Podcasts about hoyes michalos

Send us a text#1 Insolvency Trustees In Ontario Scott is a return guest with extremely timely updates on Insolvency Trends in in the Province. Hoyes Michalos is the top Consumer Insolvency Firm in: they have the best dataTruly awful Trends:Massive Increase In Homeowner Insolvencies CRA goes wild - an extreme increase in Aggressive CollectionsCredit Availability has DRIED UPIndicators of the future right hereSupport the show

Zombie memberships are real – and they're feasting on your budget every month. Forgotten fitness app? Digital subscription you thought was cancelled? Auto-renewals can quietly drain your finances if you're not paying attention. Doug Hoyes and Ted Michalos discuss why some subscriptions are so easy to miss, and how to track, cancel, and avoid them going forward. This episode includes real examples, expert tips, and even a personal story from the Hoyes Michalos team, proving it can happen to anyone. (00:00) Are You Paying for Subscriptions You Forgot About? (03:00) Fitness Classes, Digital Apps & Other Zombie Memberships  (07:00) Why Auto-Renewal Is a Red Flag  (12:00) How to Identify What's Draining Your Cash  (16:00) Our Own Zombie Membership Story  (17:30) Why Cancelling Is So Hard  (19:30) Track It and Cancel It Fast  (21:00) Use the “One In, One Out” Rule  (24:00) Try Before You Buy: Avoid Entering Credit Card Info  (27:00) You Don't Have to Give Up What Works for You  Hoyes Michalos FREE Credit Rebuilding Course and Learning Resources Balancing Needs Vs Wants When Budgeting What To Do About Credit Card Debt In Collections Sign Up For The Monthly Debt Free Digest Get A Personalized Debt Plan Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.

In this episode of The Clinic Boss Show, Rick sits down with Scott Terrio, consumer insolvency expert and senior advisor at Hoyes Michalos, to unpack the financial crisis few clinic owners talk about: personal debt, tax traps, and business insolvency. With over 15 years in the insolvency industry and 8,000+ client filings under his belt, Scott brings a sharp, no-BS perspective on how smart business owners end up financially ruined and what they could've done to prevent it. Known for his straight-shooting advice and regular appearances on BNN Bloomberg, CBC, and Moneysense, Scott breaks down the difference between bankruptcy and consumer proposals, the red flags clinic owners ignore, and how to legally protect your home and assets when things go south. Sign up for my free training clinicowner.com Be part of our clinic owner community clinicaccelerator.com https://www.instagram.com/thericklau/ In this conversation, Scott and Rick dive into topics such as: 1. Avoiding Financial Ruin as a Clinic Owner Why Most Business Owners Wait Too Long to Call a Trustee The Hidden Dangers of Personally Guaranteed Leases & Loans How to Know When It's Time to Shut Down Your Business 2. Bankruptcy vs. Consumer Proposal: What Every Owner Needs to Know How Consumer Proposals Work—and Why 90% of People Choose Them What an R7 Credit Rating Means for Your Future (and How to Recover) The 3 Factors That Decide How Much of Your Debt You Can Wipe Out 3. The Truth About Incorporation & Liability Why Your Corporation Doesn't Actually Protect You from CRA Director Liability 101: What the Government Can (and Will) Come After Smart Moves to Shield Your Assets Before Trouble Hits 4. From Taxes to Insolvency: The Domino Effect Killing Small Businesses The Most Common Mistakes with HST and Payroll Tax Why Overleveraged Homeowners Are Filing in Record Numbers How to Spot—and Stop—a Financial Spiral Before It Starts 5. Mental Health, Money Stress & the Cost of Hanging On Too Long The Emotional Toll of Business Debt (And Why It's Not Just About Money) What Really Happens to Your Life After a Proposal or Bankruptcy Why Calling a Trustee Early Could Save Your Health and Your Marriage

