A True Financial Hardship

For me, one of the most memorable hardships came from a new client that we enrolled in May.  She had the following story:

She went through a divorce about 20 years ago.  She paid her ex husband over $25,000 in the divorce proceedings but was luckily granted full custody of her children.  She basically raised her kids on own since her ex moved out of the country shortly thereafter.  He only provided $240/month in child support for all 3 kids.  Our client worked hard and focused all her efforts on raising her kids.  After they had all grown up, she began to make plans for her own life.  She wanted to pay off the debt she accumulated over the years as a single parent and she looked forward to retirement.  However, she was diagnosed with Parkinsons disease a couple of years ago.  Parkinsons is a degenerative disorder that will eventually affect her motor and speech skills.  Her symptoms are already beginning to worsen and she is taking several medications.  It is hard to predict how quickly the disease will progress, but she has already been advised that she may not be able to work for much longer.  With the increased medical expenses in her life, she cannot repay her creditors as she originally intended and her retirement plans have changed drastically. 

She made the decision to enroll with Provanta because she knew that one day she would not be able to afford to pay her creditors anything, not even the minimum payments.  Rather than just wait for that day to come and then file bankruptcy, which she had good reason to believe she would qualify for, she wanted to give her creditors to chance to review her situation and work out a settlement.

(Ref. 1511)

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