Podcast appearances and mentions of scott terrio

We are joined by Scott Terrio who is a Certified Credit CounsellorManager, Consumer Insolvency, he to chat with us about a scary subject right now, bankruptcy in Canada Bankruptcy Overview: Analyzing real estate bankruptcies: Who's most affected? Economic conditions: 2017 vs. now Financial Decisions: Bankruptcy vs. alternatives "House ATM" impact on investors Recovery Steps: Post-bankruptcy financial repair & Rebuilding financial stability See more about Scott Here https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/scott-terrio/See omnystudio.com/listener for privacy information.

Scott Terrio, BA, QIC, CPCA, has been a regular author at Macleans and Canadian Business magazines and a listed columnist for Moneysense, focusing on consumer debt issues. He is a frequent media commentator, appearing on BNN Bloomberg TV, CBC and various radio broadcasts. He has contributed to such publications as The Globe and Mail, The Toronto Star, The National Post and The Walrus, among others. In his decade in the insolvency industry and now as Head of Consumer Insolvencyat Hoyes Michalos Hoyes, Scott has met with and filed well over 8,000 clients,primarily consumers. He brings his previous background in sales, marketing andbusiness development to making clients feel as comfortable as possible inguidance through various options and tactics, and in trusting advice and solutionsunder difficult circumstances. His professional experience includes the following: • Ontario Ministry of Ag, Food & Rural Affairs, 1993-1996• John Deere Canada, 1996-2010• Cooper & Co. Ltd. Licensed Insolvency Trustee, 2010-2018• Hoyes, Michalos & Associates, 2018-Present

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.

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.

Brian interviews Scott Terrio. Scott is Manager, Consumer Insolvency at Hoyes Michalos Licensed Insolvency Trustees, the largest independent consumer insolvency firm in Canada. What that means is that Scott files thousands of personal bankruptcies and consumer proposals for Canadians who are in serious debt trouble. This is a continuation of discussion on the economy with a turn from national government issues to the personal.

You've probably noticed that Artificial Intelligence is everywhere these days, but can it help you out with debt and managing your money? Doug Hoyes and Scott Terrio are here to chat about just that! They discuss how AI looks at your spending habits, and discuss concerns related to biases and privacy, talk about the pros and cons of using ChatGPT to handle your finances, and help you understand what it can and can't do.  Don't miss out on valuable tips and advice for making smart financial decisions in our AI-driven world.   Related Links: Straight Talk on Your Money - https://www.hoyes.com/straight-talk/ How Credit Karma is Demystifying Personal Finance with AI - https://www.interactions.com/podcasts/how-credit-karma-is-demystifying-personal-finance-with-ai Chat GPT - https://chat.openai.com/

Your bank is a business, so they're always trying to sell to you because they want to make more money. How do you navigate their tricks? How do you avoid upsells when you just want to do a simple transaction? On today's podcast, Scott Terrio and Doug Hoyes discuss the pervasive sales culture at financial institutions, what you need to look out for, and teach you the basics to making better money decisions on the spot. Tune in for a great discussion!   Related Links:   Pervasive Sales Culture at Canadian Banks – Globe and Mail article: https://www.theglobeandmail.com/investing/personal-finance/article-pervasive-sales-culture-at-canadian-banks-positions-system-against-its/ Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/ Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

The last three years have been quiet for Canada Revenue Agency collections. But that has started to change in 2023 – which is bad news for Canadian borrowers already struggling with inflation and record rate hikes. On today's podcast Scott Terrio and Doug Hoyes breakdown how CERB, CRB, and CEBA loan repayments have impacted Canadians and small business owners, why 2023 is especially concerning for indebted households, and what stronger CRA collections mean if you owe tax debt. They also outline options for dealing with the CRA to avoid a headache. Tune in for an insightful discussion!   Links:   What Happens If You Can't Pay Your CEBA Loan? https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/ Hoyes Michalos Bankruptcy Study (Joe Debtor): https://www.hoyes.com/press/joe-debtor/ CERB and EI Statistics: https://web.archive.org/web/20220606110225/https:/www.canada.ca/en/services/benefits/ei/claims-report.html CRB Statistics: https://web.archive.org/web/20220604110136/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-benefit/crb-statistics.html CRCB Statistics: https://web.archive.org/web/20220604103941/https://www.canada.ca/en/revenue-agency/services/benefits/recovery-caregiving-benefit/crcb-statistics.html