Debt often gets a bad rap, but what if you could use it to your advantage? This episode unlocks the power of strategic debt! Learn to leverage other people's money, distinguish between good and bad debt, and manage borrowing effectively. Doug and Ted, co-founders of Hoyes Michalos, provide practical strategies for building wealth with debt, including a look at crypto's role. Learn how to make debt work for you, not against you. (0:00) - Using Debt as a Wealth-Building Tool (4:00) - Understanding Leverage and Margin: Risks and Rewards of Investing with Borrowed Money (7:00) - Good Debt vs. Bad Debt: Identify the Difference (15:45) - Building Wealth While in Debt, Is It Possible? (17:30) - Opportunity Cost and Interest Rates (20:00) - The Challenge of Paying Interest While Building Assets (22:40) - Cryptocurrency and Debt: A Viable Investment Strategy? (24:00) - Practical Debt Management Strategies for Wealth Growth (26:30) - Strategic Borrowing: Using Debt for Investments? Myths About Credit Card Debt in Canada How to Eliminate Debt in Ontario Is Another Loan a Good Idea? Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator  Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Alarming trend: Canadians are finding themselves unable to follow through on pre-con real estate purchases. So, what happens if you can't close on a pre-construction real estate deal? In this episode, the co-founders of Hoyes Michalos break down the reality of pre-construction deals in Canada, including assignment sales, how rising rates and blanket appraisals impact your deal, and what happens if you can't secure financing. They also explore the legal and financial consequences of “walking away” and whether solutions like a consumer proposal or bankruptcy might apply to your situation. Walking Away From a Pre-Con Deal with Consumer Proposal What To Do When You Can't Close The Real Problem with Pre-Con Deals by Doug Hoyes LinkedIn (0:00) – What is a pre-construction deal in real estate? (3:30) – What is an assignment sale? (5:15) – Trends in Canadian pre-construction real estate deals (8:00) – “Blanket appraisals” and why they matter (11:45) – The financial and legal consequences of “walking away” (13:00) – Timing issues and pre-con purchases (14:00) – What happens if interest rates go up or down before your closing date? (17:00) – When builders run into problems — how it affects you (20:00) – Practical steps if you can't close on your pre-construction home (22:00) – Can a consumer proposal help you walk away from a pre-con deal? (26:00) – Are you at risk of being sued by the builder? (28:00) – Bankruptcy: when it becomes an option for pre-construction buyers Sign Up for the Debt Free Digest FREE Credit Rebuilding Course Debt Repayment Calculator Debt To Income Ratio Calculator Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 ‘Debtasized' Full Length Documentary – Free on YouTube HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Canadians are being crushed by debt—and we have the data to prove it. In this exclusive episode, Hoyes Michalos co-founders Doug Hoyes and Ted Michalos break down the findings from the 2024 Joe Debtor study, Canada's leading consumer insolvency report. Our research reveals how rising debt levels are impacting Canadians like never before. From millennials facing record-high debt to homeowners running out of options, we analyze the trends, why they matter, and what the average insolvent Canadian looked like in 2024. You won't hear this anywhere else—tune in for expert insights from Canada's leading Licensed Insolvency Trustees. Read the FULL JOE DEBTOR CONSUMER INSOLVENCY STUDY 2024 (0:00) – Who is Hoyes Michalos? What is the Joe Debtor study? (2:15) – Studies vs. Surveys, and understanding the term “Consumer Insolvencies”  (4:00) – Debt is Surging – even we're shocked by the numbers (8:10) – Why did Millennials have the most significant increases in debt? (12:30) – The average monthly income of an insolvent individual in Canada (14:30) – Income is rising, but Canadians are still struggling – here's why (17:00) – Home equity used to help people - why that's no longer an option (20:00) – Homeowners are increasingly in debt, and vehicle loans are a huge problem (24:00) – Owing CRA: How taxes and interest rates hurt  (28:00) – Key questions to ask yourself and expert advice to help your finances Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course ‘Debtasized' Full Length Documentary – Free on YouTube HERE Sign Up for the Debt Free Digest Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Can you identify and escape the pitfalls of debt traps? Learn from the co-founders of Hoyes Michalos how marketing and psychology fuel debt cycles. Spot the warning signs of financial trouble—from payday loans to student debt—and understand the emotional toll that debt can take. Plus, gain practical, proven strategies to break free from the cycle and achieve financial stability. (0:00) – What is a debt trap, and how does it work? (3:30) – Inflation still stretching budgets (4:30) – The student loan dilemma   (5:30) – Homeownership can be a debt trap (7:15) – Utilization Rate – borrowing more than you can handle (8:30) – Stress and the emotional toll of being trapped in debt (11:00) – How a debt traps are created– the power of marketing and psychology (21:20) – Warning signs you're falling into a debt trap (24:30) – Practical solutions to escape the cycle of debt (27:45) – What's really keeping you stuck in a debt trap   ‘Debtasized' Full Length Documentary – Free on YouTube HERE Payday Loan Debt Relief in Ontario: Break the Cycle Pros and Cons of Using Payday Loans in Emergencies Does Debt Consolidation Impact My Credit Score Debt Repayment Calculator Debt To Income Ratio Calculator FREE Credit Rebuilding Course Sign Up for Our Newsletter  HERE Hoyes Michalos YouTube Channel Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Straight Talk on Your Money by Doug Hoyes Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Struggling to stay motivated while repaying debt? You're not alone! Charlie Kovacs, BIA Insolvency Counselor with Hoyes Michalos, joins Debt Free in 30 to share practical strategies to help you stay focused, celebrate small victories, and shift your mindset from guilt to empowerment. Whether juggling student loans, tackling "life quakes," or just figuring out how to prioritize debt, this episode offers expert advice to keep you on track. Sign up for the monthly Debt Free Digest HERE Hoyes Michalos Instagram Hoyes Michalos Facebook Hoyes Michalos TikTok Hoyes Michalos Twitter (X) Hoyes Michalos LinkedIn Credit Rebuilding Course Timestamps (2:50) – Is Tracking Progress Essential for Debt Repayment? (4:30) – The Power of Small, Daily Financial Decisions (5:40) – How Often Should You Review Your Progress? (6:40) – Celebrating Wins: The Role of Little Rewards (8:30) – Ontario Student Loans: Current Trends (10:15) – Prioritizing Debt: Revolving vs. Installment Loans (11:20) – Life Quakes: Handling Major Financial Disruptions (15:30) – How a Financial Professional Can Transform Your Debt Journey (18:20) – Support Systems: Friends and Family's Impact on Motivation (20:50) – Shifting Your Financial Mindset (25:00) – Your Emergency Fund's Purpose (28:30) – Practical Advice for Tracking Progress Should I Pay Off a Credit Card with a Credit Card? Can You Be Forced into Involuntary Bankruptcy? Straight Talk on Your Money by Doug Hoyes Hoyes Michalos Blog Find a Hoyes Michalos Office in Your Area Here Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Explore essential financial topics and practical advice to overcome debt and achieve financial stability. If you're struggling with high-interest debt, considering installment loans, or exploring mortgage refinancing, this compilation video offers valuable tips and actionable advice. Financial expert Doug Hoyes, co-founder of Hoyes Michalos, and his guests provide insights into effective debt management strategies, including the benefits and pitfalls of various financial tools and methods. Discover expert guidance on avoiding high-interest traps, practical steps for debt repayment, and effective strategies for reducing debt. Timestamps: 0:00 Understanding Debt: What You Need To Know 2:55 What Are Installment Loans for Credit Cards? 8:30 Expert Credit Card Advice: Secrets Banks Don't Share 10:45 Variable vs. Fixed Mortgage Rates Explained 11:45 Should You Sell Your House to Eliminate Debt? 16:00 Consumer Proposals: Mortgages and Home Equity 18:40 Considering Refinancing Your Mortgage 20:40 Avoiding High-Interest Debt Traps 21:50 Debt Consolidation Loans: Problems and Pitfalls (feat. Scott Terrio) 24:20 Installment Loans and Payday Lender Risks (feat. Scott Terrio) 28:10 Effective Ways to Start Paying Off Debt - Snowball vs. Avalanche 33:10 What to Do When Debt Repayment Methods Fail   Never miss a practical tip on improving your financial health. Subscribe below where you listen to podcasts: YouTube Apple Spotify Podbay Deezer Amazon Music Resources: Credit Card Debt Consolidation in Canada: What You Need to Know Dealing With Debt Living Paycheque to Paycheque Consumer Proposal FAQ's Answered Hoyes, Michalos and Associates YouTube Channel How To Deal With Higher Interest Rates When Debt Consolidation Doesn't Go As Planned Rising Interest Rates And Debt: What Can You Do? Special Thanks: Scott Terrio - Manager, Consumer Insolvency at Hoyes Michalos https://ca.linkedin.com/in/scott-terrio Disclaimer The information provided in the Debt Free in 30 podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

