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Saving you money – Protecting your rights - Untangling spin

Living well is the best revenge

Wednesday, January 7, 2009
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Start taking charge of your life

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  Regardless of whether you sue or not - start taking charge of your life.

  1. Establish a support network. Be honest with friends and family. Talk to a clergyman, rabbi, spiritual leader, or doctor - if you think that helps.
  2. If you can, pay off or reduce debts to creditors. If you can't, get the name of the credit manager for each one and write a personal letter (keep a copy) explaining your temporary situation. Ask to have this information put on file. Offer to make small payments if you can.
  3. Think about liquidating some assets. If you have to cash in RRSPs, liquidate investments, sell the second car, or get rid of an antique - do it! (Don't bother applying for a bank loan - you'll probably be turned down. A second mortgage isn't such a good idea either. How will you make the payments?)
  Whatever you do, don't be tempted to put your residence up as collateral for a loan. If you can't meet the payments, you could end up losing that as well as your job.
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