When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if you can repay only some of your debt? On today's podcast, Scott Terrio returns with Doug Hoyes to give practical advice on dealing with collection agencies and spotting their tricks. They also share specific tips for approaching Canada Revenue Agency when you have unpaid tax debt. Tune in for a great show! Related Links: Exposing Collection Agencies' Dirty Tricks: https://www.hoyes.com/blog/collection-agency-dirty-tricks/ Collection Agents: How Did They Find Me? https://www.hoyes.com/blog/collection-agency-dirty-tricks/ Top 10 Tips for Dealing with a Collection Agent: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/ Can a Collection Agency Take Me to Court? https://youtu.be/6UHpCGqVP4k

Sometimes borrowing money is a necessity. But do we always borrow because we need to? What role do banks, credit unions, and credit score providers play in influencing our decisions? On today's podcast, Scott Terrio is back with Doug Hoyes to break down how lenders encourage borrowing and they share practical advice for how to say no. Tune in for a great discussion! Related Links: Loan Affordability – What To Know Before You Borrow: https://youtu.be/GgdykU5lGvw Banks Can Take Your Money Without Warning: https://youtu.be/OgO-3JE6wGM The Average Joe and Jane Guide to Smart Borrowing: https://www.hoyes.com/blog/average-joe-jane-guide-smart-borrowing/

We've now had our fifth interest rate hike in 2022 alone. Mortgages are costing more to service. And so are callable debts – which are debts that can have their repayment terms changed whenever at the lender's discretion. On today's podcast guest Scott Terrio returns to discuss how rising rates are putting more homeowners at risk of serious debt issues and even insolvency, especially as credit tightens. Scott also explains what callable debts are, how they work, and the dangers of carrying high balances on them when rates are rising. Scott and Doug also share lots of practical advice to help you spot when your own finances may be at risk. Tune in for a great discussion!   Related Links:   Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

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

Lenders sometimes ‘trick' us by posting only the weekly cost of borrowing a loan (which is a much smaller number) than the monthly cost in their ads. Or they offer you an 8-year term on a car loan, which stretches the cost over more years, reducing your monthly payment, but increasing the total interest you pay. In both cases, the lender ‘wins' by getting your sale and you end up owing a lot more than you originally planned for. So how can you avoid falling for lender tricks and approach offers more with a more critical eye? That's the discussion on today's podcast with guest Scott Terrio and host Doug Hoyes! Tune in. Links: Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA How Car Loans and Loan Rollovers Lead to Insolvency https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

On the surface, a debt consolidation loan sounds like a great idea because you're left with only one monthly debt payment as opposed to several. But is consolidation always a good idea? And is it worth it if you're paying more in interest than you were before? On today's podcast, Scott Terrio and Doug Hoyes provide real stories of failed debt consolidation. While borrowers have good intentions and want to make their debts more manageable, consolidation loans can sometimes make debt repayment more difficult. Scott and Doug also give practical advice for when consolidation is the right move and which types of loans to steer clear of. Tune in for a great discussion!   Links Mentioned in the Show:   How Does a Debt Consolidation Loan Work: https://www.hoyes.com/blog/how-does-a-debt-consolidation-loan-work/ Should You Consolidate or Pay Bills with a Car Title Loan? https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/ Podcast 231: Think Twice Before You Get a Home Equity Line of Credit: https://www.youtube.com/watch?v=RiKKbg_pyu8 Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

Do you need a physical bank? Or are you better off using a virtual bank instead? On today's podcast, guest Scott Terrio and host Doug Hoyes do a deep dive on what to consider when choosing banks, including some recommendations for no-fee accounts, why you should switch banks entirely if you're filing a bankruptcy or consumer proposal, and how to protect yourself from the bank's right of offset. They also discuss why Canadians are so attached to their banks in general and how the banker-customer relationship has changed over the years and why that matters. There's tons of practical advice in this show, so be sure to tune in!   Helpful Links:   Hoyes Michalos Fresh Start Program – Banking Information: https://www.hoyes.com/fresh-start/banking/ Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit What is the Right of Offset & What To Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/ Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/ How to Open a New Bank Account for a Bankruptcy or Consumer Proposal: https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