In this episode, Doug chats with Janette Martin, a Credit Counsellor at Hoyes Michalos. Janette shares her tips on saving money while grocery shopping, focusing on the Flipp app. They discuss using the app to review online flyers, price matching across various stores, the checkout process, potential savings and time commitments. They also touch on the pros and cons of using the app for smarter shopping.  Additionally, Janette also explains the rebate app Checkout 51.  Enjoy! Related Links:  Flipp: https://flipp.com/  Checkout 51: https://www.checkout51.com/  Jannette Martin: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/janette-martin/ 

  Devon Bate is the Founder of SEO Brothers, a leading provider of white-label search engine optimization services and direct SEO services for agencies. SEO Brothers helps businesses enhance their online visibility and achieve top rankings in search engine results. Devon is an experienced SEO professional who helps companies of all sizes achieve their revenue growth goals using SEO and data analytics. Before his role at SEO Brothers, he served as the Lead SEO Specialist at Hoyes Michalos, where he successfully increased the company's organic performance by 33% year over year and improved its visibility in multiple cities across Ontario.  In this episode… As an expanding agency, adding value to your clients is vital to helping them grow. Search engine optimization can be an effective solution for achieving their business objectives while also providing a new revenue stream for your agency.  According to Devon Bate, SEO is a great way to help businesses enhance their online visibility and achieve top rankings in search engine results. However, not many agencies offer this service, because it can be particularly challenging to perfect SEO services. He shares how he helps agencies looking to add a new SEO offering or transition from another white-label SEO provider. In this episode of Inspired Insider Podcast, Dr. Jeremy Weisz sits down with Devon Bate, Founder of SEO Brothers, to discuss how agencies can incorporate a new SEO offering. Devon talks about SEO and website ranking strategies, common mistakes companies make with SEO, how they help agencies sell SEO, and SEO Brothers' ideal clients.

Does the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter.   Drawing on her extensive experience assisting single clients, Heather shares valuable insights and practical advice. She discusses the importance of building an emergency fund to navigate unexpected life events and advocates for budgeting to uncover potential savings. From housing and transportation to entertainment, pets and food, Heather provides actionable tips, including exploring unconventional living arrangements, embracing online grocery shopping, and minimizing food waste.  Related Links:  Have a question or comment for a future show?  Leave us a voice message here: https://www.hoyes.com/dfi30comments  Heather Cudmore (BA, Certified Credit Counsellor and Client Service Specialist) - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/heather-cudmore/  Statistics Canada. 2023. Census Profile. 2021 Census.  Statistics Canada Catalogue no. 98-316-X2021001. Ottawa. Released February 8 2023: https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/index.cfm  Financial Stress Facing Single Parents: https://www.hoyes.com/blog/financial-stress-facing-single-parents/  Emergency Fund Critical for Single Parents: https://www.hoyes.com/blog/emergency-fund-critical-for-single-parents/  Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/ 

Jason talks to Scott Terrio, Manager of Consumer Insolvency at Hoyes Michalos. Scott is here to discuss the impact of COVID-19 on businesses, focusing on the Canadian Emergency Business Account (CEBA). Jason and Scott will also delve into the economic challenges faced by various sectors and the diverse effects of the pandemic on businesses and the unexpected impacts on certain sectors during different phases.Episode Highlights:01:06: Scott provides an overview of his role and the services offered by Hoyes Michalos, highlighting their focus on personal insolvencies and their significant experience in the field.02:52: Jason introduces the main topic, discussing the Canadian Emergency Business Account (CEBA) and its implications for businesses.03:24: Scott explains the purpose of the CEBA and its role in providing financial support to businesses during the economic downturn caused by the pandemic.07:02: Scott provides insights into the diverse range of businesses significantly impacted by the pandemic, highlighting sectors like restaurants, bars, entertainment, tattoo artists, and flight attendants.12:19: Jason outlines the current challenges faced by business owners, including loans coming due, economic difficulties in specific sectors, and cash flow constraints.13:12: Scott highlights the aggressive actions taken by the Canada Revenue Agency (CRA), freezing accounts, and putting additional pressure on businesses. He also mentions businesses using funds meant for HST or payroll to sustain operations during the pandemic.16:30: Scott emphasizes the importance of seeking assistance promptly, sharing insights from their experience that individuals often take 12 to 24 months to reach out for help when realizing they're in financial trouble.28:21: Scott introduces the concept of tribal knowledge derived from the US and emphasizes the inclusion of various unsecured debts in a consumer proposal, such as tax, HST, credit cards, personal loans, and more.28:56: Scott compares the insolvency code in Canada to the U.S. He emphasizes that Canada's system is more gentle, less litigious, and cheaper.Key Points:Scott provides insights into the struggles of small businesses, ranging from restaurants and bars to tattoo artists and flight attendants, highlighting the diverse impact of the pandemic across different industries.The discussion covers the economic uncertainty during the early days of the pandemic, the unexpected impacts on sectors like flower shops, and the challenges faced by businesses in terms of ramping up and letting go of employees.Scott addresses counterproductive behaviours individuals exhibit during financial struggles and stresses the legal obligation of trustees to provide options.Tweetable Quotes:"Time is the enemy of debt. Seeking assistance promptly is crucial. Waiting 12-24 months to address financial troubles can exacerbate the situation.""Consumer proposals offer a more inclusive approach, covering tax, credit cards, and more. Understanding the nuances helps dispel misconceptions about the insolvency process.""In the complex game of finances, early intervention is your winning strategy. Act promptly, seek advice, and navigate the challenges strategically to secure your financial well-being."Resources mentioned:https://www.linkedin.com/in/scott-terrio/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&originalSubdomain=ca Hosted on Acast. See acast.com/privacy for more information.

We know it can be daunting to start your credit repair journey. We are often asked where to begin and what is the fastest way to rebuild. On today's podcast, Maureen Parent is back to answer some of the most common credit rebuilding questions and address fears and misconceptions about repairing your credit. Tune in for lots of great practical advice and recommendations on which tools to use.   Related Links:   Free Credit Rebuilding Course by Hoyes Michalos: https://courses.hoyes.com/courses/rebuild-credit How to Repair and Rebuild Credit: https://www.hoyes.com/blog/how-to-rebuild-credit-5-simple-steps/ Are Credit Cards Right for Credit Repair: https://youtu.be/Hy708HhFljk Fix Bad Credit Yourself – Tips & Tricks From an Expert: https://youtu.be/BtncJCxN4So

New Livestream guest- Doug Hoyes I'm happy to have Doug join me on a live broadcast. Doug Hoyes is a Licensed Insolvency Trustee in Kitchener, Ontario and co-founder of Hoyes Michalos. Tune in and we'll be discussing problems that people get into with money and debt when they buy a business. While Doug takes care of people going bankrupt or filing creditor proposals in Canada, I'm sure the lessons shared will be valuable for business buyers around the world. This is a ‘must see event' for anyone considering a business purchase. Find Doug's show online here: https://www.youtube.com/c/DebtFreein30 Thanks to our sponsors: Mark Willis of Lake Growth Financial Services. Build an equity asset that is guaranteed to grow over time, never lose value and give you access to liquidity whenever you need it without having to qualify for credit- EVER. Learn more and sign up for a no-obligation consultation at https://www.NewBankingSolution.com If you enjoyed this show and want more great small business content, head over to https://www.SMBPodcastNetwork.com and find more great shows and conversations.

