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Steve is 23 years old, single and has no children. He is employed full-time and his monthly earnings average $3,600 per month.
When Steve was 17 years old he was involved in a motor vehicle accident where he was found to be fifty percent responsible. Unfortunately, Steve was an unlicensed driver at the time of the accident and therefore he had no insurance coverage. A significant award was paid out to the other driver and Steve was left owing $533,000 to the Insurance Corporation of British Columbia (ICBC).
After struggling to pay down his enormous debts, Steve sought help and assistance from one of Smythe’s Licensed Insolvency Trustee. The trustee listened closely to his situation and discussed his options for debt relief. Steve felt relieved that there were options for him to deal with this debt and ultimately decided that a consumer proposal was the right option for him. Steve’s trustee was able to negotiate a settlement with ICBC for $42,800, allowing him to make payments of $475 per month and keep the modest assets he had accumulated at a young age.
Check out our blog to learn what your options are for dealing with ICBC debt.