In this eye-opening episode of Debt Free in 30, host Doug Hoyes dives into the world of debt collection with Blair DeMarco of Kingston Data and Credit. Together, they unravel the complexities of debt collection and help you understand your rights from initial contact to facing settlement offers or legal threats. Whether you're grappling with old debts or dealing with aggressive collectors, this episode equips you with the knowledge and strategies you need to protect your credit and manage your debt effectively.

Timestamps and Titles:

00:00 - Introduction with Guest Blair DeMarco – How Collection Agencies Work

03:05 The Collection Process: Best Questions Answered

06:05 Understanding Your Rights: Statute of Limitations and Credit Reporting

12:10 Can You Be Sued by A Collection Agency?
15:00 Old Debt – How It’s Affecting Your Credit and What to Do About It
17:45 Insights on Handling Aggressive Debt Collectors
20:10 Consumer Proposals and Stay of Proceedings – Navigating Your Options

21:45 Debt Re-Aging – Creditors Can Reset the Clock

24:45 What to Say When Debt Collectors Call


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Resources:

Kingston Data and Credit

Wage Garnishing: Know Your Rights

Frozen Bank Accounts: What You Can Do Next

Stop Debt Collection Calls for GOOD

Special Thanks:

Blair DeMarco
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.

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:

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Apple
Spotify
Podbay
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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.

Can You Improve Your Credit Score Without Debt? | Debt Free In 30 | Ep 381. If you’re new to credit or have recently completed an insolvency filing, you may be thinking about ways to improve your credit score without taking on more debt. While debt is necessary to have in order to build your credit, there are some strategies to improve your credit score without taking on more debt. On today’s podcast, Maureen Parent, LIT, returns to discuss what makes up a credit score and how you can strategically improve it without a lot of additional debt. She also talks about the importance of utilization rates, how to build a long credit history, why cash savings and rent payments don’t count towards your score, and what to avoid so you don’t harm your credit. Tune in for lots of practical advice!

Links: How to Check Your Credit Report for Free: https://www.hoyes.com/blog/how-to-check-your-credit-report/

Straight Talk on Your Money by Doug Hoyes: https://www.amazon.ca/Straight-Talk-Your-Money-Financial/dp/1988344034

Discover why chasing after more credit to achieve financial freedom may not be the most effective strategy, how it creates dependencies, and learn alternative paths to be more independent.

Links:

What To Do When You Have Too Much Debt to Handle: https://www.hoyes.com/blog/what-to-do-when-you-have-too-much-debt-to-handle/

You’ve got some extra cash. Should you pay down debt or invest it? In this episode, Doug and Ted discuss whether to use your extra money to tackle high-interest credit card debt, invest in an RRSP, or pay down a mortgage. They’ll also share their advice on what steps to take if you’re unable to pay off your debt—like turning to a consumer proposal. Tune in to learn how to effectively manage your finances and make the most of your money.

Time Stamps:

00:00 Pay off debt on your credit card

02:53 Pay off debt or put money in an RRSP?

04:54 Pay off your mortgage or invest in an RRSP?

06:16 Investing may be better than paying off debt for first time home buyers

07:03 Investing makes sense when you inherit a lot of money

08:08 RISK

11:42 The smart way to pay off your debt

13:17 Is there an advantage to paying off a secured debt vs an unsecured debt?