What if your car insurance rate was decided by your credit score? Well, this is the case in New Brunswick and may one day become a reality in Ontario. But is it fair? Are credit scores a good determinant of our driving habits? On today's roundtable podcast, guests Scott Terrio, Maureen Parent, and host Doug Hoyes discuss the potential pitfalls to using credit scores to decide car insurance rates. They also discuss privacy issues and why this policy is particularly unfair to certain segments of the population (seniors, renters, newcomers). Tune in for a lively discussion!   Links:   Free Credit Repair Course: https://courses.hoyes.com/courses/rebuild-credit Auto Insurers' Interests in N.B. Credit Scores is Bad News for Many – CBC: https://www.cbc.ca/news/canada/new-brunswick/auto-insurers-credit-scores-new-brunswick-1.6172978 New Brunswick Insurance Board November 24, 2020 Decision: http://www.nbib-canb.org/assets/files/pdf/decisions/2020/2020_11_24%20TDHA%20PPV%20RFG-1%20Decision%20E.pdf

Regular episodes resume next week, but for today, a quick overview of our plans for the eighth season of Debt Free in 30.  You've told us - we've listened. And this year, we will focus on what you've told us you want the most: practical advice on how to manage your money and live debt free.  You'll see a lot of our regular contributors, like Ted Michalos, Scott Terrio and Diane Cunha, and we will be introducing a new feature later this month: the Debt Free in 30 roundtable, where Doug Hoyes and two guests will give their opinions on important issues.  All that and more this season on Debt Free in 30.

Corey Butler and Shawn Todd chat with well know insolvency and debt expert Scott Terrio BA, CPCA, QIC from Hoyes, Michalos & Associates. Scott is a regular contributor to Maclean's magazine, Moneysense, and Canadian Business Magazine. Topics discussed; case examples from Scotts Twitter feed, High-Income earners with the debt crisis, Dispelling Internet Myths, & Why Divorce is a wrecking ball and wealth killer. Connect with Corey, Shawn, and Ecivda Financial on Instagram, FB, LinkedIn, YouTube & Twitter.

Times have changed. Cost of living is higher than ever, and wages have barely kept up. Jobs are no longer as stable as they used to be, and good paying jobs don't require 4-year degrees necessarily. Knowing this, why do we still give the same financial advice we gave decades ago? On today's podcast guest Scott Terrio and Doug Hoyes discuss six pieces of common financial advice that we may want to rethink in 2021. Tune in for lots of practical advice!   Additional Links: Podcast 231: Think Twice Before Getting a Home Equity Line of Credit https://youtu.be/RiKKbg_pyu8 Straight Talk On Your Money book by Doug Hoyes: https://www.hoyes.com/straight-talk/

The coronavirus pandemic and job losses have led many people to rethink their careers. What can you do if your job no longer exists?  How can you reinvent yourself? And how do you do that without taking on debt? On today’s podcast, Scott Terrio and Doug Hoyes discuss how jobs are expected to change post-pandemic and share several success stories of clients relying on their skills to find new employment. They also provide tips for taking on a career change, without harming your finances. Tune in! Resources Mentioned: McKinsey Report: The Future of Work After COVID-19 https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-after-covid-19#

Car loans are one of the most common entry points into debt problems. That’s because if you’re not careful, you will easily spend more than you can really afford on a vehicle. While it’s hard to avoid borrowing for a car altogether, there are steps you can take to protect your financial health. On today’s show, guest Scott Terrio explains when a car loan becomes bad debt by sharing auto loan pitfalls, the dangers of loan rollovers, and budgeting considerations before buying a car. He also explains why you should think twice before borrowing against your car to consolidate debt. Tune in for lots of practical advice!   Related Links:   How Car Loans and Car Loan Rollovers Lead to Insolvency: https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/ Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/ Should You Consolidate or Pay Bills with a Car Title Loan: https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/ Scott Terrio on Twitter: https://twitter.com/ScottTerrioHMA

