Yesterday I met with a person that signed on with Cambridge Life Solutions back in the summer and was more than a little dissatisfied with what they had done for him.
This gentleman had never missed a payment on his debts which totaled $45,000.
Cambridge Life Solutions advised him to stop making all of his payments and to sign on with them for a debt settlement plan. He specifically asked if Canadian banks would deal with Cambridge Life Solutions and he was assured that they would, well that’s not quite what happened…
This gentleman told me has been paying slightly less than $700 a month to Cambridge Life Solutions since July – to date he has paid over $3,000. In September the collection agency calls started from his creditors. When he asked the representative from CIBC why they were calling he was told quite clearly that the bank does not work with or recognize Cambridge Life Solutions. So what was he paying them for?
He came to see us to file a consumer proposal. Based on his debts and his income he is going to offer to repay $15,000 of the $45,000 that he owes – 1/3 of his debt, which is pretty much the standard deal for most people. (If you file a consumer proposal you need to offer your creditors the greater of (1) what they might receive if you filed for bankruptcy; and (2) enough for them to agree which is currently 1/3 of your debt).
Needless to say, the gentleman is pleased with the proposal and “mad as hell” at Cambridge Life Solutions. I suggested he call and ask for a refund – who knows, maybe he’ll even get one…
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