The price of everything has shot up. Christmas is going to be much more expensive this year because of record inflation… but does it really have to be? How can you avoid overspending this holiday season? The key is to start early. On today's podcast, Heather Cudmore, Certified Credit Counsellor at Hoyes Michalos joins Doug Hoyes to give practical advice on how to approach Christmas spending with your family to make it affordable, while keeping creativity and fun in the picture. Tune in!   Links Mentioned in the Show:   What's The Point of Financial Literacy Today? https://youtu.be/ALp2KEV5atw Christmas Etiquette When You're Dealing with Debt: https://www.hoyes.com/blog/christmas-etiquette-when-youre-dealing-with-debt/ Straight Talk on Your Money book by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

It's that time of the year again – Financial Literacy Month (2022). Is there any point to it?  Is Financial Literacy Month just an excuse for the Big Banks and credit card companies to market more debt to you? Doug Hoyes has some thoughts he'd like to share with you regarding today's economy, how it's impacting Canadians, and what you can do.   #financialliteracymonth #FLM2022 #finlit #housing #personalfinance #recession #costofliving #debtrelief #debtsolutions #economy   Links: Doug Hoyes on Twitter: https://twitter.com/doughoyes Hoyes Michalos website: https://www.hoyes.com/  

Guest: Doug Hoyes, co-founder of debt counselling firm Hoyes Michalos

Canadian women released from camp for ISIS detainees in Syria, is Canada doing enough to repatriate suspected ISIS members and their families?  Guest: Stephanie Carvin, Associate Professor of International Relations at the Norman Paterson School of International Affairs Need a floppy disk, there's still a company in California that recycles and sells them  Guest: Tom Persky, Owner, Floppydisk.com A look behind the scenes of hockey broadcasts with the longtime executive producer of Hockey Night in Canada  Guest: John Shannon, sportscaster and producer, author of Evolve or Die: Hard-Won Lessons from a Hockey Life Bank of Canada expected to hike interest rates again on Wednesday, how will it impact Canadians already coping with debt?  Guest: Doug Hoyes, co-founder of debt counselling firm Hoyes Michalos

2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It's looking to be a perfect financial storm. So how are all these variables impacting indebted Canadians? On today's podcast, Scott Terrio, Manager, Consumer Insolvency at Hoyes Michalos, returns to discuss what he's seeing from individuals struggling with debt, borrowing trends, and the role inflation is playing in household budgets. Scott and Doug also share their thoughts on why homeowner-driven insolvencies may rise soon and give practical advice for what to do if you're dealing with problem debt in this economic climate. Tune in for a lively discussion!   Links:   Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Podcast 399 – Is the Housing Market Finally Slowing Down? with Nasma Ali https://youtu.be/4XjDd4JOvVc

More than 1 in 5 of our clients, people who file a bankruptcy or consumer proposal with Hoyes Michalos, are separated or divorced at the time they file with us. So, what happens when you have debt and are facing divorce? Can you divide debt in a separation agreement? What if it's joint debt? On today's podcast, Doug Hoyes and Ted Michalos explain how debt is managed when couples are facing separation and financial issues. They explain when it may be necessary for both parties to file insolvency if they have joint debt. They also discuss alimony, child support payments, and how joint assets are treated in an insolvency, among other issues. Tune in for lots of practical advice! Links: Should You File Bankruptcy Before or After Divorce? https://www.hoyes.com/blog/should-you-file-bankruptcy-before-or-after-divorce/ What Happens to Joint Property in a Bankruptcy? https://www.hoyes.com/blog/what-happens-to-joint-property-in-a-bankruptcy/ Divorce and Bankruptcy Law in Canada https://www.hoyes.com/blog/divorce-and-bankruptcy-law-in-canada/

The Hoyes Michalos 2021 Joe Debtor Bankruptcy Study revealed that insolvent Canadians owed the highest level of unsecured debt since 2016. In 2021, the average insolvent debtor owed $50,484 in unsecured debt, with income tax debt and student loans driving insolvency filings. On today's podcast, Doug Hoyes and Ted Michalos explain why this is just the tip of the iceberg and that student loans and tax debt balances are likely to go even higher in the future, along with other consumer debts. Doug and Ted also discuss other key findings from our Joe Debtor 2021 study. Tune in! Links: Hoyes Michalos Annual Consumer Insolvency Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/ CRB Repayment: https://www.canada.ca/en/services/benefits/ei/cerb-application/transition/questions.html CRA Interest Relief: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/covid19-taxes/interest-relief.html Predictions for Consumer Debt Coming Out of the Pandemic: https://youtu.be/LCE6EkOwi8E Why Credit Card Debt Fell During the Pandemic & Will It Rise Again? https://youtu.be/Fqh_DF0xUrc

For the first time ever on Debt Free in 30, we've gathered some of our Licensed Insolvency Trustees from across Ontario to share what they're seeing on the ground. How has the pandemic impacted indebted individuals? Has the vaccine mandate affected jobs and income? How is Canada Revenue Agency handling consumer proposals? All these questions answered and more, with insights from our Barrie, Mississauga, Oshawa, Cambridge/Brantford, Scarborough/Markham, Windsor, Kanata/Ottawa, and London area experts. Tune in for a great discussion.   Related Links:   Hoyes Michalos Homeowner's Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos annual Joe Debtor Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/ Our guests, in alphabetical order: Mark Borysiak, Barrie https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/mark-borysiak/ Howard Hayes, Cambridge and Brantford: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/howard-hayes/ Jennifer Kwon, Mississauga https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/jennifer-kwon/ Rebecca Martyn, Windsor https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/rebecca-martyn/ Maureen Parent, Kanata and Ottawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/maureen-parent/ Ianina Raguimov, Oshawa https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/ianina-raguimov/ Joel Sandwith, London https://www.hoyes.com/ontario-offices/london/ Nicholas To, Markham and Scarborough https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/nicholas-to/   Time Stamps:   1:26 – How is the pandemic impacting the average indebted person? 10:16 - How are vaccine mandates impacting people's finances/jobs? 13:50 – What are creditors doing? 21:40 – How has rising real estate impacted people with high unsecured debt? 31:15 – How is the CRA handling income tax debt?