Life's milestones like going to college or university, buying a house, or getting married cost money. And often the pressure to achieve these milestones at a young age leads to hasty decisions that come with a big debt load. But what if you took time off before making a major financial move? Would life turn out so differently if we didn't follow conventional wisdom? On today's podcast, Scott Terrio and Doug Hoyes explore the idea of delayed gratification and discuss why pausing before big decisions can lead to a more fulfilling future. While you may not be able to delay or avoid all of life's major milestones, you can take your time with at least one major financial decision to avoid being overwhelmed. Tune in to the show for lots of thought-provoking discussion! Links: Why You Want to Avoid Debt at Every Age: https://www.hoyes.com/blog/why-you-want-to-avoid-debt-at-every-age/   Should You Get a Wedding Loan? https://www.hoyes.com/blog/should-you-get-a-wedding-loan/ Student Debt Crisis - A Generation Buried in Student Debt: https://www.hoyes.com/press/joe-debtor/the-student-debtor/​

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've heard from the economists, statisticians, and politicians but what's really going on with everyday individuals and the state of their finances after several weeks of lock-down? On today's podcast Scott Terrio returns to talk about what he's seeing “on the ground”. How are people's stress levels? Are credit limits being reduced as a result of CERB? Who is calling in for debt help? Is there a rise in homeowner bankruptcies? Tune in for a lively discussion, including the answers to our Twitter followers' questions.   Related Links:   Ontario Bankruptcy and Consumer Proposal Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/ Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/ You Can Now File a Bankruptcy or Consumer Proposal Online in Canada: https://www.hoyes.com/blog/you-can-now-file-bankruptcy-online-in-canada/ Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

I have no idea whether or not we will have a recession soon, but whether we do or not, there are some steps you can take to prepare.  On today’s show Scott Terrio returns to discuss what causes a “personal recession”, and what steps you can take to prepare for whatever happens.

On today’s show Scott Terrio explains that, for most of our clients, debt “sneaks up on you”.  You borrow the money and expect to have no trouble paying it off, but then life happens, and the debt problems begin.  We discuss how debt causes problems, and Scott creates a new term: Financially Catatonic.  All that and more on today’s show.

On today’s show: no statistics, no numbers, just stories about the clients we help.  Scott Terrio talks about the growing trend of renovictions, how the decline of retail stores is impacting our clients, and how stagnant incomes but rising living costs are putting the squeeze on everyone.

A home equity line of credit (HELOC) is a loan secured by the equity in your house. A HELOC is often presented as a great borrowing tool because unlike with credit cards or unsecured loans, you have access to a large amount of revolving cash at a lower interest rate. But what you probably don't know is that your bank can change the borrowing terms on your HELOC whenever they want. On today's special rebroadcast, we talk with Scott Terrio and he shares why you need to think twice before signing up for a home equity line of credit. 

You’ve heard of the five stages of grief; today Scott Terrio returns to discuss the 5 stages of debt, with examples from the people we meet with every day. Stage 3 (Bargaining) is where we can make the most mistakes; stage 4 (depression) is where most people are when they reach out for help, and stage 5 (acceptance) is the most important stage to get a fresh start. Lots of client anecdotes on today’s show!  

There is a lot of bad credit and debt advice out there.  We see it on YouTube, and Twitter, and Reddit, and in personal finance blogs.  And it seems that one of the most popular areas to give bad advice is on how to improve your credit score. So, today, Scott Terrio and I are going to share and debunk the bad advice you can get on the internet for improving your credit score.  Some of the bad advice we discuss: Raise your credit limit Have many credit cards Have a 30% utilization on all of your credit cards Don’t pay off your credit cards early Show credit growth – get a new card every few months Take out longer loans Start getting credit cards as a student

A home equity line of credit (HELOC) is a loan secured by the equity in your house. A HELOC is often presented as a great borrowing tool because unlike with credit cards or unsecured loans, you have access to a large amount of revolving cash at a lower interest rate. But what you probably don't know is that your bank can change the borrowing terms on your HELOC whenever they want. I talk with Scott Terrio and he shares why you need to think twice before signing up for a home equity line of credit. 

If you just earned a bonus from your employer or received an unexpected sum of money, how should you use that bonus if you also have debt? On today’s show we talk with Scott Terrio and we outline what to prioritize to get the most bang for your buck. We also take a look at common mistakes people make when they receive a surprise lump sum of money and discuss the impact a bonus can have on a bankruptcy filing.

