519-646-2222Blog Articles
WELCOME 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 moreMERRY CHRISTMAS – TO ALL OUR CLIENTS, FRIENDS AND FAMILIES
We sincerely hope you all enjoy and joyous festive season. Regardless of culture or religion we all celebrate the solstices – winter and summer. The solstices mark the end of an epoch and the beginning of a new one. For that reason, this is a good time of the year to reflect on the things that […]
Read moreCAVEAT EMPTOR – “BUYER BEWARE”
The ads are all over the radio again: “NEW FEDERAL GOVERNMENT PROGRAMS TO HELP YOU GET OUT OF DEBT” The ONLY “FEDERAL GOVERNMENT PROGRAMS” that will help you get out of debt are called “BANKRUPTCY” and “PROPOSAL” and they can ONLY be admistered by a licensed trustee in bankruptcy. Some suggestions: – Don’t get […]
Read moreTAX DEBT AND INSOLVENCY PROCEEDINGS
The government announced an increase of $444,000,000.00 to the CRA budget to collect taxes – how will that impact you? It is clear from past performances and the Federal Government’s own budget (2016) that the CRA is more likely to pursue low hanging fruit (small business) than wealthy tax dodgers. In fact the budget reads: […]
Read moreIS MINIMUM WAGE TOO MUCH?
Russell Brand doesn’t think so – and I tend to agree with Russell. When calculating surplus income, trustees in bankruptcy refer to the Federal Government’s poverty (LICO – Low Income Cut Off) guidelines. However, minimum wage, pensions, welfare payments and so forth all fall below in some cases (especially considering government payments for welfare and […]
Read moreARE YOU READY TO FLATLINE?
According to former CIBC Chief Economist Jeff Rubin we need to prepare ourselves for the economy to flat-line for a few years. For most of us that means knuckling down, paying down debt and easing back on spending. If Mr. Rubin’s predictions are accurate we will not see improvements in our incomes for at least […]
Read moreMORE DEBT CONSULTANTS THAN YOU CAN SHAKE A STICK AT!
I received a call from a banker asking me “if it would be advisable to refer a client to a debt consultant company” that appears online with no address, no office, no identified staff, just an online presence with a toll free number and a whole bunch of promises. Has the world gone stark raving […]
Read moreMARRIAGE BREAKDOWN AND BANKRUPTCY
Marriage breakdowns are a leading cause of bankruptcy, or wait a minute – is it that bankruptcy is a leading cause of marriage breakdowns. Hmm which came first There is no doubt that financial problems contribute to stress in matrimonial relationships. People are far more inclined to speak openly, with each other and with their […]
Read moreCREDIT CARD DEBT SOLUTIONS
If you live in London, Chatham, Sarnia Windsor or Woodstock or the surrounding areas we can help you solve your debt problems. Credit card debts are one of the most common sources of financial problems, there are lots to choose from, they are easy to get, easy to use and easy to transfer balances between. […]
Read moreWHAT IS SURPLUS INCOME?
It doesn’t have to be complicated but it is challenging to calculate. Section 68 of the Bankruptcy & Insolvency Act describes surplus income and together with Directive 11R2 provides guidelines for trustees to calculate payments to the bankrupt’s estate. The notion is that if a person making an assignment into bankruptcy has more than enough […]
Read moreTHIS WEEK’S IRRESPONSIBLE LENDER IS?
Guess the name of the irresponsible lender of the week given the following facts and clues. The lender is a Canadian chartered bank lending through a credit card “product”. The debtor is nearly 79 years of age and on a small fixed income consisting almost entirely of government pensions. In addition to providing lending facilities […]
Read moreHOW DOES A PERSON GO BANKRUPT?
HOW A BANKRUPTCY WORKS (Assuming first time bankruptcy, no surplus income, no realizable assets) 1. Free initial Consultation with Tom or Megan to determine if bankruptcy is the correct option a. Thoroughly complete an extensive application form either during the initial meeting or it may be taken away and returned completed b. Review the […]
Read moreTRUSTEES ALWAYS REPRESENT MY CREDITORS
This is one of the biggest myths in the insolvency industry that is used by debt consultants to scare people away from trustees. Bankruptcy trustees are administrators of a piece of legislation that sometimes benefits creditors but most often benefits debtors, by providing mechanism to find relief from the burden of debt. The legislation is […]
Read moreWHICH WAY TO TURN WHEN YOU NEED DEBT HELP
A Licensed Insolvency Trustee is regulated by the Federal Government to help you solve debt problems. When you have debts that you can no longer handle talk to a Licensed Insolvency Trustee at Locke Consulting. We can help you get out of debt so that you can live with less stress and start saving instead […]
Read moreMortgaging unsecured debt is dangerous
Read on to find out why! Once debt is secured you risk losing the asset(s) used as security if you have difficulty making payments. Mortgage lending is based on a ratio of gross income and the total value of the property without regard to increasing taxes (that reduce available income) and without regard to the […]
Read moreSecured Creditors
A few notes on secured creditors There are a variety of secured creditors from furniture and car loans to mortgage loans and investment loans. In each of these cases there are two facets to a valid security agreement, attachment and perfection. “Attachment” means that the debtor granted the lender the right to attach to their […]
Read morePERFECT STORM OF DEBT
Consumers are experiencing a perfect storm with silly repayment terms, untenable interest rates and rife consumer exploitation all compounded with diminishing job opporunities and incomes. Here is what’s really happening in the Canadian consumer economy: Incomes have been in decline for four decades symbiotically taxes for the poor and middle classes have increased by almost […]
Read moreCREDIT REPAIR FOLLOWING INSOLVENCY
The urban myth says “I won’t be able to get credit again for at least seven years”… Is there any truth to that? Many people are concerned not only with getting out of debt but also with reestablishing credit following a bankruptcy or proposal filing. While it is true that an insolvency proceeding will show […]
Read moreCONTROL YOUR CREDIT
Stop paying high interest and treading water with credit cards. There are viable alternatives to perpetual debt from negotiations with creditors through to proposals and bankruptcies. People really should not spend a lifetime in servitude to credit card companies – there is a better way to live than spending next month’s pay this month. Call […]
Read moreThe ins and outs of debt
Debt is a way of life in Canada that is very misunderstood. Getting into debt is very easy – debt in Canada takes all sorts of shapes and forms – from Bank Issued Credit Cards with interest at 19% and terms that allow you 375 years of minimum monthly payments to Finance Company and Pay […]
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