Creditor Protection: Consumer Proposal vs. Debt Management Plan

Posted in Consumer Proposals
Posted by Sandra Sykora, B.Comm, CIRP - LIT

Generally, the reason people contact us at Hoyes Michalos is to see what their options are for dealing with their debts. They're looking for debt relief so they can get a fresh start. However sometimes what prompts them to make a call is some type of creditor action: a collection call, a wage garnishment or threatened law […]

Can Debt Consolidation Hurt Me Financially?

Posted in Debt Help
Posted by Howard Hayes, Btec, CIRP - LIT

"Debt consolidation" is often a phrase that people associate and confuse with "debt relief".  The belief is that if you consolidate your debt, you’ll be better off. But is that true? There are pros and cons to the different forms of debt consolidation. Whether or not it's right for you depends on your situation. Consolidating […]

Skirting the Essence of Ontario’s Debt Settlement Laws

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A year ago Ontario enacted legislation targeted at reducing consumer abuse by unlicensed debt settlement companies. While this legislation has helped eliminate some of the severe abuses, most agencies have just switched tactics and we fear indebted consumers seeking debt advice are still at risk. Let’s review some key points in Ontario’s debt settlement laws: […]

Will Consumer Debtor Protection Services or Debt Assistance get you a Better Consumer Proposal?

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

Now that the Ontario government has restricted debt advisors from charging up-front fees before completing a settlement with creditors, many debt relief companies are switching their business tactics. What they now offer is so called consumer debtor protection services, debt assistance or consumer proposal referral programs. What is consumer debtor protection and what are they […]

Should I Buy Debt Relief Services Over The Phone?

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

I’ve been hearing stories from clients who, before contacting our firm, received a phone call at home offering debt relief and debt management services. The telemarketing pitch goes something like this: “Do you have any credit card debt or bank loans that you want to reduce faster? We offer a government debt relief program that will […]

Debt Settlement: Which Option Lets You Rebuild Your Credit Faster?

Posted in Debt Help
Posted by Ted Michalos, BA, CPA - LIT

All forms of debt settlement appear on your credit report in the same way. They are listed as an R7 to show that you have entered into some form of settlement agreement for the debt. This agreement might be a debt settlement plan, a credit counselling plan or a consumer proposal. That means that initially, […]

Consumer Proposals: The ONLY Canada Government Debt Relief Program

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

I am about to climb back on my soapbox. This spring I talked about why everyone seems to be advertising consumer proposals. Some of these companies are very subtle in their approach. They may not mention the word consumer proposal but instead will talk about a Canada government debt relief program. Don't be fooled by this. […]

Recommendations For Strengthening Consumer Protection Around Subprime Lending Products

Posted in In The News
Posted by Ted Michalos, BA, CPA - LIT

Recently, the Ontario Ministry of Government and Consumer Services (Ministry) asked interested parties to submit their recommendations on potential ways to strengthen consumer protection for those individuals who may use alternative financial services (AFS) such as payday loans and quick cash installment loans, as well as those who may find themselves facing debt collectors. As […]

Debt Settlement: New Laws and a Better Approach

Posted in In The News

The Ontario government has enacted new legislation to limit abuses in the debt settlement industry. Today I talk with Ted Michalos about debt settlement, the new legislation and better options to settle your debt.