Road to Relief After an Unexpected ICBC Debt —Jasmine’s Story

Jasmine never imagined she’d be on the hook for over $80,000—but that’s exactly what happened after an unfortunate series of events involving her parked vehicle.

Since she wasn’t driving her car at the time, Jasmine chose not to insure it. But when a storm caused a tree to fall on her vehicle, which then rolled and damaged her neighbour’s garage, she found herself in an unexpected financial crisis. ICBC deemed her liable for both the damage to her own vehicle and her neighbour’s property. The result: a debt of just over $80,000.

Although Jasmine had a good income, she knew there was no realistic way she could repay that kind of debt in full—especially not all at once. And because the debt was preventing her from renewing her license and insurance, she felt completely trapped and overwhelmed.

In a moment of panic, Jasmine reached out to a Licensed Insolvency Trustee to explore her options. Together, they reviewed the pros and cons of filing for bankruptcy versus a consumer proposal. After careful consideration, Jasmine decided that a consumer proposal was the best way forward.

Her trustee helped her make a formal proposal to ICBC: she would repay $30,000 over five years—just 37% of the original debt. ICBC accepted.

Now, Jasmine makes manageable monthly payments of $500, with no interest, and legal action is halted. Most importantly, she was finally able to renew her license and insurance, giving her back the freedom and mobility she desperately needed.

Jasmine learned a tough lesson: always keep insurance on a vehicle, even if it’s not being driven. But with a plan in place, she can now sleep peacefully knowing she’s taking responsibility for the debt—and leaving the stress of the past behind her.

If you’re facing ICBC debt or struggling with other types of unsecured debt, you don’t have to face it alone. Book a free, confidential consultation with a Licensed Insolvency Trustee to explore your options.