At the end of last year, Ted Michalos and I predicted three types of bankruptcies we expected to see more of in 2018: People will be denied for debt consolidation and refinancing. Ontarians will be dealing with lower home equity and as a result, end up filing for more proposals We will see crypto-currency related bankruptcies in the New Year. To review those predictions now that the year has started and to share his insight, I'm joined today by our Manager of Consumer Insolvency, Scott Terrio. We'll look at issues like whether the new mortgage rules impede Canadians' ability to consolidate their debt and what impact home prices will have on insolvencies.

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.

Scott Terrio is an Estate Manager and President of DebtSavvy.ca Consulting and he joined me to explain the ins and outs of bankruptcies and consumer proposals in Canada. He shares some horror stories, we discuss some of the differences between LITs (licensed insolvency trustees) and credit counsellors, and he explains people's options when their debt loads are starting to become unmanageable.

Why is important that our seniors matter? Our seniors are the fabric that holds a community together. They laid the foundation for the success of our communities, and are still a vital and important part of it’s ongoing success. We thought it was important that seniors and their caregivers have a place to ‘go’ weekly to learn, share ideas, share experiences and create a new online community for the betterment of everyone, especially seniors. On “Making Our Seniors Matter” today: Scott Terrio from Cooper & Co. joins us to chat about seniors co-signing loans and mortgages for their children, and the unique benefits and challenges this presents Scott also pitch hits for Constable Wells and joins Glenn in studio to talk about a current CRA SCAM targeting seniors; Rhonda Latrielle MBA, CPCA chats about how her business trains other businesses to provide an age-appropriate customer service experience for their 50-plus clients; This and more on today’s Making Our Seniors Matter! Scott Terrio 36 Queen Street East Suite 200 Brampton, ON L6V 1A2 Tel:(905) 454-4510 Rhonda Latrielle MBA, CPCA Founder & CEO of Age Friendly Business® www.AgeFriendlyBusiness.com 1-604-542-9471 Provider of training for businesses and people who serve seniors and want to do a better job – serve better and increase their bottom line! Available online. To nominate a senior for the “Shining Senior Award”, suggest a story idea, request a song or just comment on a show segment, call us at 1-866-269-6155 Ext. 3. Making Our Seniors Matter is a presentation of: Wow Living TV & Radio Real Estate For Seniors Blue Willow Consulting for Seniors Listen UP! Talk Radio The following incredible sponsors have stepped up to the plate to give this important show much needed financial support, and we’d appreciate if you could check them out. Terry McIntyre, Investment Advisor Manulife Securities Inc. 1-800-586-3863 terry.mcintyre@manulifesecurities.ca Dr. Melanie Abbott-Cambridge Chiropractor Medical Acupuncture Rehabilitation Phone: 905-453-0032 Lindsey John Croft 519-307-1344 lindsey@thehomeupdaters.ca www.thehomeupdaters.com Renovations for Life’s Stages Elizabeth Cunningham Blue Willow Consulting for Seniorsinfo@BlueWillowforSeniors.com 647-982-4052 Solterra Shelley Raymond shelley0007@gmail.com Solterra Co-housing Ltd. | Shared home ownership Gary Booth Chartered Professional Accountants Chartered Accountants 555 Burnhamthorpe Rd. – Suite 406, Toronto, ON, M9C 2Y3 Tel. No. 416-626-2727 Fax No. 416-621-7136 E-mail: admin@garybooth.com Kate M. Salhanha, B.A. (Hons.), J.D. 905-451-6610 Toll free 1-877-217-4732 ksaldanha@pdclawyers.ca www.pdclawyers.ca Leslie Booker Downsize Moving and More 647-888-0459 downsizemovemore@aol.com Limited sponsor opportunities across Canada still exist, please feel to reach out if you or your business would like to support us and help us spread the word across Canada. 1-866-269-6155 Ext 3 or listenup@Talk-Radio.ca. Listen LIVE here each Monday at 2pm and repeated at 8p ET, but if you miss it, it will be podcast below each Tuesday: PODCAST PLAYER https://soundcloud.com/rtds/sets/making-our-seniors-matter #‎seniors, #‎makingseniorsmatters, #‎wowlivingtv, #‎wowlivingradio, #‎realestate, #‎thebestyears, #‎thegoldenyears, #‎nursinghome, #‎reversemortgages, #‎renovations, #‎safety, #‎Remax, #‎GTA, #‎Toronto, #‎MakingOurSeniorsMatter, #‎MOSM, #‎podcast, #peelpolice, #scam, #scamalert, #cohousing, #housing, #thehomeupdaters, #peelregionpolice, #finance, #investments, #money, #investing