16:19 If you can’t pay your debts you can file a consumer proposal

21:29 Receiving a lump sum of money during a consumer proposal

27:18 Final thoughts

Related Links:

Should You Pay Down Debt or Invest in RRSP? - https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/

Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/who-can-file-a-consumer-proposal/

Calculating Payments in a Consumer Proposal - https://www.hoyes.com/blog/calculating-payments-in-a-consumer-proposal-the-last-step/

How to File a Consumer Proposal in Ontario - https://www.hoyes.com/consumer-proposals/filing-consumer-proposal-process/

Consumer Proposal Help When Expecting Lump Sum Payments - https://www.hoyes.com/blog/consumer-proposal-when-lump-sum-payments-received/

Hidden cameras reveal how big banks are upselling you (Marketplace) by CBC - https://youtu.be/htm38oM5WFE?si=jNfQ-euLVoS-p7Sn

Pay Down Debt or Invest Calculator - https://www.getsmarteraboutmoney.ca/calculators/pay-down-debt-or-invest-calculator/

Pay Down Your Mortgage, or Contribute to an RRSP? - https://www.taxtips.ca/rrsp/pay-down-mortgage-or-contribute-to-rrsp.htm

Should You Ever Borrow Money to Invest? - https://youtu.be/XSTycxxd4Zc?si=KODHy7BZ28x52Qc4

Doug is joined by BIA Insolvency Counsellor Charlie Kovacs. They discuss banking in the digital age and cover topics such as service fees, chequing accounts, digital transactions, payment methods (digital vs. cheques), prepaid cards, credit scores, mobile payment options, how to manage digital finances, free tax filing, and finding the best bank rates online. If you're new to digital banking or eager to learn insider tips from finance experts, this episode is a must-listen!

Time Stamps:

00:00 Introduction

01:25 How can you bank for free?

03:55 Using a mobile app for depositing cheques

05:14 Why do you have to open a new bank account if you file a consumer proposal or bankruptcy?

07:36 Cheques vs E-transfer

08:23 Debit Cards, Credit Cards, Prepaid Cards

14:57 What is the difference between a loadable credit card and secured credit card?

18:20 How do you keep track of your money digitally?

25:11 How do I file my taxes for free?

27:15 Shop around for the best rates

31:46 Final thoughts

Related Links:

Why You Should Bank at More Than One Bank - https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Why Do I Need To Switch Banks? I Love My Bank - https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-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/

Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.

Time Stamps:

00:00 Introduction

02:43 Are all assets treated the same?

06:31 Cashing out your RRSP to pay debt

13:50 Should you file a consumer proposal or bankruptcy?

22:39 Are RESP’s protected in a bankruptcy?

25:43 Owning a house and filing bankruptcy

30:44 Final thoughts

Related Links:

Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/

Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/

Can’t Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/

In this episode, Doug and Ted address the growing issue of payday loans among seniors, highlighting factors such as fixed incomes, rising living expenses, and predatory lending practices. They also discuss the financial strain of supporting adult children and the risks associated with co-signing loans. Tune in for practical advice on managing debt, avoiding scams targeting seniors, and navigating financial challenges in retirement.

Time Stamps:

00:00 Introduction

01:48 Why are payday loans a problem if you are a senior?

04:03 How does a senior end up in debt?

05:45 Payday loans and rapid loans

08:10 Seniors supporting their adult children

10:38 Seniors carrying debt into retirement

11:54 Practical advice

12:30 How can you tell if your parents are in debt?

15:13 How to retire with no debt

21:12 Seniors and financial scams

22:55 Co-signing loans for friends and family

25:00 Should seniors’ cash in their RRSP to pay off debt?

27:15 Should seniors file a consumer proposal or bankruptcy?

Related Links:

Seniors Turning to Payday Loans a Scary Trend - https://www.hoyes.com/blog/seniors-turning-to-payday-loans-a-scary-trend/

Debt relief for seniors. What are your options? - https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/

Do Senior Citizens Need to File Bankruptcy? - https://www.hoyes.com/blog/do-senior-citizens-need-to-file-bankruptcy/

Seniors – A Small Group Carrying High Risk Debt - https://www.hoyes.com/blog/seniors-a-small-group-carrying-high-risk-debt/

Seniors in Debt and Filing Bankruptcy - https://www.hoyes.com/press/joe-debtor/seniors-and-bankruptcy/

Managing Money in Your Golden Years - https://www.hoyes.com/newsletter/managing-money-in-your-golden-years/