You asked. We answered. On today's podcast guest Blair Demarco-Wettlaufer, CEO of Kingston Data and Credit (a collection agency), returns to answer your most pressing debt collection questions, like whether a collection agency can add interest to your debt or force you to file bankruptcy. Blair also discusses whether you should even bother with collectors if the debt isn't listed on your credit report and many, many more of your questions! Tune in for lots of great practical advice.   Resources:   Blair Demarco-Wettlaufer on Twitter: https://twitter.com/kdcblair Blair's blog for information on credit and collection issues: https://receivableaccounts.blogspot.com/ Hoyes Michalos free credit repair course: https://courses.hoyes.com/courses/rebuild-credit Hoyes Michalos blogs on dealing with collections: https://www.hoyes.com/blog/tag/collection-calls/ Rights & Responsibilities – Collection Agencies – Ontario.ca: https://www.ontario.ca/page/stop-collection-agency-calls Episode 264 How to Negotiate with a Collection Agent https://youtu.be/ZgNWpKfBUwU Episode 240 Can a Collection Agency Take me to Court https://youtu.be/6UHpCGqVP4k Episode 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals and Credit Report Impact https://youtu.be/S86gnBEkeUY   Time Stamps: 4:29 – Should I ignore a debt collector? 11:53 – Can debt collectors add interest or fees to a debt? 14:33 – Can a collection agency show up at my work or call my boss? 18:44 – Should I even bother with a collector if the debt is not listed on my credit report? 20:17 – Should I accept a settlement offer and pay it or don't pay it? Will that reset the statute of limitations? 22:02 – What if you don't have the cash to repay debt, how do you settle or negotiate? 23:55 – Can a credit collection agency force you to file for bankruptcy? 24:30 – I had to shut down my business during the pandemic. I had internet shut off and said I would pay off in payments. Now I got a collections letter directed to my business. Should I deal with the collector, and will this show on my personal credit score? 26:05 – Would a collection agency take the advice of a bank rep and ask family to repay a debt? 28:34 – How do collection agencies communicate with people who don't have voice mail or answer the phone? 31:04 – How do collection agencies get paid?

The Hoyes Michalos 2020 Bankruptcy Study revealed that for the first time in four years insolvencies shifted back to an older demographic. The share of insolvencies among those 50 and older increased from 28% in 2019 to over 30% post-lockdown, while the share among younger generations declined. How did this happen? On today’s podcast, Ted Michalos and Doug Hoyes discuss how the pandemic changed insolvency trends, including who is filing bankruptcy, and what the numbers might mean to you. Tune in! Related Link: Hoyes Michalos 2020 Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

The Canada Revenue Agency has begun issuing formal collection letters for CERB repayment to recipients who may or may not have been eligible for the payments they received. Doug is here to tell us what we need to know. GUEST: Doug Hoyes, a Licensed Insolvency Trustee and co-founder of Hoyes Michalos and Associates, one of Ontario’s largest personal insolvency firms See omnystudio.com/listener for privacy information.

Every financial guru says you need an emergency fund. But if you also have debt, is it possible to balance saving and paying down high-interest credit cards or lines of credit? What are the steps to get started? On today’s podcast, Diane Cunha, Certified Credit Counsellor at Hoyes Michalos discusses the different types of emergency funds, teaches us how to set aside cash even if we have debt, and gives tips on where to store our savings so they are easily accessible. Tune in to the show for lots of practical advice! Related Links: Credit and Debt Decisions That Can Backfire Podcast 288: https://www.youtube.com/watch?v=0mHPf8CLhs0 What To Know About Credit Cards So You Use Credit Wisely Podcast 235: https://www.youtube.com/watch?v=u-bMxcdl55A Emergency Fund or Credit Card Debt? What's the Better Choice? https://www.hoyes.com/blog/emergency-fund-or-credit-card-debt-whats-the-better-choice/ Why You Need an Emergency Fund: https://www.hoyes.com/blog/why-you-need-an-emergency-fund/

This week, a BDO report said that 2 in 5 people have worse finances now than before the pandemic. But that wasn't the only piece of financial news: Gen Z are close to insolvency and that the “K shaped” recovery that Canada is facing right now has more low income earners facing major debt issues while others see theirs soar. How can people tackle their finances right now? Guest: Douglas Hoyes, Hoyes, Michalos & Associates

According to a survey, 8 million Canadians are rethinking retirement plans and their finances due to the COVID-19 pandemic. Guest: Douglas Hoyes, Hoyes, Michalos & Associates

There is a debt crisis due to the pandemic looming around the corner. How can Canadian households be prepared for this?     Guest: Douglas Hoyes, Hoyes, Michalos & Associates

