519-646-2222Blog Articles
REVOLVE YOUR CREDIT
The idea of revolving credit is that it should “revolve” from time to time – in other words it should be paid off completely periodically. Unfortunately an increasing number of Canadians do not revolve their credit but keep on increasing the amounts charged. In fact it has recently been reported that Canadians owe 1.8 trillion […]
Read moreBANKRUPTCY TRUSTEES ARE AWESOME
But don’t take my biased word for it! Get out and talk to some… I recently spent four days in Toronto marking exam papers with trustee friends and colleagues from across the country. I can tell you, “trustees have personality” as well as diverse interests. When you have financial problems, whether you are considering a […]
Read moreBANKRUPTCY AND CHRISTMAS – WHAT ARE THE CONSIDERATIONS?
There are a number of different considerations for Canadians facing the prospects of filing for bankruptcy around Christmas time. Obviously there is the stress of everything that is happening in such a short period of time. Christmas is probably the most stressful time of the year for all families, perhaps even those that do not […]
Read moreHOW MUCH DEBT DOES THE AVERAGE CANADIAN CARRY?
The answer depends on how you manipulate statistics. So let’s mess around with some stats. In Canada approximately 46% of the population, according to Statistics Canada, are earning incomes that exceed the LICO (Low Income Cut Off) – the politically correct way of saying “poverty line”. While only 2.5% earn more than $150,000 per year. […]
Read moreMORE PEOPLE CHOOSE LOCKE CONSULTING
Year over year for the last four years more and more consumers have visited our web site and engaged our services. If you or someone you know is experiencing financial difficulties, because of mounting debts, contact the office and arrange your free, no obligation, consultation.
Read moreTelecom service challenges
Canadian Telecom giants are notorious for attrition or the practice of perpetual hold apparently to frustrate their clients A series of recent calls to our Telecom service provider for technical support resulted in our staff being placed on hold for extended periods of time. Unfortunately, we were only able to speak with a representative for […]
Read moreWHAT PROPERTY IS CREDITOR PROOF?
That is a more complicated question than it appears to be because in law there are many exceptions. In Ontario, property that is exempt from seizure is defined by the Execution Act. Exemptions may also be found in other statutes and judicial decisions. For clarity you should discuss your specific situation with a knowledgeable professional […]
Read moreTHE COST OF BUYING A HOUSE
Buying a house is not a good investment strategy and is a major transaction that should be entered into thoughtfully. Assumptions: 1) I am buying a house with an agreed price of $300,000 2) I have a mortgage for the full amount 3) I qualified for the financing at 3% fixed rate over 25 years […]
Read more“WHERE THERE’S MUCK, THERE’S BRASS”
‘Where there’s muck there’s brass’ is a 20th century expression which originated in Yorkshire, England where brass is still used as a slang term for money. Seems that Debt Settlement companies have been squeezed out by the passage of Bill 55 in Ontario but that squeeze has created opportunity for others. Law firms and paralegal […]
Read moreRE-ESTABLISHING CREDIT AFTER A BANKRUPTCY OR CONSUMER PROPOSAL
Credit is avaiable before, during and after filing a bankruptcy or proposal proceeding. Let’s preface this discussion by suggesting that we should think very carefully about both the costs and consequences of obtaining credit whether we have a good or a bad credit rating. TransUnion, the credit reporting agency, reported that 70% of people filing […]
Read moreOVER 100 YEARS OF CREDIT CARD PAYMENTS
Is this even legal? Yes, it is perfectly legal and sadly it is common practice. Credit card issuers borrow money from central banks at overnight rates that can be less than 1% then lend the same money out at rates ranging from 7% all the way up to over 30%. But what if the debtor […]
Read morePREPARE FOR A PARADIGM SHIFT
Stop demanding “credit” (or what we in the profession commonly refer to as “DEBT”) and start demanding jobs and wages. We all read, view or hear the news reports, a lack of good full time jobs, reduced wages, layoffs and so forth. These are all signs that we should be getting away from debt that […]
Read moreNEED A LOAN, A CREDIT CARD OR A MORTGAGE?
Some of the advertising we have been seeing lately seems to be quite at odds with the usual conservative image that is associated with various lenders. Expert Mortgage broker is advertising “The concept is simple – as long as you have a pulse, Expert Mortgage will provide you with a home equity loan, up to […]
Read moreCANADIAN BANK HANDLED NEGATIVE PRESS VERY WELL
The bank was able to turn negative press to a small advantage – but is the press really paying attention? Interest Rate differentials (“IRDs”) can be extremely costly. They are not based on the interest rate at which the loan was written but rather on the ‘differential’ between the actual loan rate and the prevailing posted […]
Read moreDON’T WAIT FOR A CHRISTMAS MIRACLE
Take action, deal with your debt problems and get on with life. Procrastination usually lasts longer than dealing with debt problems. In as little as nine months (rarely even less) a person can be discharged from bankruptcy and starting to rebuild their financial lives. Bankruptcy is not the only option to help people get out […]
Read moreCAN I GO BANKRUPT ON GOVERMENT DEBT?
This is a question we often get at this time of the year. Government debts such as taxes, EI and welfare overpayments and student loans are dischargeable in a bankruptcy or proposal proceeding.ice and arrange your free consultation. In some cases there are limitations in terms of values and time frames. For example for a student […]
Read moreSTUDENT LOANS AND BANKRUPTCY (OR CONSUMER PROPOSAL)
Student loans can be discharged under a bankruptcy or proposal proceeding but there are exceptions and limitations. We must look to Sections 178(1)(g)(h) and 178(1.1) of the Bankruptcy & Insolvency Act (“BIA”) to understand what the paremeters for discharging student loans are. Essentially the Sections were written expressly to deal with government backed loans, presumably with […]
Read moreBANKRUPTCY COULD BE A PART OF YOUR FINANCIAL PLAN
Now we are not suggesting that you should plan to go bankrupt but if you are struggling with debt it may be a good option and here’s why. Many people experiencing debt problems make the mistake of self-liquidation. While that appear to be the proper moral remedy it isn’t always the most sensible. After all […]
Read moreYOUR DEBTS WILL BE FORGIVEN AFTER TWO YEARS – OR WILL THEY?
Some so called Debt Consultants sell “get out of debt programmes” based on the Section 4 of the Limitations Act – but consumers beware! Here’s how the scheme works: You pay the debt consulting company a “membership fee” of $1,200 in consideration for which they advise the following: As a member they will help you […]
Read moreWELCOME TO CANADA – ARE YOU IN DEBT YET?
Canadian banks are aggressively targeting new immigrants to Canada: We are all seeing the advertisements whether it is Scotia Bank’s “StartRight”, HSBC’s “Newcomers” and so on… In each case the banks are aggressively going after new immigrants with offers of credit cards and other forms of credit. The offers usually involve credit cards with lower […]
Read more