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After being in the workforce for over 25 years, Jacqueline was abruptly let go. Not knowing how she would manage, she fell into a deep depression that made it hard for her to see the other side. With no savings to her name or opportunities for new employment, Jacqueline was granted access to her pension early to help make ends meet―unaware that this would cause further financial issues later on with the Canada Revenue Agency.
“I didn’t realize that by taking out some money from my pension, I would owe the CRA lots of money,” she explained. “Add to the fact that I hadn’t been paying my taxes because of my poor mental health and owed money to other creditors, too―I knew I’d committed financial mistakes and was in trouble.”
While in the car one day, Jacqueline heard a radio commercial for Money Mentors.
“I hadn’t heard of Money Mentors before, but I was willing to try anything to help me out of my financial situation. The commercial came at the right time in my life.”
With $25,000 of debt looming over her, Jacqueline made the call. And her life was changed.
Jacqueline’s first appointment with Money Mentors was the start of a brighter future. Her counsellor, Suzanne, walked Jacqueline through her debts, created a manageable spending plan and enrolled her onto the federally legislated Orderly Payment of Debts (OPD) program. Unlike other debt consolidation options available in Alberta, the OPD program covers government debt, which was important for Jacqueline’s unique financial situation.
“Money Mentors was great,” she exclaimed. “After I started the OPD program, any time I had an external issue pop up, all I had to do was call Suzanne and we worked together to overcome it. Money Mentors made life so much easier. The best part was that I didn’t have creditors calling me anymore!”
Throughout her five years on the OPD program, Jacqueline learned a lot―skills and lessons she still applies to this day. With her counsellor’s guidance, she learned how to create, manage and regularly update a spending plan. On top of finally opening an RRSP account to start saving money, Jacqueline also became wiser with her credit cards. Not being able to use credit for the entirety of the program, she began to understand the importance of only using credit cards when she has the money to pay it off.
“Things have changed for the better since calling Money Mentors,” Jacqueline beamed. “While I was on the program, I was going through serious depression and was at a very low point in my life. But I learned so much and am so thankful for everything Suzanne and the team did for me. Money Mentors gave me hope.”
Money Mentors would like to thank Jacqueline for sharing her story. Congratulations on becoming debt-free!
If you would like to share your story, please contact our Marketing Manager.
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