In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, writer, talks with Scott Terrio, Manager of Consumer Insolvency at Hoyes Michalos. Hoyes Michalos is a Toronto-based license and insolvency trustee. Scott Terrio talks about what insolvency means, what the options are, and how business owners can protect their assets in the event of insolvency. Episode Highlights: ● 01:15 – Scott Terrio explains the work that he does. ● 02:55 – What is the process and options for when people get into debt issues? ● 04:18 – What are consumer proposals? ● 06:50 – How are consumer proposals different from bankruptcies to the consumer? ● 10:30 – Business debt is quite different from consumer debt. ● 13:33 – Can a spouse become liable for their other spouse's debt? ● 14:57 – How much back and forth typically happens with consumer proposals? ● 17:07 – What is normally the timeline differences between consumer proposals and bankruptcy? ● 19:36 – What if someone goes through a consumer proposal and gets in financial trouble again? ● 21:08 – What are the misconceptions about bankruptcy in Canada? ● 24:25 – Which types of assets do creditors not have access to? ● 27:37 – Consumer debt usually costs you more over time. ● 28:38 – What do RESPs, TFSAs, RDSPs look like in a credit situation? ● 30:23 – Which bankruptcy programs are relevant to this COVID-19 moment? 3 Key Points 1. Hoyes Michalos is a Toronto-based license and insolvency trustee firm with 25 offices across Ontario, Canada and did about 5800 files last year. 2. Consumer proposals are for individuals, not a business, with $250,000 in unsecured debt or less, and are making an agreement to pay a percentage of your debt. 3. About 70% of consumer proposals go through as offered and about 99.9% co ahead with a counter-offer. Tweetable Quotes: ● “Sooner is always better when you are talking about debt. Most small business owners, once they've gotten into a little bit of trouble, whether it is tax debt or supplier debt or bank debt, they keep digging.” – Scott Terrio ● “What a proposal actually is, is you are making a legal settlement with all of your unsecured creditors as a group, through a trustee, through the courts.” – Scott Terrio ● “You file a bankruptcy, you get an R9 rating for 6 years after your bankruptcy discharge. So, that is either 9 months or 21. The R9 isn't as bad as people think, because I've had all kinds of people get mortgages.” – Scott Terrio Resources Mentioned: ● Facebook – Jason Pereira's Facebook ● LinkedIn – Jason Pereira's LinkedIn ● FintechImpact.co – Website for Fintech Impact ● jasonpereira.ca – Website ● sterrio@hoyes.com – Email Scott Terrio ● Linkedin – Scott Terrio's Linkedin ● Twitter – Scott Terrio's Twitter ● hoyes.com – Website for Hoyes MichalosFull Transcript See acast.com/privacy for privacy and opt-out information.

We normally record Debt Free in 30 weeks in advance, but today, given the rapidly changing situation, we decided to record a special COVID-19 episode.  We discuss what is happening right now (all 22 Hoyes Michalos offices are closed for in person meetings, but our full team is available by phone and video conference), how COVID-19 will impact the finances of Canadians (“public facing” workers for small businesses will be hardest hit), we predict how this will impact the number of bankruptcy filings, we give our practical advice for dealing with collection calls, and we end the show with why, after we get through the next few months, we are optimistic for the future.

Beau Humphreys appeared on episode 147 back in June, 2017; he shared his struggle with a gambling addiction, and that episode is one of our most downloaded episodes ever. Beau filed a consumer proposal with us in 2009, paid it off in three years, became a financial coach, and is now a fully accredited credit counsellor here at Hoyes Michalos. On today’s show Beau explains his approach to credit counselling, and he gives lots of practical advice on how he uses insolvency counselling to give our clients a fresh financial start.

Everyone likes gift cards.  Free money!  An easy gift for anyone on your Christmas list, but there is a downside. On today’s podcast, first time guest and Hoyes Michalos credit counsellor Patty Sweeney explains the advantages and disadvantages of gift cards, and she gives lots of practical advice if you give or receive gift cards.

Doug Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., one of Canada's largest personal insolvency firms. In his thirty-year career as a chartered accountant and Licensed Insolvency Trustee, he has personally helped over 10,000 individuals solve their debt problems and rebuild their financial future. He has appeared before the Senate Banking, Trade and Commerce Committee in Ottawa to give testimony on the impact of bankruptcy legislation on the individual, and serves as an OSB (Office of the Superintendent of Bankruptcy) Oral Board Examiner. Doug is a passionate advocate for ensuring that people find the right solutions for their debt problems. Frequently interviewed in the media, he has shared his knowledge and expertise on the most common financial myths and mistakes on CBC, Global News, The Globe and Mail, the Toronto Star, Business News Network, The Financial Post, and CTV News. Doug is the author of the personal finance book Straight Talk on Your Money – The Biggest Financial Myths and Mistakes…and How to Avoid Them available online and in major bookstores across Canada. He's also the host of the Debt Free in 30 Podcast. In my interview with Doug, we discuss the pros and cons of filing for bankruptcy and a consumer proposal, what happens to mortgage debt when you file for bankruptcy or a consumer proposal and how to use a home equity line of credit (HELOC) in a responsible way.

You’ve got debt, you think you might need to file a consumer proposal or go bankrupt, but you’re worried, because you travel for your job, or you have a family vacation booked, and you are worried that if you are bankrupt you may get stopped at the border. Is that a thing? Can you travel while you are bankrupt? That’s today’s question here on Debt Free in 30, so to discuss it I’m joined by Ian Martin, a Licensed Insolvency Trustee with Hoyes Michalos here in Kitchener.

Every year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe Debtor. In 2014/2015 we warned that we were seeing an increase in the number of seniors filing bankruptcy. In 2017 we highlighted that, despite a robust economy, we were leaving people behind who were struggling on a lower than average household income and becoming insolvent because they were relying on debt to make ends meet. In 2018 we continued to raise concerns about the payday loan crisis facing heavily indebted borrowers. While some of those trends continued our recent Joe Debtor study, completed in 2019 based on 2018 insolvencies with our firm, highlighted the plight felt by Millennials.  They are the fastest growing cohort filing insolvency.  And it's not just that they are aging in - they are dealing with more debt at a younger age than any previous generation. They are filing bankruptcy at a rate that far outstrips their entry into the working world.  I talk with Hoyes Michalos co-founder Ted Michalos as we explore reasons why Millennials are struggling with debt repayment and why they are filing a bankruptcy or consumer proposal so soon.

Doug Hoyes, CPA, Licensed Insolvency Trustee, Co-founder, Hoyes Michalos & Associates talks about more people going broke in Canada as interest rates rise.

