Man who committed suicide over $2.5 million in debt says he’s been able to pay it off thanks to his investments, but the rest of the $2 million was worth far less than it was worth when he died in his sleep, the court heard.
The debt he owed to several companies was a key factor in his death, and it’s the type of debt that can get a person killed, said defence lawyer David Daley.
The man, who is in his early 60s, took a life in November, after he was diagnosed with terminal pancreatic cancer.
He had $2,000 in savings, but when he stopped spending it, it went from $2 to $1,000, he said.
The debts included mortgage and insurance payments, as well as debt to several businesses he owned, including the Patio House Inn in North Brunswick.
Daley said the man had been struggling financially and was unable to pay his mortgage because he was living in the motel and had no other options.
He was told by his doctor he would have to have a colonoscopy to see what his problem was.
He wasn’t a risk to himself or others, he was a risk, he didn’t understand, he just didn’t care, Daley said.
Daly said his client had taken out a loan to pay for the motel, the Patios property, and his car.
He also owed $1.6 million in credit card debt to various companies, including Credit Karma.
Daley told the court the man never went to a bank and had never even had a debit card.
He spent $500 of that on an apartment in Halifax and $500 more on a rental property, D, said.
He said he would usually pay $500 a month in credit cards and he was spending less than he could afford.
The Crown’s case said he was unable or unwilling to pay the debt because he had an unhealthy obsession with debt collectors and their fees.
He tried to pay off the debt with cash and cheques, but eventually he stopped.
Dryden said he had not been able see his client’s last moments, but he could see him walking away from his room, in the Patiol, the day before he died.
Daryd said he has not been told what led to the man’s death.
The trial continues.