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 Successful Case Studies

Case Study #1

Do you have ICBC Debt? Here is a real-life success

When Dave was 17 years of age, he was involved in a motor vehicle accident. The Insurance Corporation of British Columbia (“ICBC”) determined Dave was 50% responsible for the accident. Unfortunately, Dave did not have a driver’s license at the time of the accident and therefore he had no insurance coverage. A significant award was paid out to the other driver and Dave was left owing more than $500,000 to ICBC.

Dave is now 23-year-old, single and has no children. Dave is employed full time and he earns about $3,500 per month after taxes and deductions.

Dave decided to seek the assistance of a Licensed Insolvency Trustee (“LIT”) to find out what options he had to deal with this tremendous debt load. The LIT advised Dave of his options to deal with this debt which included bankruptcy and proposal. After carefully reviewing the options Dave chose to make a proposal to his creditors to settle the debt rather than file for bankruptcy.

A Consumer Proposal allows an individual or business to offer a settlement to their creditors. Upon acceptance by the creditors and the court, it becomes a legally binding contract between Dave and his creditors to settle the debt. The settlement can be payments over time or a lump sum payment or a combination thereof.

Dave was able to offer a proposal of $475 per month for 60 months which was accepted by his creditors. Dave was able to manage the payments and successfully completed his proposal and move on with his life.

To find out more about the options available to you, contact D. Thode & Associates Inc. today to take advantage of our free consultation.

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Connect with a consumer proposal administrator about your options.

Thank you for your information. We understand the importance of this matter.

Case Study #2

Income tax and Child Support arrears. Peter’s success story.


Peter is 55 years of age and separated with two children for whom he pays child support.  Peter has outstanding income taxes, including penalties and interest of $147,000.  In addition, he owed child support arrears of $98,000.

Peter had previously been self employed but was now employed full time earning $5,000 per month.  Peter did not want to file an assignment in bankruptcy, so a consumer proposal was determined to be the best option for him.

Peter’s estranged spouse would have to be notified of the consumer proposal, and the child support arrears would be a debt that participated in the proceedings.  However, any remaining balance would survive the process.  Peter’s estranged spouse would also have a priority claim for any unpaid support in the previous 12 months, which was approximately $15,000.

After considering his personal expenses and child support, Peter determined he didn’t have enough extra each month to offer a monthly payment.  Peter approached a family member to borrow a lump sum amount to offer to his creditors to settle the debt.

CRA initially refused the settlement offer, but after some negotiations Peter was able to settle his outstanding debts for $35,000.

Everyone’s circumstances are different.  To find out if a consumer proposal is right for your situation, come in for a free consultation with one of our Licensed Insolvency Trustees at D. Thode & Associates Inc.

Case Study #3

At the time Dean approached our office he was single, 47 years of age and employed full-time earning $3,150 per month.  Dean had a vehicle, pension and a tax-free savings account in addition to his personal assets.  Dean had previously worked casual until a full-time position came free and during this time, he used credit to supplement his income.  He now faced having almost $60,000 of debt that was accruing interest and only a few hundred dollars left over after paying his living costs.  He was left feeling frustrated and overwhelmed by his debt load.


Dean contacted D. Thode & Associates Inc. and found out about a consumer proposal.  This option allowed him to keep his vehicle and his savings, but also come up with a payment plan that not only worked for him, but for his creditors as well.


Dean was able to settle the $60,000 of unsecured debt by paying $450 per month for 5 years or $27,000.  Dean didn’t have to worry about interest accruing nor did he have to worry about his creditors taking any action against him.


If you find yourself unable to make a dent in your debt load, contact D. Thode & Associates Inc. today for a free consultation to find out if a consumer proposal is the right option for you.

Enjoy your family again once you have settled yourdebt.
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