Doug Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., a personal insolvency firm that helps consumers in need of debt relief. He is a passionate advocate for ensuring that people find the right solutions to their debt problems. Doug has a BA from the University of Toronto and is a Chartered Professional Accountant and Licensed Insolvency Trustee. He is the author of Straight Talk on Your Money: The Biggest Financial Myths and Mistakes…and How to Avoid Them, hosts the popular Debt Free in 30 weekly podcast and regularly comments in media publications such as the Globe and Mail, Global News, CBC, and BNN Bloomberg.  Doug joins me today to explain the difference between consumer proposals and bankruptcy. He explains the work of a licensed insolvency trustee and how they help individuals find legal debt solutions. He explains the concept of garnishments and how they work as well as when to consider seeking a consumer proposal or filing for bankruptcy. He also shares sound advice surrounding debt and dispels the misconceptions that people may have regarding debt, bankruptcy, and consumer proposals.    “Bankruptcy is very punitive - if you have the potential to earn more money.” - Doug Hoyes    This Week on Young Money:  Doug’s background and the creation of Hoyes, Michalos & Associates.  What is a licensed insolvency trustee?  What he credits his success to and the lessons he has learned.   What a consumer proposal is and who might need one.  An explanation of garnishments.  How bankruptcy compares to a consumer proposal.  How people feel after arranging a consumer proposal or filing for bankruptcy.  The misconceptions people have about consumer proposals and bankruptcy.        Doug Hoyes' Tips to Become Debt-Free:   Do the math.  Get help if the debt is insurmountable. Debt problems do not go away on their own.  Remember that you are not alone.      Connect with Doug Hoyes:    Hoyes, Michalos & Associates  Hoyes, Michalos & Associates on Facebook  Doug Hoyes on Twitter  Hoyes Michalos on Twitter  Doug Hoyes on LinkedIn  Hoyes Michalos on LinkedIn  Hoyes Michalos on Youtube  Debt Free in 30 podcast  Straight Talk on Your Money: The Biggest Financial Myths and Mistakes…and how to Avoid Them            Rate, Share & Inspire Other Young Millionaires-in-the-Making     Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!     Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website. 

Whether you are about to start your post-secondary education, start a family, or are headed for retirement, debt problems can happen at any age. While the average person who files for bankruptcy in Canada is in their mid-40s, Hoyes Michalos has filed bankruptcy for people as young as 18 and as old as 93. Avoiding bankruptcy means taking charge of your debt choices at each of these milestones and being prepared to handle any challenges that occur along the way. On today's podcast we explain why you want to avoid debt at every age.

As is our tradition here at Debt Free in 30, during the month of August we rebroadcast the most popular episodes of the past year. Today’s episode is short, only 15 minutes, but I think it resonated with listeners because I discussed the concept of minimum payments.  Since September, 2010, banks are required to show you, on your monthly credit card statement, how long it will take you to pay off your balance if you only make the minimum payment.  That’s a scary number, and it’s a big reason why people call the Hoyes Michalos 310-PLAN debt helpline; they see how long they will be in debt, and they reach out for help. So what can you do if you can only afford to make the minimum payment, or less? That’s the topic on today’s rebroadcast of our episode titled Minimum Payments are Keeping you in Debt.

There's no need to worry. Bankruptcy court is not something that every bankrupt has to go to when they file for bankruptcy. If you complete all your duties and no one objects, you are automatically discharged from bankruptcy after the required period of time has passed, so there is no requirement to appear in bankruptcy court. In fact, this is the case for the vast majority of my clients. The only reason why you would have to appear in bankruptcy court is if your bankruptcy could not be automatically discharged, which happen if you did not pay surplus income, did not provide tax information from your Trustee, or did not complete your required counselling sessions. On today's show, we outline exactly what you can expect from bankruptcy court should you ever have to appear. And remember, if you file with a Trustee from Hoyes Michalos, you will never have to go to court alone. To tell us more about the bankruptcy court process, I am joined once again by Richard Howell, a bankruptcy lawyer with Clark Farb Fiksel in Toronto and Scott Schaefer, our Trustee at the Hoyes Michalos Kitchener office.

Your credit report is a report card on your credit activity. While you can get a free copy of your credit report from many sources, not all credit reports are the same and not all sources provide full information. With so many free report providers, how do you know which one is accurate? My guest today stresses it's important to first understand what's actually on your credit report. Then you can take action to deal with any errors and omissions. Meg Penstone is a certified credit counsellor at Hoyes Michalos and has over 20 years of experience helping people with financial difficulty. She's also an expert on credit reports. On today’s show we also discuss the problem with “free” credit reports.

Douglas Hoyes, Hoyes, Michalos & Associates Inc, talks about Vancouver and Toronto residents digging into debt faster than any other Canadians.

Trying to make debt an everyday topic is difficult. What’s more, most people who are in my line of work have an accounting background. As such, there’s a tendency to be more numbers-focused than say, story-telling, for example. But a year ago, I came across an individual on my Twitter feed, who was commenting on personal finance issues and the sorts of situations that my clients face. He’s even got an impressive social media follower base because of it. His name is Scott Terrio. He’s a regular contributor to Macleans, BNN, and many more  media outlets. I’m happy to share that he’s also the newest member of the Hoyes Michalos team. Scott is our new Manager of Consumer Insolvency and he’s our guest on today’s podcast, as we talk debt.

“I would much rather come up with the right solution for you, rather than the solution that is going to make me money today.” - Doug Hoyes This is the kind of thinking that makes me want to send everyone to Hoyes Michalos and Associates for help. In 2009 I found myself with a huge amount of consumer debt, due to my gambling addiction, and I could barely keep up with my minimum payments. I could feel that I was on my way to finding a way out of my gambling addiction, but it was hard to make any progress with so much debt weighing upon me and no plan to pay it off. I did a bunch of research and decided that filing for bankruptcy might be an option. I looked a bit further and found that a consumer proposal to my creditors might be the better choice. In early 2009 I emailed Hoyes Michalos and Associates with the following message: “Due to a recent gambling incident, my debt load has increased significantly. I do not believe I can reasonably afford to pay my current debt load. I think a consumer proposal might be the right thing for me.” The “incident”, of course, was not recent, and it was an accumulation of gambling debt over 10 years, which I clarified with Sandra, the insolvency trustee when we met. Sandra took my $40,000 in debt and crafted a proposal to my creditors asking if it could be reduced to $15,000. The alternative was bankruptcy, and $0, so my creditors accepted the $15,000. I now had fixed monthly payments of $300 for the next 50 months. Oh yeah, and my credit rating would be ruined for the entire 50 months + 3 full years after my proposal was paid in full. What might have been a negative for some, was a huge relief for me. With the inability to gamble with credit cards, and having enough cash flow to start saving again, I was able to focus on rebuilding. Soon after, I finally realized I was gambling because I had Attention Deficit Disorder(ADD). I was diagnosed, medicated and my life changed completely. It still took a few more years to shake the gambling addiction completely, but in 2011 I had my final relapse and was finally done with gambling. In August 2012 I paid my proposal in full and 3 years later my proposal was cleared from my credit report. It took a while but I recovered from what seemed to be a hopeless situation. This is the kind of situation Doug Hoyes sees every day. After 20 years and 10,000 clients, Doug decided to write a book called “Straight Talk on Your Money”, just released in September 2017. I really enjoyed speaking with Doug and I want to thank him for having me on his podcast “Debt Free in 30”. Here's the link for that episode: https://www.hoyes.com/blog/dealing-with-gambling-debt/ To find out more about bankruptcies, consumer proposals, and other insolvency options, please head to https://www.hoyes.com or call 1-866-747-0660. NEXT EPISODE 09 - Desirae Odjick Click here to book a FREE 15-minute personal finance consultation with Beau Humphreys, Personal Finance Coach Click here to become a patron of The Personal Finance Show via Patreon To register for my next available personal finance webinar click here.

