, so I need to take that day out in my calculation.