Why is important that our seniors matter? Our seniors are the fabric that holds a community together. They laid the foundation for the success of our communities, and are still a vital and important part of it’s ongoing success. We thought it was important that seniors and their caregivers have a place to ‘go’ weekly to learn, share ideas, share experiences and create a new online community for the betterment of everyone, especially seniors. On “Making Our Seniors Matter” today: Scott Terrio from Cooper and Company joins us to speak about financial problems that seniors run into, and insolvency; Constable Wells from Peel Regional Police Service joins Glenn in studio to talk currents SCAMS targeting seniors; Karen Sibal from the Peel Elder Abuse Prevention Network joins us to chat about elder abuse, and what is being done and what can be done to prevent it; This and more on today’s Making Our Seniors Matter! To nominate a senior for the “Shining Senior Award”, suggest a story idea, request a song or just comment on a show segment, call us at 1-866-269-6155 Ext. 3. Making Our Seniors Matter is a presentation of: Wow Living TV & Radio Real Estate For Seniors Blue Willow Consulting for Seniors Listen UP! Talk Radio The following incredible sponsors have stepped up to the plate to give this important show much needed financial support, and we’d appreciate if you could check them out. HomEquity Bank Roland Mackintosh, AMP rmackintosh@homequitybank.ca mobile 905-483-0820 toll free 1-866-883-2447 Dr. Melanie Abbott-Cambridge Chiropractor Medical Acupuncture Rehabilitation Phone: 905-453-0032 Lindsey John Croft 519-307-1344 lindsey@thehomeupdaters.ca www.thehomeupdaters.com Renovations for Life’s Stages Elizabeth Cunningham Blue Willow Consulting for Seniorsinfo@BlueWillowforSeniors.com 647-982-4052 Shelley Raymond shelley0007@gmail.com Solterra Co-housing Ltd. | Shared home ownership www.solterraco-housing.com Gary Booth Chartered Professional Accountants Chartered Accountants 555 Burnhamthorpe Rd. – Suite 406, Toronto, ON, M9C 2Y3 Tel. No. 416-626-2727 Fax No. 416-621-7136 E-mail: admin@garybooth.com Kate M. Salhanha, B.A. (Hons.), J.D. 905-451-6610 Toll free 1-877-217-4732 ksaldanha@pdclawyers.ca www.pdclawyers.ca Leslie Booker Downsize Moving and More 647-888-0459 downsizemovemore@aol.com Terry McIntyre Investment Advisor Life Insurance Advisor Manulife Securities Incorporated 3 Robert Speck Pkwy Suite 200 Mississauga, ON L4Z 2G5 Bus: (905)896-9060 ext 3838 Toll Free 1-800-586-3863 Fax: (905)366-0990 Email: terry.mcintyre@manulifesecurties.ca Website: www.terrymcintyre.ca Limited sponsor opportunities across Canada still exist, please feel to reach out if you or your business would like to support us and help us spread the word across Canada. 1-866-269-6155 Ext 3 or listenup@Talk-Radio.ca. Listen LIVE here each Monday at 2pm and repeated at 8p ET, but if you miss it, it will be podcast below each Tuesday: https://soundcloud.com/rtds/sets/making-our-seniors-matter #‎seniors, #‎makingseniorsmatters, #‎wowlivingtv, #‎wowlivingradio, #‎realestate, #‎thebestyears, #‎thegoldenyears, #‎nursinghome, #‎reversemortgages, #‎renovations, #‎safety, #‎Remax, #‎GTA, #‎Toronto, #‎MakingOurSeniorsMatter, #‎MOSM, #‎podcast, #peelpolice, #scam, #scamalert, #cohousing, #housing, #thehomeupdaters, #peelregionpolice