Debt doesn't start out as an obvious problem. For many people, lack of personal finance knowledge leads them to make poor decisions with their money. Once you figure out how easy it is to get credit, you start spending more and more because, hey, it's there. Today's guest is a former Hoyes Michalos client, and like many of our clients, he struggled with severe debt. Beau started gambling at a young age through seemingly harmless games like scratch tickets. From there, it evolved to online card games throughout university and he eventually dabbled in "pretty much everything else you can think of". Beau had a full-time job so for him, gambling wasn't a means to earn income, it was his source for exhilaration.  The main problem that Beau had was that credit was the only way he knew how to have that instant access to cash to gamble. I'm just kind of at my wit's end and I'm thinking, you know, I'm never going to be able to afford these credit card payments that I have if I keep going. After working with a counsellor at the Canadian Association for Mental Health (CAMH), Beau found the source of his addiction: he had gone undiagnosed with ADD his entire life. After starting on his medication, and looking through nearly $40,000 in unsecured debt, Beau knew he needed a change. On today’s show, Beau discusses his consumer proposal, and how he recovered from both gambling and debt.

On Debt Free in 30 I interview many debt experts, but I don't often have the opportunity to speak with someone who has actually dealt directly with their own debt issues. We have conversations with clients every day, but it's very rare that one wants to open up about their story and help others from one debtor to another. My guest today is Dana Pharant. Dana operated a successful business that was doing more than a million dollars in sales. The business unfortunately experienced three major catastrophes, including a large customer stiffing her on the bill, and Dana turned to her personal credit to support her business. With more personal debt than she could handle, Dana reached out to the professionals at Hoyes Michalos in January 2012. We discussed her options with her and she decided to file a consumer proposal. Dana is pleased to report that in just a few months her consumer proposal will be paid in full. Like most clients, Dana weighed her options before making the decision to file.  On today’s show she discusses that decision, and talks about her own business, and how she developed a money, and life, mindset.

Welcome to a special edition of Debt Free in 30. This week, instead of featuring one industry expert we're giving you four (including myself, of course). In today's show our panel of experts will answer questions on four recent issues within the personal finance realm. Each expert brings something different to the table, which gives us a well rounded view at these issues from all angles. Today's guests are Barton Goth, a Licensed Insolvency Trustee. Barton is joining us today from Edmonton, Alberta where he owns and operates his firm Goth & Company. We have personal finance expert Robert Brown, author of Wealthing Like Rabbits joining us from Ajax, Ontario. Lastly, we have my Hoyes Michalos co-founder Ted Michalos joining me here at our head office in Kitchener, Ontario. Today we discuss four stories in the news: Walmart vs. Visa CIBC Survey: Will Canadians Pay Down Their Debt in 2017? Bank of Canada Issues Warning to Consumers Paid Promotion and Financial Advice

As a trustee in bankruptcy, I meet with people every day who are struggling to pay off their debt. In the finance world, it's not uncommon to hear shocking stories from clients about threatening calls from collection agents or how they got into debt in the first place. On today's show, I'm joined by Hoyes Michalos bankruptcy trustee, Howard Hayes, collection agent Blair Demarco-Wettlaufer, credit counsellor, Nicole Olsen from Fitness Financial in Windsor and bankruptcy trustee at Hoyes Michalos, Rebecca Martyn from our Windsor and Leamington offices to hear some of the scary stories that they've heard over the years.

It's been over seven years since the Canadian government made changes to the Bankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumer proposal. Today they are more popular than ever because they have significant advantages over any other form of debt relief option in Canada. But since many still don't know a lot about what a consumer proposal is, we talk with Ted Michalos and Joel Sandwith, trustees at Hoyes Michalos, to answer some of the top questions about consumer proposals in Canada.

Trustee in Bankruptcy, Benny Mendlowitz answers the most pressing questions about paying down debt by filing bankruptcy. Benny is a trustee at Hoyes Michalos in charge of our Scarborough and North York offices and during the show he answers these frequently asked questions: What does it mean to go bankrupt? What does it cost to go bankrupt? What if I don't want to go bankrupt? Can I keep a credit card during bankruptcy and how will filing affect my credit score? How can I get rid of the stress caused by my overwhelming debt?   Benny points out that not everyone has to go bankrupt. However if you can't pay your bills, have credit card debt, struggle with your car payments you need to do something.  Meeting with a bankruptcy trustee is a start.

Today’s guest is Joel Sandwith, trustee in bankruptcy and consumer proposal administrator at Hoyes Michalos working out of our London and Sarnia offices. Normally we broadcast an FAQ show on the last Saturday of the month, but we receive so many questions that are worth taking the time to answer that we decided to run an FAQ series during July; starting with this one. To prepare for this show Joel made a list of the most frequently asked questions that he receives from clients. The burning questions on everyone's mind focuses on credit rebuilding, what happens to a house when you file bankruptcy and why clients should choose Hoyes Michalos.   Tune in for the answers to these questions.

On today’s show Ted Michalos and Doug Hoyes discuss the just released Hoyes Michalos study: Joe Debtor: Marginalized by Debt. Canadians do not appear to be worried about high debt levels.  Interest rates are at record lows, and bankruptcy rates have declined for the last five years. Unfortunately that obscures the fact that at risk groups, including seniors, single parents and people with student loans, don’t qualify for traditional low cost borrowing options, so they turn to payday loans, quick cash installment loans, and other high interest crippling forms of debt.   Doug and Ted discuss the results, and explain how to recognize the warning signs of excessive debt.

On today’s show we have three guests.  Mike Davies is a financial planners with IPC Investment Corporation in Brantford, and he explains the RESP rules, including how much you can contribute. In the second segment Barton Goth, a bankruptcy trustee based in Edmonton, Alberta, explains what happens to an RESP if you go bankrupt.  Alberta has different rules than Ontario, and we discuss the differences.   In the bonus segment Ted Michalos, co-founder of Hoyes Michalos, gives his opinion on how the federal government should change the rules to make the RESP rules consistent across Canada.