Law pays off $22,000 of debt and looks to a brighter future
March 4th, 2016
Jordan Law was receiving multiple collection calls a day when he realized it was time to reach out for help to solve his debt load. “My debt was so out of control that I had bills coming to me in the mail I wasn’t even sure I had,” said Law.
During his first appointment with Money Mentors, Law met his financial counsellor, Debbie. “When I first met with Debbie, she made everything so easy for me. I knew right away I went to the right place.”
Debbie advised Law to come back when he had sorted other debts and tackled payments that he could manage on his own, and 8 months later he was back with the determination to start his journey.
Law’s best option to overcome all $22,000 of his student loans and consumer debt was Money Mentors Orderly Payment of Debts (OPD) program. “Once I was on it, I didn’t have any more creditors bothering me, I didn’t have collection agents calling me,” said Law.
“I feel like I accomplished my goal and am at where I’m at today because of that initial first meeting.”
HOW DID IT GET HERE
When Law told us about his initial debt load and how quickly things spiraled, he explained it was mostly careless spending. “I was living beyond my means with rent I couldn’t afford, and a car loan I couldn’t afford,” said Law.
“I was starting to feel really, not even overwhelmed or stressed, but I was getting depressed because I didn’t know which route I was going on or what I was going to do to get this monkey off my back.”
Before he realized where his money was going, Law often paid his bills late and didn’t put as much thought into the consequences these delinquencies could cause.
“Whether you have debt or not these are some things you should do,” said Law when talking about budgeting, building good credit, and spending cautiously.
REBUILDING YOUR FINANCIAL FUTURE
The number one benefit for him while on the OPD program was merely progress. “Being able to see one number that I’m paying off instead of being totally overwhelmed by all these debts coming at me in a bunch of different directions was really the best feeling,” said Law.
Law now knows how to rebuild his credit and manage his finances on a much more confident level. “I’ve learned quite a few good tricks,” said Law. “Money is a lot more accounted for and there is a lot more forward thinking.”
“I don’t have to worry about creditors chasing me, a landlord chasing me. I don’t have any more fear as to what’s next,” said Law.
THANKFUL TO BE DEBT FREE
Now that his journey has a focus on future financial goals instead of past financial blunders, Law is excited to accomplish things he never used to imagine possible.
Law is now engaged to be married and will be saving money to plan a wedding, among other goals.
“Saving for a car, a home, and a wedding is not something I would’ve been able to do 3 or 4 years before I went on the OPD program. It would have just been a pipe dream, but now it’s something that’s already happening and it feels great.”
His experience with Money Mentors is one he won’t soon forget, as his constant desire to educate himself on his finances is growing every day. “I have done a complete 180,” said Law.
“Going through the program has completely changed the way I think about money, for the better.”
FACING YOUR FEARS
Law is now encouraging some of his friends to take a good look at their current financial situation. “I know how debt can be such a burden on someone’s life that it makes them physically feel like they’re not themselves.”
He explained that overcoming debt affects people more so through mentality above all else. Law wants those going through similar experiences to know that it is not a sales tactic, it is about clarity.
“I feel like my life has improved drastically,” said Law. “Having that weight off your mind is a freeing experience.”
Putting your money towards the things you actually want to put them towards is an accomplishment that doesn’t have to be too far out of reach. Money Mentors is available to discuss finances with anyone who feels like they need a better grasp – whether they’re in debt or not.
“You’ll feel so much better if you just go ahead and pay off your debt rather than just thinking about it or talking about it,” said Law.
Money Mentors would like to congratulate Jordan on being debt free and having the courage to share his story with us.
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